Consumer Durable Loan
In current scenario everyone is looking to upgrade the lifestyle and consumer durable loan helps you to do this. Simply speaking, consumer durable loan helps you to buy products for your household needs ultimately making your life easier and giving you the comfort you wished for.
You might be looking to buy a big LED or home theater. Watching TV in air conditioned room on a luxury couch will enhance your experience of watching movies. Aiding a washing machine in your home will save the time and effort you put while cleaning your cloths. You can purchase multiple items to use in your home which will ultimately enhance the standard as well as value of your home. Now the problem is that people are not having enough cash to do that. They want to upgrade their living standards but are not having enough money to do so. In this case consumer durable loan helps you to fulfill your dream of living in the upgraded living style.
Type of products covered by consumer durable loan
Consumer durable loan generally includes a huge range of product. You can avail the facility for any household necessities like tv, fridge, washing machine to luxury gadgets like smart phone. If we go in detail range of products covered by consumer durable loan includes:
- Microwave oven
- Music system
- Washing machine
- Water purifier
- Cooking range
- Air conditioner
Some of the products are however subject to minimum price value. Your product should fall in eligible range of price to avail the benefit of consumer durable loan.
Durable loan amount
Generally loan amount is based on the product you are purchasing and on the criteria of the lender lending the money. If we talk in numbers then this durable loan amount varies from thousands to lakhs.
The durable tenure for consumer durables varies for every product. In general this tenure starts from 8 monts and can even up to 36 months. If you are applying for consumer durable loan then you must fall within the range of 21 to 60 years. As you are applying for such loan you have to show some evidence of uour income proof so that repayment of loan can be ensured. This market of consumer durable loan works in both ways as you can also apply online and you can also apply on specific retail stores. Such stores have tie ups with lenders and they facilitate in consumer durable loans.
This market is slightly higher on interest rate side as rates of interest moves from 14-25% generally. Interest rates are dependent on your profile and eligibility like whether you are a salaried person or self employed etc. There are also a few lenders providing interest free consumer durable loan where amount of interest is born by the manufacture.