Adding small luxuries in your day to day life is no longer a dream that is impossible to fulfil. Now, you can buy all the appliances right from the laptops, music systems, and mobile phones to music systems, televisions, air conditioners, refrigerators, and washing machines; and, all of that with a Consumer Durable (CD) loan that is based on Equated Monthly Instalment (EMI).
The number of banks as well as non-banking finance companies in the consumer durable finance space is skyrocketing because of a wide range of benefits that CD loan provides. Let us throw some light here on some of the most important benefits of Consumer Durable loan:
Unlike other types of loans, you do not have to pay a large amount for the down payment in consumer durable loans. Moreover, you get some loans on 0% interest, making it affordable than ever. In addition to that, CD loans have low EMIs due to longer tenure which makes the repayment of loan easier. One of the best things about this loan is that they have nominal processing fees and no hidden charges, making it an affordable option to fulfil our dreams.
The best thing about a consumer durable loan is that, you do not require any collateral. You do not have to mortgage your personal asset while you avail the loan. So, you do not lose anything even if you fail to pay the EMIs on time. However, this might affect adversely on your CIBIL score.
Consumer durable loans are meant to fulfil your aspirations. It ensures you can purchase your desired products without using your savings or credit card. So, you are most likely to get a high loan amount when you go for a CD loan.
Eligibility and Documentation
The best thing about consumer durable loans is that the eligibility criteria are not as strict as other loans. If your age is between 21 to 65 years old and you earn decent, you are most likely to get it. However, there are some of the documents you need to submit when you apply for a CD loan. You will need your identity proof, age proof, address proof, income proof, and signature verification.
Fulfil your aspiration and upgrade to high-end segments!
If you are planning to buy any household appliance or a personal electronic device, you need not worry about arranging finance or using some amount from your hard-done savings. All you have to do is go for a TVS loan and make an easy purchase with consumer durable loan on EMI. You will not even have to block your credit card limit for such products, isn’t it amazing?