With the rise of online shopping in India came another feature facilitating the purchase from e-commerce websites - the consumer durable loans. As the names suggests, consumer durable loans are offered to people looking for alternative sources to finance purchase of consumer durable products such as TV, smartphones etc.
These loans can be availed individually from financial institutions offering these separately and through credit and EMI cards. For instance, Bajaj Finance allows people using their EMI card to take consumer durable loans using it. They can swipe their card or use it to purchase the said type of products either from partner stores or e-commerce platforms.
Moving on, below are some noteworthy features of consumer durable loans:-
Interest rate and other additional charges: First of all, Interest rates on consumer durable loans are lower compared to other credit schemes and debt products such as credit cards which can be used for financing consumer durable products. Plus, there are no additional charges apart from processing fees.
Tenor: Even though consumer durable loans are of very small amount i.e. Rs 40, 000 to Rs 50, 000 and so on, the repayment tenor offered is comparatively higher. You can get approximately 6 months to one year (depending on who approves your consumer durable loan application) or even more for repayment.
Summing up, consumer durable loans are a smart way to make things affordable, which would otherwise have been difficult with a limited income.
These loans can be availed individually from financial institutions offering these separately and through credit and EMI cards. For instance, Bajaj Finance allows people using their EMI card to take consumer durable loans using it. They can swipe their card or use it to purchase the said type of products either from partner stores or e-commerce platforms.
Moving on, below are some noteworthy features of consumer durable loans:-
Interest rate and other additional charges: First of all, Interest rates on consumer durable loans are lower compared to other credit schemes and debt products such as credit cards which can be used for financing consumer durable products. Plus, there are no additional charges apart from processing fees.
Tenor: Even though consumer durable loans are of very small amount i.e. Rs 40, 000 to Rs 50, 000 and so on, the repayment tenor offered is comparatively higher. You can get approximately 6 months to one year (depending on who approves your consumer durable loan application) or even more for repayment.
Also Read: What is No Cost EMI
Summing up, consumer durable loans are a smart way to make things affordable, which would otherwise have been difficult with a limited income.
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