With emerging technology and advancement in electronics components, the consumer durable appliances have become affordable. We can see new age TVs, washing machines, microwave ovens and other appliances in almost every household. One reason for this affordability is the decrease in prices and the other is the availability of Consumer Durable loans. But what is a Consumer Durable loan?
A Consumer Durable loan is a loan availed for the purchase of a personal or home appliance like a Mobile Phone, AC, Refrigerator, TV, Music System etc. Such loans are usually available at a 0% or a very nominal interest rate with flexible tenures ranging between 6 months to a few years. Usually a down-payment is required to cover first few EMIs and the remaining amount is converted into a loan. Applying and getting this type of loan is also very easy. Walk into a store where you want to purchase the product, select the product you’d like to buy. The dealer of an employee of a financial institution (generally available at the store and can be identified with a dress or an ID card) then fills an online form with your details and asks for an ID & Address proof. Once the application is approved, a suitable plan is discussed and agreed upon and loan is processed after the payment of the down-payment and loan processing fee. After the application process is completed, you are free to take the delivery of the appliance either at the store or at your doorstep. Easy, isn’t it?
Besides the ease of applying, what makes CD loans a lucrative option to consider are the availability of attractive offers. From 0% to low interest rates, no down-payment to free EMI(s), customer get many benefits from various schemes and offers Financial Institutions introduce from time to time.
You can apply for a Consumer Durable loans if you:
- Are between the age limit allowed by the lender
- Have an Identification Proof
- Have an Address Proof
- Have a stable Source of Income
Home Credit offers Consumer Durable loans and has succeeded in fulfilling dreams of millions of customers. If you are looking for an attractive offer on Mobile Phones or Home Appliance, visit a Home Credit partner shop near you TODAY.