6 Benefits of a Consumer Durable Loan You Probably Didn’t Know

From smartphones and smart TVs to washing machines and refrigerators, consumer durables are no longer luxuries – they’re have become essential tools that make daily life easier and efficient. But buying these big-ticket items can strain your finances, especially if you’re paying upfront. This is where a Consumer Durable Loan comes into play. 
Whether you are a salaried professional or a self-employed individual, this loan can make your favourite gadget instantly available. In this blog, we will walk you through the key benefits of a Consumer Durable Loan and how you can apply for one with ease. Read on!

What is a Consumer Durable Loan

It is a type of financing that allows you to purchase household and electronic items like laptops, smartphones, washing machines, and TVs on easy monthly instalments. Instead of paying the full cost upfront, you can split the amount over several months, making expensive purchases more affordable and manageable. 
A Consumer Durable Loan is ideal for salaried and self-employed individuals who are looking to manage their finances better which accessing the latest in technology and appliances without any delay. 

Top 6 Benefits of a Consumer Durable Loan

Whether you’re buying your first refrigerator or upgrading to the latest smart TV, a Consumer Durable Loan can make your purchase stress-free. Here’s why it’s a smart financing option for modern-day consumers like you:

1.    Easy Access to High-value Products
A Consumer Durable Loan allows you to purchase a wide range of products. From laptops and air conditioners to modular kitchen units, you can purchase with this loan without waiting to save up. You don’t need to compromise on quality or postpone purchases due to lack of funds.

2.    Zero or Low-down Payment
Many lenders offer up to 100% financing, which means you may not have to pay anything upfront. Even if a down payment is required, it’s usually minimal, making it easier for you to go ahead with your purchase.

3.    Quick and Paperless Approval
With digitisation at its peak, applying for a Consumer Durable Loan has become incredibly easy. Many lenders offer quick approvals often within a few minutes, especially if you’re an existing customer. The entire application process can be completed online, from submission to disbursal.

4.    Minimal Loan Documents
Gone are the days of lengthy paperwork. Today, most lenders ask for only a few basic documents like KYC, proof of income and address. Some lenders even offer pre-approved loans with zero paperwork, making the overall loan approval process faster and smoother.

5.    Flexible Repayment Tenure
You can choose a repayment tenure that suits your financial comfort. This flexibility helps you plan your budget without compromising your monthly commitments.

6.    Boosts Credit Score
Repaying loan on time can have a positive impact on your credit score. It shows that you are a responsible borrower, which can help you secure larger loans in the future.
If you’re looking for a quick and hassle-free loan, Poonawalla Fincorp offers Consumer Durable Loan of up to ₹5 lakh with 100% paperless application process and zero hidden charges. Check application steps in the next section.

How to Apply for Poonawalla Fincorp’s Consumer Durable Loan

Getting a Consumer Durable Loan from Poonawalla Fincorp is quick and easy. Here’s how you do it:
Step 1: Visit your nearest enrolled dealership store.
Step 2: Select the product you wish to purchase. 
Step 3: Verify your eligibility and submit the required documents.
Step 4: Take your chosen product home the very same day. 

To Conclude

A Consumer Durable Loan is a smart way to upgrade your lifestyle without straining your monthly budget. From easy access to high-value products, zero down payment, paperless approval to minimal documents, flexible repayment tenure, and boosting credit score, a Consumer Durable Loan offers unmatched convenience. Now bring home the appliances and gadgets whenever you need. 

Frequently Asked Questions

What products can I buy with a Consumer Durable Loan?
You can finance a wide range of products including smartphones, smart TVs, washing machines, refrigerators, air conditioners, laptops, and modular kitchen units.

What is the repayment tenure for the loan?
Poonawalla Fincorp offers a flexible repayment tenure of up to 24 months, allowing you to choose a plan that suits your budget.

Who can apply for a Consumer Durable Loan?
Both salaried professionals and self-employed individuals can apply, provided they meet the lender’s eligibility criteria such as age, income, and creditworthiness.