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Things to know about Consumer Durable Loans

Life is hectic as well as competitive nowadays. We need to struggle hard in life to achieve our dreams. You put your mind to many things simultaneously, including professional commitments and household chores. Technology is transforming lives and we need to make our everyday life a better place to live. Gadgets are something that makes our lives easy and hassle-free. It helps us in our daily chores and ensures the smooth functioning of our work.

What are Consumer Loans?

  • Consumer loans are for consumer durables. It is a type of personal loan that one can avail of for their consumables. In this era of recession, you may find it tough to manage all your expenses simultaneously.

Moreover, you also need to invest in some life-saving gadgets and other deliverables. It will help in the easy completion of your work.

However, many people may not find it easy to arrange the necessary finances on time and invest in such consumer durables. It is when the consumer loan comes into play.

  • One can avail such loans from any finance sector like the banks and invest in your necessary consumer valuables.

Some Features and Advantages of the Consumer Loan

Ease of Availability-

If you go with the trend, you will know that getting personal loans is much easier than other professional loans. As there are fewer formalities involved in consumer loans, it is easy to avail of a personal loan.

There are even several modes to opt for the consumer loan. You can avail of the personal loan in both online and offline methods. It will make you buy many consumer durables as per the requirement.

When the legal documents come into play, you will only require producing the necessary documents for opting for consumer loans. You only need to present the address proof like KYC papers and documents. You will also need to come across the basic bank statements to avail the consumer loan.

No Need for Collateral Involvement-

There is no need for you to worry about a personal security deposit or collateral involvement. You can avail the consumer loan for buying your gadgets and other materials with the personal loan without any hassle.

Flexibility in Repay Options-

There is the flexibility of the repayment options in consumer loans. The flexibility is even more when it comes to the online payment mode of the loans. There are effective software solutions that can help in the easy repayment options.

You can choose from a plethora of repayment schemes and avail the appropriate one. You can also choose the repayment tenure that usually ranges from 6 months to 5 years.

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Avail It Without Invoice-

There are several methods of instalments to buy consumer gadgets. When you need to pay the monthly instalments, you also need to produce the invoice for the particular item that we bought.

After the production of the proper invoice, you would be able to avail convenient EMI options. However, if you opt for the consumer loan, you need not produce the invoice of your purchase.

You can avail of the consumer loan for buying the gadgets for your personal use like Electric Gadgets like a laptop, mobile, music system, etc. You can also avail the consumer loan for buying washing machines, refrigerators, and other appliances.

Some of the Features Associated with Consumer Loans

Features Functions
Eligibility The eligibility checking in consumer loans takes minimum time. It keeps the whole procedure a hassle-free one.
Amount Detection You can easily calculate the loan amount based on your salary. Moreover, you can avail the freedom to choose the loan amount.
MoneyView Repayment Technological advancement helps in flexible repayment options with defined tenure. It takes care of your finances.
Less Approval Time Unlike other modes of loan, the consumer loans take minimum time for approval. No need to opt for repeated phone calls for the purpose.
Modest Interest Rates The interest rates for repayment can be as low as 1.30 percent on your loan amount. Such lower monthly interest rates will make you tension-free.
Digital Mode There is a complete digital transaction in the consumer loans. There is less requirement of the paper documents.
Works Even on Low Credit Scores You can avail the consumer loan even in lower credit scores. You choose the appropriate loan amount with a modest Experian score.

Who Can Apply for a Personal Loan?

Job Status People who work in government and private sectors and have a fixed salary. The self-employed individuals like doctors and lawyers can also avail consumer loans.
Age The age can range anywhere between 21 years to 60 years.
Income The minimum income can range from twenty thousand per month to a gross income of about 5 lakhs per annum.

By following some simple steps, you can easily avail your personal or consumer durable loan at affordable interest. All you need to do is to check your eligibility within a few minutes. Post eligibility, you can check for the available schemes, choose one and upload your necessary documents. You can get a consumer loan without any hassle.

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