In today’s time, everyone wishes to upgrade their lifestyle and live a luxurious life. Purchasing household appliances such as refrigerators, washing machines, air-conditioners, and other electronic products can add comfort to your life and enrich your lifestyle.
Benefits of a consumer durable loan
Purchasing all these appliances may require a large amount of money. Therefore, in order to finance the purchase of these household durables, you can consider opting for a consumer durable loan.
Simple Eligibility Process and Minimal Documentation
Most financial institutions have lenient eligibility criteria for consumer durable loans. If you have a decent monthly income and satisfy the age criteria set by the lender, you are most likely to get the consumer durable loan.
You can avail a consumer durable loan with minimal documentation. Lenders may ask you to submit your identity proof, age proof, address proof, income proof, and signature verification. Before that, even you can check your eligibility with the help of personal loan eligibility calculator.
A consumer durable loan is a credit product that allows borrowers to purchase home appliances. One of the major benefits of a consumer durable loan is that it is an unsecured loan. Therefore, you are not required to pledge any collateral while availing this loan.
Higher loan amount
In the case of consumer durable loans, a good credit score can help you avail a higher loan amount. Since consumer durable loans are unsecured loans, lenders check your credit score before deciding the loan amount. Therefore, it is advisable to improve your credit score before applying for a consumer durable loan.
While availing a consumer durable loan, you are not required to pay a large amount as the down payment. Additionally, with leading lenders, you can avail a consumer durable loan at a very low-interest rate. Some financial institutions also offer 0% interest based on their promotional offers.
Another advantage of a consumer durable loan is that it has nominal processing fees and no hidden charges. This makes consumer durable loans a very affordable source of financing.
Flexible repayment tenure
The repayment tenure of a consumer durable loan can range anywhere between 8 to 36 months. You can opt for a loan term according to your convenience. By opting for a longer loan tenure, you can reduce your monthly installments.
As a result of all these benefits, a consumer durable loan is gaining more and more popularity these days. With prominent financial institutions, you can avail a consumer durable loan online in a hassle-free manner. Quick approval and instant disbursement of the loan amount are some of the added advantages of availing a consumer durable loan.
To sum it up, consumer durable loans make purchasing costly home appliances affordable. It is an easy and smart way to upgrade your lifestyle without taking much pressure on your monthly budget.
You should compare various loan offers provided to you by different financial institutions before making the final decision. This will help you avail a consumer durable loan that best suits your needs. Lastly, do not forget to read the terms and conditions of the loan agreement carefully before signing it.