Consumer Durable Loans – Vital Things that You Should Know

The demand for consumer durables products such as washing machines, ACs, smartphones, televisions and more never ceases.

You may need to have the latest smartphone to ease out multi-tasking or need a LED TV to watch your favourite shows and games in an AC room.

However, not all have cash ready to buy the mentioned consumer durable items. Even people earning decent salaries are not able to do that as putting an entire amount for a product impacts their rest of the monthly expenses. It is where consumer durable loans step in.

A consumer durable loan is a unique financial facility. It lets you spread the cost of your purchased products over a tenor. This way, you can pay a fixed amount as the EMIs and don’t need to pay for everything upfront. Most lenders give you an EMI Card via which you can shop across their partner stores in India.

Thus, no matter what your need is, a consumer durable loan can always help you fulfil your dreams without hurting your monthly outlays.

What is a consumer durable loan?

A consumer durable loan is a funding alternative that may help people buy household items. You can buy all essential items such as refrigerators, washing machines, air conditioners, LED TVs, furniture, microwaves, grocery and clothes.

You may acquire a consumer durable loan from funding institutions such as Bajaj Finserv to fund all your purchases without issues. As you can pay back in flexible tenors as per your needs, you can easily manage it without stressing about it.

What’s more, you can also buy everything on nil or lower interest rates get up to 100% financing for your order.

What about the interest rates and other charges?

You need to know that the applicable interest rates on consumer durable loans are lower than those on credit cards and personal loans.

Read more at : automated kyc verification

You can enjoy No Cost EMI facility from Bajaj Finserv with zero interest charges on selected items on the Bajaj Finserv EMI Network. The interest rates on consumer durable items differ from one lender to another.

Some lenders may also charge you with some nominal processing fee as well on the loan limit. Hence, it’s always better to compare all such deals online at a third-party website to get the best available interest rates.

What is the tenor for repaying such loans?

The tenor of the duration of the consumer durable loan reflects the total number of equated monthly installments (EMIs) that you need to pay. Generally, the tenor for the repayment of the consumer durable loan ranges between 3 and 24 months. It may differ from one lender to another and also for the purchased products.

If you want to save more, you should opt for a smaller tenor to save on the interest amount. However, if you avail the No Cost EMI scheme, even opting for a longer tenor may be beneficial.

What is the value of the product that is financed?

After the approval of the consumer durable loan, you will need to pay a down payment from your pocket. Generally, you get up to 80-90% financing on the exact pricing of the product by lenders. It means that for the remaining 10-20%, you will need to pay out of your pockets as the down payment.

Nonetheless, some lenders may offer up to 100% financing which means not paying any down payment.

The consumer durable loans are a smart method to make once items that were out of your reach on a limited income affordable. What’s more, with instant approval and negligible documentation, you can avail up a higher amount as the loan.

The Bajaj Finserv EMI Network can let you grab a limit of up to Rs.4 lakh to start shopping on easy EMIs.

What is Bajaj Finserv EMI Network?

The Bajaj Finserv EMI Network is a payment system which offers instant financing options. You can rely on it as it’s the way to pay for your favourite products.

You can buy right from electronics to appliances to life care services, groceries and furniture and more. It is not the end of it as there are 1 million+ products on the Bajaj Finserv EMI Network.

When you shop across the Bajaj Finserv EMI Network, there are no hidden charges that you need to be concerned. You are free to divide the cost of your purchased items over a tenor and pay in easy installments.

What is the Bajaj Finserv EMI Network Card?

The Bajaj Finserv EMI Network Card is a card just like any regular credit or debit card. It can help you buy everything that you need on EMIs with a simple swipe.

How to shop across the Bajaj Finserv EMI Network?

  • Walk into any of the 60,000+ local stores in 1300+ cities in India across the Bajaj Finserv EMI Network
  • Select your desired product and swipe the Bajaj Finserv EMI Network Card just like your debit or credit card
  • Walk away with your favourite item

Even people who don’t have the Bajaj Finserv EMI Network Cardcan also make the most of the facility and grab instant financing. Here’s what they would need to do:

  • Walk into a local store across the Bajaj Finserv EMI Network
  • Submit their KYC details along with a cancelled cheque at the store
  • If they are eligible, they can quickly get an in-store financing facility and a loan limit to start shopping on easy EMIs

Alternatively, you can apply EMI card at the time of purchase at any of the partner stores offline. So, get started now!

This way, you can join more than 1 crore members on the Bajaj Finserv EMI Network. Even you can now live a better life as you can use superior consumer durable products without worrying about paying for them upfront.

Bajaj Finserv also offers pre-approved deals on EMI finance, personal loans, home loans, business loans and many more financial products. Such deals can simplify your overall loan processes and make it less time-consuming.

Leave a Reply