There are many aspects to running a household, with setting up and maintaining it being an essential part. This includes purchasing new appliances, particularly electrical products that are used daily. You will need extra funds to equip your home with gadgets and devices, whether setting up your first home or upgrading old devices. Although we don’t plan to cover such costs, living without consumer durables is difficult. We all require the most current consumer durables in this fast-paced world to make life easier and more convenient and add a touch of luxury.
What’s a Consumer Durable loan?
A durable consumer loan can be used to purchase consumer durables. This loan includes white goods such as washing machines, refrigerators, TV, cooking ranges, air conditioner and smartphones. It covers everything from basic home components to high-end products.
Consumer durable loans must be repaid with EMIs during the loan term at a fixed rate. A durable consumer loan can be described as a personal loan. Loan amounts can vary from a few thousand to thousands of dollars. The repayment term is generally between 6 months and 5 years. This loan is available to salary or unemployed individuals. The additional loan processing fee is approximately 2% of the loan amount.
What is the difference between a durable consumer loan that is “secured” and one that is “unsecured?” Both options are possible depending on the bank you use for the loan offer.
What are the benefits of a durable consumer loan?
A consumer durable loan offer can be obtained by satisfying certain eligibility requirements and submitting basic documentation and identity proof. There are often many attractive offers on these loans. This type of loan is often 100% financing by companies, so you don’t need to withdraw any money from your savings.
Add luxury to your life by using the Consumer Durable loan
We have highlighted three options to enhance your lifestyle with the Consumer Durable loan.
1. Upgrading your electronic components
Electronic components can make your daily life easier. They can also be essential for career advancement. You can easily get a Consumer Durable Loan to upgrade your electronic components, whether it’s a laptop to do all your office work or a phone to connect to loved ones.
2. Remodel your home
With the Consumer Durable loan, you can purchase basic appliances for your daily use. The top-brand microwave and oven grill are now available. A smart TV or new washing machine can be purchased for laundry purposes. To make your life more enjoyable, you can meet all of your needs. You can live the life you always wanted.
3. Upgrade your lifestyle
Consumer Durable Loans can be used to purchase any gadgets you want. You can get a durable consumer loan to help you with any purpose, including adding equipment to your home gym and adding dishwashers and robot vacuum cleaners.
LoanTap provides personal loans that can help you buy consumer durables.
The Normal Features of a LoanTap Personal Loan that can be used to obtain a Consumer Durable Loan
1. Instant approval of a loan
Your loan approval is available immediately. You can get your loan approval instantly with our instant loan approval. You can visit the LoanTap site or download the LoanTap App on your smartphone.
2. Minimum Documentation requirement
You don’t need to fill out complicated paperwork. You only need to upload basic documents such as Aadhaar card and PAN card, along with salary slips for the last three months, bank statements, and bank statements for the last six months.
3. Fast Loan disbursal
Within 24-36 hours of applying, the loan can be credited to your account.
4. There are no foreclosure charges
After six months, your loan can be foreclosed without any prepayment penalties.
5. No collateral
Personal loans for consumer durables do not require collateral.
6 Credit cards are cheaper than debit cards
LoanTap personal loans at 18% are cheaper than credit cards which charge 24-36% annually on outstanding balances.
How to Apply For a Consumer Durable Loan From LoanTap
You must meet the following basic eligibility requirements to be eligible for a personal loan through LoanTap:
- Between 21-60 years old
- Indian citizens or residents are required
- A monthly net income must exceed Rs 30,000
Visit the LoanTap website, download the LoanTap App on your smartphone, and complete an online application.
LoanTap will review your application. If your credit score and loan criteria are satisfactory, your loan will likely be approved. Your bank account will be credited with the loan amount. The whole process takes less than 24 hours.
LoanTap provides personal loans starting at Rs 50,000 and ending at Rs 10,00,000. Tenure terms can be as short as 6 months up to 60 months. Annual interest rates start at 18%. Any available repayment options allow you to repay the loan in easy installments.
It is important to invest in consumer durables to enhance your quality of life. These products will make your life easier and give you a sense of luxury and comfort. There are so many offers available that you don’t want to miss out on a chance to save money. Your LoanTap personal loan can be used as a Consumer Durable Loan to help you realize your dreams.
