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Know the Top Benefits of a Consumer Durable Loan
- Updated on: 7 Nov 2024
- Published on: 19 Sep 2024
A consumer durable loan is one of the most convenient credit options to buy household goods. Be it LED televisions, refrigerators, washing machines or kitchen appliances, everyday electronics need an upgrade to better serve you and your family. This loan helps you buy such essentials on EMIs.
Here are a few aspects you should know before you opt for a consumer durable loan online:
Rather than saving up and waiting to purchase that appliance you’ve been eyeing, you can bring it today with the right loan.
Similar to personal loans, these loans are usually used to purchase household gadgets or furniture. You can avail of the amount to buy anything you like and repay the loan amount in EMIs across your chosen tenure. It is important to check the interest rate, so your repayment is pocket-friendly.
Do not confuse these loans with EMI facilities that you can get by using credit or debit cards. This is also different from ‘Buy Now Pay Later’ options or EMI schemes offered directly by retailers, which may come with zero-cost EMIs or have an interest as decided by the financial company.
Here are different types of instalment loans you can use to buy consumer products.
Also Read: Secured vs Unsecured Loans
Some of the pros of relying on such loans are as follows:
The eligibility terms are different for a salaried employee and a self-employed professional. Check them out here:
| Particulars | Salaried Employees | Self-employed Professionals |
|---|---|---|
| Minimum Age | 21 years | 21 years |
| Maximum Age | 68 years | 68 years |
| Minimum Income | ₹15,000 per month or as per the lender criteria | ₹1.5 lakh per annum or as per the lender’s criteria |
| Employment Duration | Employed for more than a year | Must have a business for at least two years or more |
The process begins with filling out the application form for a CDL. You also need to submit your passport-sized photographs. The rest of the documents required are as follows:
Also Read: How to Apply for Home Renovation Loans
You can submit the following documents.
The Fibe Instant Personal Loan is a great way to purchase consumer durables without relying only on your savings. You can get up to ₹5 lakhs and repay comfortably in up to 36 months. You also have the option to close the loan before tenure without any additional charges. To apply, download our Personal Loan App or apply directly on our website.
Both loans are very similar and in fact, you can get a personal loan for consumer durables. That being said, you may find some differences between them based on the financial company. Personal loans may offer you a higher loan amount and longer tenure, while consumer durable loans may come with a lower amount and a shorter tenure.
A smart TV loan or an instant consumer durable loan to buy an AC are some examples. You can even consider a personal loan for home improvement as this kind of loan.
Yes, it does. Since it is a credit facility, the loan amount and your repayment will affect your credit score and be reported in your report.
Yes, you can foreclose your consumer durable loan. The process of foreclosure will vary from lender to lender. There may be no added charges in some cases and a penalty charge in others. At Fibe, you can get an instant loan to shop for consumer durables and foreclose the loan at no added charges.
