The demand for consumer durable and home appliances such as TV, fridge, washing machine, smartphones and more never ceases. You may need a trendy fridge to help you keep perishable items in it for a longer time. You may also want to bring home a large screen TV to help you relax by watching your favourite shows in an AC room.
However, after having said that, not all may have enough cash at hand to pay for such expenses upfront. And it is where the consumer durable loan comes into the picture! They are an effective method to help you divide the cost of your home appliances over a suitable tenor and pay in easy instalments. Hence, you don’t need to part ways from your finances at a time.
Hence, if you are looking to give a new look to your home with new furniture or wish to sport the latest devices, a consumer durable loan can help you fulfil all.
Read on to know more about the consumer durable loan and know how it is beneficial to buy a TV, fridge and washing machine, air conditioner, smartphones on affordable EMIs.
What is a consumer durable loan?
A consumer durable loan is a financing facility that you can avail of for buying household items such as air conditioner, TVs, washing machines, TVs and more.
Many finance agencies and NBFCs in India provide you with a consumer durable loan such as Bajaj Finserv to cover all your expenses and repay in hassle-free EMIs over a tenor. The biggest benefit of availing of the consumer durable loan is that you can buy an item on No Cost EMI or least interest rates. You can even enjoy up to 100% finances on your purchases.
You can enjoy up to Rs.4 lakh as the consumer durable loan from known financial firms such as Bajaj Finserv. The final loan amount that you can get depends on your Credit Score, repayment and income history.
What about the interest rates and other charges?
When you avail a consumer durable loan from banks and NBFCs, the interest rates on products are lower than those on personal loans and credit cards.
Financial agencies such as Bajaj Finserv may let you buy an item on No Cost EMI with zero interest charge on the Bajaj Finserv EMI Network in India. Interest rates on multiple products may vary from lenders to lenders. Thus, you should ensure to compare all available offers before finalizing one. Yes, it is because some lenders may also charge you with processing fee on a used loan amount.
What is the loan tenor that you can get under the consumer durable loan?
The final loan duration reflects the total number of EMIs that you need to pay for financing a home appliance such as TV, refrigerator, washing machines, air conditioner and more. Overall, the loan tenor for repayment of the consumer durable loan may differ from 3 months to 24 months. It may differ from lenders to lenders and also on the product that you are buying.
If you want to save on interest payment on the EMI, then you should opt for a small tenor. Nonetheless, if you think that selecting small tenor will affect your monthly outlays, then you can choose a longer tenor.
What is the final financing amount on a product?
Most of the products listed on the Bajaj Finserv EMI Network may carry least or zero down payment. But, how much you will need to pay out of your pocket will depend after the loan approval.
Most of the other financial agencies may sanction up to 80-90% financing on the actual price of the product that you want to purchase. It means that you may have to make arrangements for the remaining 10-20% of the cost of an appliance. You should opt for a lender that offers you with 100% financing.
A consumer durable loan has emerged as a smart way to pay your needs and wishes without having to wait for the funds to accumulate as savings per month. Hence, if you are ready, then you can apply for a consumer durable loan with a leading lender in India.
Bajaj Finserv presents you with pre-approved offers on EMI finance and personal loans and more. It can ease off your loan procedures to make it less time-consuming. All that you need to do is share your basic details such as your name and mobile number to discover your customized pre-approved loan offers now.
Bottom Line: As above everything is said about the consumer durable loan and how it is beneficial for the consumers who want to pay in easy EMI Facilities. But it is mandated to know the interest rates, other hidden charges, and which are the best NBFCs and financial institutions in the business.