People believe that one should get a loan only to fulfill their huge financial needs. Many small financial needs are fulfilled by using savings or credit card. These small needs mainly include various consumer durable products like AC, TV, expensive smart phone, microwave oven or refrigerator. Though individually they may cost you less but if you decide to buy multiple products at one time it will surely go out of your budget. Here you can take a consumer durable loan.
A consumer durable loan is a variant of personal loan. By taking this loan you can buy multiple expensive durable products at once. This type of loan is easily available as many leading banks and NBFCs in India offer it to their customers. You will be able to avail many benefits by taking a consumer durable loan.
If you are planning to equip your house and yourself with various high end consumer durable products you should apply for a consumer durable loan today!
Don’t need to use your savings or credit card
The budget to buy various consumer durable products can go from mere thousands to lakhs. To buy such products many people plan for over a year, make monthly savings and pay for the products. Or many just use their credit cards. If you use a credit card, you’ll have to convert the debt into smart EMIs and its interest rates will be quite high. Even by doing monthly savings, you won’t be able to save huge amounts if you already have financial obligations. That’s why you should take a consumer durable loan as you won’t be trapped in credit card EMI or will have to use your precious savings.
One can take a consumer durable loan as per his/her requirements. The amount granted by banks/NBFCs is as per the credit score of the loan applicant and his/her ability to pay back the loan. You can negotiate the required loan amount with the loan lender.
As the amount in consumer durable loan is not huge, the tenure is shorter. This often taken for a short tenure from 1 year (12 months) to 5 years (60 months). The shorter tenure loan is easy to pay by using EMI services.
Best to build credit score
As a consumer durable loan is a variant of personal loan, it’s the best way to build a strong credit score. If you pay your EMIs on time without any default or pre-payment, it will help you build a strong credit score. A credit score will easily enable you get huge loans in future like home loan or used car loan.
So apply for a quick consumer durable loan today!