In a fast-paced world, choosing the perfect loan is essential if you want to elevate your lifestyle and buy your favorite gadgets and items. Most people can’t pay the cost of valuable items in just one go.
In this blog, we will talk about the importance of consumer durable loans, using the money perfectly for buying electronic items, and many more. Use a finance DSA partner that can help you find the best loan options and use them perfectly in fulfilling your dreams.
Learn the Basics of a Consumer Durable Loan
A consumer durable loan is nothing but a financing option you can have from any bank or NBFC. The right use of these loans can help us buy any high-value items and repay the amount using easy payment options.
Most banks offer several easy and affordable options to customers to settle their debt. If you are looking for an easy loan option, you can learn about this particular loan. Try to gather some basic information about this loan, and then only apply for it.
Features You Must Learn About This Loan Option
According to loan experts, the following aspects are essential that every person needs to know about consumer durable loans-
- Here, the amount of the loan can vary from 5K to 5 lakhs. It will depend on the product you are buying and its cost.
- Although different banks impose different interest rates on the loan amount, it usually swings between 10% to 24%.
- Repayment has to be done under 36 months at most.
- Here, the person applying for the loan doesn’t need to provide any collateral.
- In most cases, the approval rate is high and faster than other loan options.
We hope these major points will help you compare the loan with other popular options and then choose the best one as per your needs.
Reasons for Choosing Consumer Durable Loans
As we have discussed, the popularity of consumer durable loans has gone up massively in the recent past. There must be some solid reasons behind this boost. Have a look at a few important reasons behind choosing a consumer durable loan-
- As the cost of modern electronic items is high, getting a loan can help you buy those items without facing any issues.
- Technology is evolving at a rapid pace. At this time, if you want to replace your old gadget and buy a new one, there is no option other than choosing a consumer durable loan.
- Low-cost EMI options are effective if you don’t want to spend all your savings in one go.
- During an emergency, you might have to spend more. In that situation, choosing a consumer durable loan would be the perfect choice. Don’t forget to talk to a loan agent who can guide you in choosing the best loan options in your country.
Here are the Benefits You Can Have
Once you start using these loans, you will surely have a number of benefits. Let’s have a look at some of the prominent ones-
- The payment structure of EMI allows customers to pay major expenses through monthly installments that fit their budgets.
- You can obtain items right now through delayed payments that span into smaller installments.
- Online retailers presently provide EMI payment solutions that let buyers make zero-interest payments during specific time periods.
- Timely payment of EMI contributes to credit score improvements. You can select the repayment period according to your financial ability through this option.
- The latest product range under this option extends to smartphones alongside laptops and TVs, washing machines and furniture, and diverse other goods.
Impacts on the Indian market
- Market demand for consumer durable loans in India is surging since the economy’s growing disposable income meets a rising trend of tech-oriented young consumers making use of EMI options, thanks to Amazon and other online retailers and Bajaj Finance’s strategic partnerships.
- The digital lending platforms deliver fast approvals, which result in quicker and effortless financing processes.
- Economic periods with special sales and installment payment deals from EMI providers are major drivers of market demand for consumer goods. The developing trend modifies retail finance and broadens customer access to premium products throughout India.
The more you will learn about these loans once you have them. Use online methods to find the best loan and use the money sensibly to fulfill your needs.
