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Consumer durable loans make this possible so that purchasing white goods and other luxury items no longer seem like an impossible dream. These are essentially small loans to help consumers buy durable goods like ACs, televisions, oven, laptops, smartphones etc. With consumer durable loans, a comfortable and improved lifestyle is within your reach.
So what exactly are the top benefits of taking a consumer durable loan? Let’s take a look.
1. 0% Interest Rate
Consumer durable loans are typically available at a lower interest rate than personal loans. Tata Capital offers such loans with no interest and minimum payment. Tata Capital does not even ask for any security deposits, making the loan application process effortless.
2. Tenure
The loan tenure for a Tata Capital Consumer Durable loan is between 6-24 months. This may differ from one lending institution to another. Usually, a longer tenure attracts a lower EMI and vice versa. As the repayment period affects EMI payments, it is important to calculate the EMI on an online EMI calculator before applying for loans.
3. Minimum Formalities
Some basic documents are required to apply for such loans, making the process relatively simple.
Salaried employees will have to show:
- Photo Identity proof- A copy of Voter ID/ Passport/ Driving License/ Aadhaar card/ PAN card.
- Address proof- A copy of Ration bill/ Electricity bill/ Passport.
- Income proof- A copy of Salary account bank statements for the last six months showing salary slips.
- Salary slips- A copy of salary slips for the last three months.
Self-employed individuals have to show:
- Photo Identity proof- A copy of Voter ID/ Passport/ Driving License/ Aadhaar card.
- Address proof- A copy of Ration bill/ Electricity bill/ Passport.
- Income proof- Bank statements and income tax returns of last two years.
4. Instant Approval
The application process is quick and easy. Consumers between the age of 21 and 60 are eligible to apply for a Tata Capital consumer durable loan. After the submission of the necessary documents, instant approval is given. With on-spot approvals, customers can shop for anything any time.
5. No Foreclosure Charges
The aim of a Tata Consumer durable loan is to put the customers’ needs above anything else. So, if someone wants to repay the loan before the agreed tenure, they can do so without incurring any additional charges. This no foreclosure charges ultimately helps save any unappetizing costs.
Consumer durable loans aim to make expensive lifestyles affordable. With zero-interest rate, quick approval, minimal documentation and instant loan disbursal, Tata Capital consumer durable loans are a smart choice over personal loans or credit card to purchase durable goods. Such loans cover 100+ lifestyle products that range from huge smart TVs to washing machines.
Taking loans and credit are no longer a big deal or stressful. Applying for consumer durable loans is very simple through online applications and instant approvals. You can check out the different EMI and tenure options to choose the right plan that fits your pocket.
So, don’t wait any longer. Apply for a consumer durable loan now to live your dream life.
