Getting new electronic appliances and furniture for their home is on everyone’s wish list. But the tight monthly budget often makes people delay their plans of getting a new consumer durable. If you are one such person who wants to get the latest electrical appliances but are short of funds then a consumer durable loan is the best option available to you. With the help of a consumer durable loan, you can get multiple consumer durables immediately without having to wait any further. The option of flexible repayment tenure will give you the options to choose the timeframe within which you would want to repay the loan. So you can have the appliances of your choice without needing to put any stress on your wallet.
What Things Can You Buy With A Consumer Durable Loan?
The good thing about consumer durable loans is that they cover a large number of electronic products you can finance. Here is the list of products you can get with this loan:
- Computers – includes both desktops and laptops.
- Washing Machine- all categories of washing machines whether they are automatic or semi-automatic.
- Refrigerators – whether they are of single, double or four doors.
- Mobile Phones/Tablets – Both smartphones and regular phones.
- Air Conditioner – includes both window and split air conditioner.
- Televisions – includes all types of smart TVs, LED, LCD, etc.
- Microwave Ovens – covers all the major brands in both convection and combination types.
- Home Theatre System – all categories are included in it, even the additional DVD player.
- Vacuum Cleaners and other such electrical appliances.
There are various online options like Navi loan from where you can easily get the loan sanctioned for any of the above-mentioned products.
Advantage Of Consumer Durable Loans
Consumer durable loans come with numerous advantages. Some of them are as follows.
Range Of Loan Amount
You can expect a loan amount of anywhere between Rs 10,000 to Rs 5 lakh. Depending on the product you want to buy, you will get the window to get your desired loan amount. Although, it is recommended not to get a loan amount for more than you need as it can destabilize your monthly budget. First, determine what you want to buy and only then proceed with the required loan amount.
The loan amount can instantly be transferred to your bank account once the basic documentation process is completed. This is especially the case if you apply through the online medium.
You can get the consumer durable loan approved without needing to leave your home. All you have to do is just download the mobile app of the lender and fill in the requisite details. Even document verification can be done online. Through this method, you can not only get the loan without any hassle but also the loan amount will be credited to your bank account in a matter of minutes.
The documentation required for a consumer durable loan is very minimalistic. You will only have to provide relevant information like income proof, age proof, address proof, and of course your identity proof. Just keep these documents handy while applying for the loan and it will not take long for the details to be processed and verified.
Moderate Credit Score
You do not have to maintain a high credit score in order to get a consumer durable loan. If you have a credit score of 650 it would be more than enough for you to get the loan.
Flexible Repayment Tenure
Based on your convenience you can choose the tenure for the repayment of your loan amount. This period can range anywhere between 12 months to 60 months.
With these benefits, you can easily avail a consumer durable loan and can get any listed appliances of your choice.