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Identity proof- Aadhar card/PAN card/Voter ID card/ Driving License
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Consumer Durable Loan
Consumer durable loan is a type of a personal loan that helps in easy purchase of personal gadgets, electronic products, and high-end home appliances. Whether relocating or upgrading your home and kitchen, it is a good idea to apply for consumer durable loans for the latest electronics and appliances making life easy every day.
The list of items that can be purchased is also vast with consumer durable loans online. You can get a loan starting from Rs.50,000 to 5 Lakhs with zero down payment required. Air conditioner, refrigerator, mobile phone, professional camera, etc. can be easily purchased with minimal documentation.
So, why not upgrade your lifestyle with consumer durable loans online and achieve more year after year, without the burden of paying the price instantly. Also, borrowers can make the most of the festive offers and promotional offers attached to the consumer durable loans. There is no risk in applying for a consumer durable loan online as personal assets are not held for security reasons.
Why Hero FinCorp for Consumer Durable Loan?
The Hero FinCorp personal loan app qualifies as one of the modern-day flexible digital platforms that enables easy registration and loan disbursal without any physical documentation. It is available on the Google Play Store for free and is compatible with Android phones. So, if you have any consumer durable loan requirements to buy the latest electronics, personal gadgets, etc., Download the app now and begin with the loan application process. It is 100% secured to initiate.
When the trend changes, our personal gadgets, and home appliances need an upgrade. However, it is not always possible to replace the existing ones due to a lack of affordability. This is the prime reason why financial institutions introduced consumer durable loans online for easy availability of the latest consumer durable products to the masses.
Borrowers using the Hero FinCorp personal loan app can avail different types of personal loans starting from INR 50,000 to 5 lakh. A consumer durable loan is also a personal loan that can be easily approved with zero down payment and affordable EMIs.
If you are worried about your monthly EMIs, you can use the EMI calculator available on the app to know the consumer durable loan instalment in advance. You can adjust the EMIs as per your budget. Try different variations of the principal loan amount, tenure, and interest rate to get accurate EMI results in seconds.
Interest Rate on Consumer Durable Loan
Consumer durable loan is available at a low-interest rate which is affordable to pay every month. The interest rate on consumer durable loans 19% to 30% p.a and may vary from one lender to another. Some financial institutions offer consumer durable loans at 0% interest, especially during festival seasons.
Apart from the interest rate, instant consumer durable loans online charge a low processing fee. There are no hidden charges involved besides nominal fees ranging between 1-3 % of the loan amount by most lenders.
Documents Required and Eligibility Criteria for Consumer Durable Loan
Document Required
The application process for consumer durable loan involves paperless documentation. This takes less time in loan processing and enables speedy approval in 24 hours. Basic documents for consumer durable loan includes:
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Residence Proof- Passport or Bank account statement
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ECS(Electronic clearing services) mandate form duly signed and certified by your bank branch or eNACH completely online process
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One Passport size photograph
Eligibility Criteria
Consumer durable loans are open for both salaried and self-employed individuals. The borrower should be eligible of:
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Minimum age limit 21 years and maximum age 58 years
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Minimum income Rs.15000 per month
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Minimum work experience 1-2 years for salaried and business stability for self-employed, respectively.
If your Aadhar card is linked with your registered Mobile number, the above documents are not mandatory.*
Benefits of Consumer Durable Loan
Who doesn’t want to upgrade to the latest model of a branded phone or change the TV screen to a bigger and better one! These luxuries are a part of our lives and we want to own them at a good cost, don’t we? Consumer durable loan online is also a collateral-free facility similar to a personal loan. An instant consumer durable loan can be availed in minutes. So, it is a great idea to use it timely to gift your own people some high-end surprises. Consumer durable loan makes it possible to purchase the latest version of these technology products with the following advantages:
If you have a low credit score, then it is highly recommended that you fix it up before applying for a consumer durable loan. Further, do compare interest rates, processing fees, foreclosure charges, from different financial institutions using their instant loan apps. Evaluate these terms and conditions and select the lender who gives you the best deal
FAQs
A consumer durable loan is an instant credit facility that can be availed in-store or online via loan apps to purchase household appliances, electronic goods, entertainment gadgets, etc.
Borrower’s CIBIL score reflecting a higher creditworthiness and stable financial history is eligible for a consumer durable loan. CIBIL score is verified to check the financial behaviour of the borrower and accordingly, the loan approval is decided.
You can get a consumer durable loan in two ways. First, you can visit the store personally, buy a gadget/appliance and seek a consumer loan on the same. Second, you can download an instant loan app and avail a personal loan online to buy consumer durable products.
You can avail of a consumer durable loan online or in-person by visiting the concerned store in your area. Compare the product pricing online and decide the better mode of consumer durable loan availability to buy your luxury gadget.
A consumer durable loan is a personal loan and so it is categorised as an unsecured loan. Being a short-term loan, it is approved instantly without the need of any assets or guarantor against the loan.
You can get a consumer durable loan easily through the online mode of instant personal loan apps or through store purchases in your location.
A consumer loan works on the basis of a minimum eligibility criteria that involves KYC verification and income check of the borrower. Consumer loans work instantly after the verification of documents and you can take the product home the very same day.
Consumer durable loans bring dreams to the reality of owning an expensive gadget that might be difficult to purchase otherwise. Some key benefits of consumer durable loan are:
- Depending on the lenders, the interest rate on consumer loan varies from 0% interest to a low rate of interest
- Shorter loan tenure that ends the loan burden between 6 – 36 months
- Loan approved with minimum documents
- Instant approval and product in hand at the same moment
Debt consolidation is combining all the pending debts and paying off through one single loan. Months of credit card bill pending can be combined into a debt consolidation loan for easy repayment.
The basic requisites for a debt consolidation loan approval requires proof of income, credit history and financial stability.
Debt consolidation is an unsecured personal loan that does not demand a collateral or a security for approval. This speeds up the time taken for loan sanction.
Non-Banking Financial Companies (NBFCs) can be trusted for debt consolidation loans as these are authorized lending organizations approved by the government.
The pre-payment charges differ depending upon the chosen lending organization. The foreclosure charges vary based on individual terms.
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