A durable product is a category of consumer owned products that are not purchased frequently, because they are expected to stay working or useful for longer time. With passage of time, and possibly some unfortunate incidents related to malfunctions, short circuits or fire, the shelf life of a consumer durable product can go kaput.
Your wife would need a trendy modular kitchen replete with a brand-new refrigerator, washing machine, dishwasher, cabinets and cupboards., to upgrade on the existing kitchen. Some of you could do with a change in their current laptops getting lagged or probably spoilt due to getting wet in the rains.
Throughout this week, we will look at consumer durable products and its appendages. Home appliances, electronic appliances, home improvement and home renovation are all facets of consumer durables. Today, we will simply look at what are the broader consumer durables we buy and how you can fund your requirements to get the best products in the consumer durable range.
What products are considered consumer durables?
Some examples of day-to-day consumer durables are:
- Audio system
- Home entertainment system (of the home theatre ilk)
- A cool chimney for your fireplace
- Air conditioner
- If there’s no fireplace, get one (perfect for winters in Delhi)
- Rustic furniture for your living room
- An invertor to help you with occasional monsoon power cuts
- Allow your wife to impress her mother-in-law with state of the art kitchenware
- Create instant icicles and ice cubes with a brand-new refrigerator
- An Ultra HD LED TV will also prove beneficial to enjoy Netflix
- A DSLR camera that can capture those special moments
- A new Dell/Lenovo laptop needs to be bought
- Purchase the best of smartphones with a personal loan
What makes a consumer durable personal loan perfect?
Consumer durables are not cheap. The best products are always branded. We need to get the best durables to better our lives, we need to seek the best brands. Better brands guarantee longevity of the products, provide value for money and are manufactured using the best parts.
Sure, you can look for brands that provide online discounts that is just smart shopping. Offers, flash sales, cash-backs etc. are all part of the overall marketing strategy employed by brands to make us buy more. Buying more and discounts are fine but sometimes the amount reduced to even after a discount is so large that it is still possible to leave a hole in our pockets. So, what do we do? Get a quick online personal loan!
Best website for a consumer durable personal loan
Don’t listen to your uncle’s friend’s third cousin for advice. Get online and search for Loan Singh. Consumer durable personal loan is a financial opportunity that is not offered to everyone. You need to be salaried and earning more than Rs. 20,000 per month. Being salaried for at least 6 months, with no credit blemishes, are the traits of someone who can avail a consumer durable personal loan with Loan Singh.
Smart persons will raise their hands like high school nerds and say, “We can buy these products with our credit cards as well, why opt for a consumer durable personal loan?” That’s a good retort but understand that credit card loan and personal loan are 2 different credit instruments.
Benefits of applying for a consumer durable personal loan
Before you jump on to the instant personal loan bandwagon, keep in mind these consumer durable personal loan related pointers.
- Swift processing
At Loan Singh, everything from application to disbursement happens online. With only Aadhaar, PAN and Bank statement/netbanking credentials, you can apply for a consumer durable personal loan and pay for your emergency financial requirements.
- No collateral
Having no collateral requirement gives a personal loan an advantage over the secured loan. Even if you do not own any assets, you can at least get the funds from Loan Singh.
- Instant approval
If you provide your Aadhaar card, PAN card, and latest 6 months (netbanking downloaded, salaried account’s) bank statement, then you can almost surely get an instant approval. Your credit score needs to be good as well. For first timer credit applicants, the last 6 months statement is enough.
- Multiple purposes
An online personal loan can be availed for a number of purposes. The purposes of loan can range from the purchase of household appliances, electronic gadgets, debt consolidation, purchase of gold, holiday travel, instant emergency loan, home improvement, job relocation, medical expenses, home renovation, purchase of used vehicles, to wedding or marriage loan, etc.
- Loan amount and tenure
The loan amount for a personal loan at Loan Singh can range from Rs.50,000- Rs.5,00,000. The repayment is done via EMIs, with interest rates on reducing balance method. The personal loan tenure can be from 3 to 36 months.
- Equated monthly installments
You can find out about the EMI amount you will be required to pay each month by making use of Loan Singh’s personal loan EMI calculator. You can avoid the default in EMI payments by providing Loan Singh with permission to auto-debit the EMI amount before the EMI repayment due date. Your personal Loan Singh dashboard allows you to track past EMI payments, pending EMIs and tenure remaining.
- Hassle free process
The personal loan process at Loan Singh is hassle-free because there is no hefty paperwork or running from bank to bank or filling multiple forms. You can apply for a personal loan right from your home and get the loan approved in just a few clicks.
- Information security
With Loan Singh being SSL (Secure Socket Layer) certified; all your personal and financial information submitted remains private and protected. You also don’t have to worry about the physical storage of approved documents or attested photocopies like in traditional lending processes.
- Prepayment penalty
At Loan Singh, you can clear a personal loan ahead of tenure and pay no prepayment penalty, unlike banks.
Consumer Durable Personal Loan at Loan Singh
The unsecured aspect of a consumer durable personal loan in itself makes it a potent financial solution in times of wedding cash crunch. Suppose you remove the offline paperwork, delayed verification, repeated trips to the bank and delayed approval (from the travel loan availing process). And then you turn the process online, with only 3 documents (to be uploaded), an approximately 5-minute application process and doing all this from the confines of your home. These features, my friends, make an online appliances loan even faster to avail.
A consumer durable personal loan is a fantastic option during times of sudden consumer durable blowouts due to rains, lightning strikes or fire. Sometimes, your savings might not cover the complete cost of paying for such natural emergencies. You might sometimes need to supplement your savings fund with a shot of cash from other sources.
It is true that a number of traditional lending institutions provide consumer durable loans. But, isn’t a quick consumer durable personal loan synonymous with instant and with reduced paperwork?
So, how to apply for an instant consumer durable loan? Are there any online electronics personal loan providers in India? The single answer to all these questions is Loan Singh.
Consumer Durable Personal Loan Eligibility
The eligibility criteria for a consumer durable loan with Loan Singh are:
- Salaried (receiving a monthly salary directly into your bank account)
- Indian and above 21 years of age
- A credit-worthy repayment history
- No collateral needed