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Tata Capital > Blog > Capital Goods Loan > Things to consider when applying a Consumer Durable Loan

Capital Goods Loan

Things to consider when applying a Consumer Durable Loan

Things to consider when applying a Consumer Durable Loan

One does not have to spend a fortune to improve the quality of their lives. Your desired lifestyle is not far away with consumer durable loans. Now, everyone can add little luxuries in their everyday lives without worrying about liquid cash to pay for these home appliances up-front. Consumer durable loans are essentially small loans that help consumers to buy durable goods like washing machines to save them from chores of cleaning clothes or LED TV to watch their favourite shows in HD quality. So, if you are looking to upgrade your home with a new refrigerator or a durable laptop for work/college, opting for a consumer durable loan is the best option due to its flexible terms and conditions.

These loans can fund all your purchases and you can pay back in flexible time periods, according to your convenience. To find out the best funding plan that fits your pocket, you must keep a few things in mind before buying a consumer durable loan:

Is the loan interest-free?

Many consumer durable loans are typically available at interest rates much lower than that of personal loans or credit cards. You can opt for Tata Capital consumer durable loans that offer 0% interest on most of their durable products. No security deposit is required on the purchase of such loan.

Repayment tenure and EMI options

The repayment period that you opt for this type of loan will affect the number of instalments. Usually, the repayment tenure for such loans is between 6-24 months. This might vary slightly from one financier company to another. Note that it is beneficial to purchase consumer durable loans that have a shorter tenure to save on the interest amount. However, Tata Capital offer ‘No Cost EMIs’ where you don’t have to pay any interest rate for longer tenures.

Documentation

Some of the standard documents required are photo identity proof, address proof, income proof and salary slips. Self-employed individuals do not require salary slips.

On-Spot Approvals

One must choose a lending institution whose consumer durable loan application process is simple and quick. Eligibility criteria for availing the loan is usually between 21-60 years of age. If you meet the criteria and submit the necessary documents, you will get an instant approval for the loan.

Before buying a consumer durable loan, you need to consider opting for a company that offers the best assistance and makes your loan repayment period hassle-free. This will build a long-lasting relationship with the brand and ensure that you get the best deals for making bigger purchases in the future.

With easy online applications, minimum to zero interest rates and quick approvals, purchasing Tata capital consumer durable loan is a smart choice over personal loans and credit cards. So, consumer durable loans are a great way to make an expensive lifestyle affordable which would have otherwise been difficult with a limited income. Now, you have the power to ask for more and get it too.

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