A consumer durable loan is a financial tool that helps people with a low budget and income avail luxuries in their day to day life. It is a loan that is granted for the purchase of regular household items such as microwaves, washing machines, television, and other electronic gadgets. A consumer durable loan is provided by many lenders in the market. Although the terms and conditions across the consumer durable loan vary across the lenders, yet what remains the same is the general line of benefits that these loans offer. Some benefits of consumer durable loans are listed as follows:
Lower rate of interests: A consumer durable loan is available at a lower rate of interest than any personal loan rate. Also, many lenders even provide the zero-cost EMI facility on this laon, which means interest rates can even begin from 0% in case of some lenders.
Flexible loan tenure: A consumer durable loan is granted for a period of 3 to 36 months. However, some lenders lend these loans for a maximum period of 24 months. Borrowers are allowed to choose the loan tenure in this period frame, as per their feasibility.
Resourceful Loan amount: A consumer durable loan funds up to 80% or 90% of the purchase of goods, in most cases. Thus, the downpayment to be made by borrowers is very less of only 10% to 20%.
Minimum documentation: The documentation process of consumer durable loans is hassle-free. It can be availed by salaried and self-employed people and requires documentation such as identity proofs, address proofs, and basic income proof such as Aadhar card, PAN card, Passport, utility bills, or bank statements.
Quick loan processing: The best part about consumer durable loans is that it is quickly processed. The quick processing is made through the lenders online portal and through pre-approved loan offers made to the existing customers.
Also Read: Top 5 Benefits of Consumer Durable Loan
Thus, before making any purchase, borrowers must ensure that they know all benefits associated with a consumer durable loan. Purchases made with consumer durable loans can be more budget-friendly, as that won’t dig a hole in the buyers’ pocket.
Lower rate of interests: A consumer durable loan is available at a lower rate of interest than any personal loan rate. Also, many lenders even provide the zero-cost EMI facility on this laon, which means interest rates can even begin from 0% in case of some lenders.
Flexible loan tenure: A consumer durable loan is granted for a period of 3 to 36 months. However, some lenders lend these loans for a maximum period of 24 months. Borrowers are allowed to choose the loan tenure in this period frame, as per their feasibility.
Resourceful Loan amount: A consumer durable loan funds up to 80% or 90% of the purchase of goods, in most cases. Thus, the downpayment to be made by borrowers is very less of only 10% to 20%.
Minimum documentation: The documentation process of consumer durable loans is hassle-free. It can be availed by salaried and self-employed people and requires documentation such as identity proofs, address proofs, and basic income proof such as Aadhar card, PAN card, Passport, utility bills, or bank statements.
Quick loan processing: The best part about consumer durable loans is that it is quickly processed. The quick processing is made through the lenders online portal and through pre-approved loan offers made to the existing customers.
Also Read: Top 5 Benefits of Consumer Durable Loan
Thus, before making any purchase, borrowers must ensure that they know all benefits associated with a consumer durable loan. Purchases made with consumer durable loans can be more budget-friendly, as that won’t dig a hole in the buyers’ pocket.
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