The demand for consumer durable products never ceases. You might need a washing machine to save you the chore of cleaning your clothes, or want to relax after a stressful day by watching your favourite programs on a giant LED screen in the comfort of an air-conditioned room.
However, not everyone has enough liquid cash to pay for these home appliances up-front. That’s where consumer durable loans come in. They enable you to spread the cost of your appliances across a period, as and when you receive your income, without having to part away with your cash up-front.
So, whether you are looking to upgrade your home with new furniture or want to own the latest gadgets, a consumer durable loan can help.
What is a consumer durable loan?
A consumer durable loan is a finance option for purchase of household items like washing machines, refrigerators, air-conditioner, LED TVs, microwaves, furniture, clothes or grocery. You can obtain a consumer durable loan from financiers like Bajaj Finserv to fund all your purchases, and pay back in flexible tenors as per your convenience. What’s more, you can avail them easily on zero or low interest rates and get financing for up to 100% of your purchases.
Interest rates and other charges
Interest rates on consumer durable loans are lower than those on personal loans or credit cards. Bajaj Finserv offers No Cost EMIs (with zero interest charge) on selected products on the EMI Network. Interest rates may differ from one lender to another, and you should compare them before availing the loan. Few lenders may also charge a nominal processing fee on your loan amount.
Tenor
The duration or tenor of the loan reflects the number of installments that you need to pay. The tenor for repayment of consumer durable loans generally ranges from 3 to 24 months, but it differs for different lenders and also for the different products you purchase. Note that it is beneficial to choose a short tenor to save on the interest amount. However, with ‘No Cost EMI’ schemes, you can even opt for a longer tenor without it affecting the interest.
How much financing does a consumer durable loan offer?
The down payment is the money that you have to pay out of your pocket for your purchase, after the approval of the loan. Generally, financial institutions provide only up to 80-90% financing on the actual price of the product. This means that you need to make a down-payment of 10-20% of your purchase cost. However, there are lenders that provide up to 100% financing, and you are not required to make any down-payment.
Additional Read: 3-Star ACs vs. 5-Star ACs- Which One Should You Buy This Summer?
Thus, consumer durable loans are a smart way to make things affordable, which would otherwise have been difficult with a limited income. With minimal documentation and instant approval, you can avail hassle-free loans of up to Rs.4 lakh with Bajaj Finserv EMI Network. Enjoy the exclusive pre-approved offers on home loans, personal loans and other financial services from Bajaj Finserv by simply sharing a few details.
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