0% Interest Consumer Durables Loan
The small luxuries of everyday living matter a lot - it can make your life much easier and more enjoyable in whatever little way! You might have an eye on the latest High Definition TV, a laptop, or even an air conditioner for the bedroom. But you find that you are not able to buy them without dipping into your savings. You have a credit card but are wary of the high interest charges. What do you do?
Simple. Opt for a 0% interest consumer durables loan! It is now possible to buy your desired appliance on loan without interest! Read on to know more.
What Is a 0% Interest Consumer Durables Loan?
This type of loan essentially lets you purchase your desired electronics like a washing machine, refrigerator, television, and even mobile phones without paying interest charges. Bajaj Finserv, Tata Capital, Capital First are some of the NBFCs that offer 0 % interest consumer durables loans.
With the 0% interest consumer durables finance, you don’t have to pay any interest on your purchase and the loan amount opted for. To know your monthly EMI, you need to just divide the total amount of purchase with the loan tenure you have chosen. You can adjust the tenure as per your financial needs.
Depending on the bank or NBFC, you will be required to make a nominal down payment upfront along with a processing fee.
How do 0% Interest Consumer Durables Loan Work?
You might ask—what would be the benefit to the bank/lender if they offers loan at 0% interest? Well, here is the thing—it is the seller / manufacturer of the product that takes the responsibility of the interest payment to the loan provider. The merchant now has the chance to market and sell the product and get more customer footfalls, while the customer gets his product at 0 % interest. It is a win-win situation for both the buyer and the seller.
General Features and Benefits Of 0% Interest Consumer Durable Loan
• Instant approval
• Requires Minimal documentation
• 0% Interest and low down payments
• Easy repayment options and flexible tenures
• No security deposit required
• Quick processing and no hidden charges
Eligibility for Consumer Durable Loan:
You must be a salaried individual and between 21 years and 60 years of age, and be creditworthy.
Documentation required is simple. Following are the documents required:
• PAN card
• ID Proof
• Address proof
• One recent passport size photograph
• Completed Application Form
• Salary slip
• Last 3 months bank statement showing salary credits
So, go ahead and fulfil your dream of owning a high-end consumer item, with no-interest EMIs!