After all these years, your lifestyle could do with an upgrade and a consumer durable loan is the best way to get it done. With IPL season round the corner, you might want to cheer for your favourite team while watching it on a large screen LED TV. Or you might want to relieve yourself from the chore of washing clothes manually by purchasing a new washing machine. But not always do you have the extra cash required for such indulgences.
A consumer durable loan helps in financing purchases of household necessities, when you don’t have money to pay for it, at least for the short term.
The loan usually covers a range of products from luxury gadgets like smartphones to household products like a washing machine. A few products covered by the loan include:
• Cooking range
• Air conditioner
• Refrigerator
• Washing Machine
• Laptop, desktop, tablet
• TV
• Smartphone
Types of consumer durable loan
Consumer durable loans can be divided into 3 parts:
Digital Finance - This loan is used to finance laptops, smartphones and gaming consoles. The tenure such loan is set between 8-24 months. A digital finance can also be used in case of purchases through EMI.
Lifestyle Finance –Lifestyle finance covers the purchase of luxury products like utility appliances, fitness equipment and other products like furniture. The loan tenure is 8 – 24 months.
Durable Finance – This comprises of durable needs like LED TVs, washing machine, refrigerators, microwave oven etc.
Part and parcel of the deal
While purchasing a consumer deal loan, there are a few attributes that come along with it. Being aware of these can help you make your decision of purchasing the loan with ease.
Processing fee and down payment - Down payment is the money paid right after the approval of the loan application. Since financial institutions cater to about 80%-90% of the actual price, the down payment usually sums up to 5%-20% of the product price. Thus, before hopping onto a durable loan deal, be assured of the loan amount provided by the lender.
Documentation - Consumer durable loan is easy and fast to apply. They are in most cases instantly approved and require just the basic documentation:
1. Income proof
2. Address proof
3. Identity proof
The rate of Interest - The presence of the rate of interest in case of these loans is optional. There are stores that offer interest-free loans, which mean they are making use of their marketing budget to pay your interests. Today’s market offers you several interest-free schemes. Understanding the scheme of interest gives you clarity about the loan.
These loans are undoubtedly the best ways to get your necessary household requirements funded. Make sure that you explore all the options that you have and settle for the best.
A consumer durable loan helps in financing purchases of household necessities, when you don’t have money to pay for it, at least for the short term.
The loan usually covers a range of products from luxury gadgets like smartphones to household products like a washing machine. A few products covered by the loan include:
• Cooking range
• Air conditioner
• Refrigerator
• Washing Machine
• Laptop, desktop, tablet
• TV
• Smartphone
Types of consumer durable loan
Consumer durable loans can be divided into 3 parts:
Digital Finance - This loan is used to finance laptops, smartphones and gaming consoles. The tenure such loan is set between 8-24 months. A digital finance can also be used in case of purchases through EMI.
Lifestyle Finance –Lifestyle finance covers the purchase of luxury products like utility appliances, fitness equipment and other products like furniture. The loan tenure is 8 – 24 months.
Durable Finance – This comprises of durable needs like LED TVs, washing machine, refrigerators, microwave oven etc.
Part and parcel of the deal
While purchasing a consumer deal loan, there are a few attributes that come along with it. Being aware of these can help you make your decision of purchasing the loan with ease.
Processing fee and down payment - Down payment is the money paid right after the approval of the loan application. Since financial institutions cater to about 80%-90% of the actual price, the down payment usually sums up to 5%-20% of the product price. Thus, before hopping onto a durable loan deal, be assured of the loan amount provided by the lender.
Documentation - Consumer durable loan is easy and fast to apply. They are in most cases instantly approved and require just the basic documentation:
1. Income proof
2. Address proof
3. Identity proof
The rate of Interest - The presence of the rate of interest in case of these loans is optional. There are stores that offer interest-free loans, which mean they are making use of their marketing budget to pay your interests. Today’s market offers you several interest-free schemes. Understanding the scheme of interest gives you clarity about the loan.
These loans are undoubtedly the best ways to get your necessary household requirements funded. Make sure that you explore all the options that you have and settle for the best.
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