Eyeing the new top phones and best phones 2020? Or perhaps planning to gift your spouse the latest best phones and top phones 2020? Or maybe you are tired of doing menial work at home such as washing clothes and wish to purchase a washing machine? Whether it’s an air conditioner, a microwave, the best smartphone or even a vacuum cleaner, certain durable goods and household items make our lives simpler, easier and better.
However, the biggest drawback of these items is that they come with a high price point that is sure to put a sizable dent in your income and savings. But the wide variety of loans being sanctioned by lenders in today’s date have helped numerous Indian citizens improve their quality of life. One such loan that has helped improve India’s living conditions is a consumer durable loan.
However, several people remain unaware of the various advantages of consumer durable loans. So, in this space, we shall discuss everything you need to know about consumer durable loans
What is a Consumer Durable Loan?
A consumer durable loan, as the name suggests, is a financing solution that helps Indian citizens purchase all household items and durable goods. It covers all items right from basic necessities such as a washing machine and microwave to luxury items such as high-end tablets and LED TVs.
Eligibility Criteria and Documentation for Consumer Durable Loan
A consumer durable is one of the easiest loans to avail. Its only requirements from an applicant are an identify proof, a proof of residence, income proof and lastly, to be in the age group of 21 to 60 years. Income proof, however, differs for salaried and self-employed professionals. Salaried individuals simply require salary slips whereas the latter requires income tax returns, banks statements and balance sheet.
When availing a consumer durable loan, the CIBIL score can act as a major game changer. Also known as credit score, a CIBIL score is a 3-digit number between 300 and 900 which is calculated by the lending institutions to denote the loan seeker’s creditworthiness and ability to repay the loan. An ideal score of 750-900 determines good credibility and instant approvals on behalf of the lender. An applicant with poor CIBIL score runs the risk of getting denied of the loan.
Benefits of Consumer Durable Loan
Although a type of personal loan, consumer durable loans are equipped with more benefits. Let’s take a look at some of the advantages that they possess.
1. Affordable Rate of Interest
Aimed at improving the lives of Indian citizens, consumer durable loans possess super affordable interest rates. Furthermore, depending on your lender, you can avail 100% financing at extremely low or zero interest rates.
2. Room for Negotiation and Discounts
People possessing a good CIBIL score not only get quicker approvals but also higher loan amounts. They have the negotiation power and can avail huge discounts on additional charges such as loan processing fees and so on.
Browed through several smartphones tips and now looking for quick disbursal of unsecured consumer durable loans? Get in touch with Tata Capital to avail our wide range of consumer durable loans and mobile loans. We offer tailored loans with attractive interests and flexible EMI mobile to help you live life you the way you want!