Buy Luxury Festival Gifts Now, Pay Later with Consumer Durable Loans

With a Consumer Durable Loan, the “Buy Now, Pay Later” facility helps you effortlessly purchase luxury festival gifts like home appliances, electronic items, and gadgets. Instead of a large, one-time payment, the loan converts the total cost into Equated Monthly Instalments (EMIs). Continue reading to understand how instant store financing works, the benefits of EMIs, and how lender-store partnerships make it easy to purchase festive gifts.

How ‘Buy Now, Pay Later’ Works for Your Festive Purchases
 

The “shop now, pay later” value of Consumer Durable Loans enables you to purchase high-value gifting items, such as fridges, washing machines, smartphones, and even laptops. Broadly, all white goods can be bought with these loans.

Imagine you are at an electronics store and decide to get a new television. At the checkout, the store tells you about its special deal with a bank or NBFC. Instead of paying the full price then and there, you can get an instant EMI plan. A simple digital process with minimal paperwork begins, usually just verifying basic identity and address proof.

Once the process is complete and after paying a minimal processing fee (only in some cases), the lender will provide you with instant in-store approval of your loan. The cost of the TV is converted into a loan that is disbursed to the retailer. This allows you to take the TV home right away, and then all you need to do is repay the loan in EMIs over the tenure. In this manner, the “shop now, pay later” aspect enables easy repayment while boosting your gifting ability this season.

Also Read: How to Buy a Laptop on EMI Without a Credit Card

The Financial Advantage of Paying in EMIs

There are a lot of benefits of paying for a luxury festive purchase via EMIs:

●    Greater Accessibility: Instead of paying a large sum of money in one go, EMIs give you the option to pay in smaller chunks. So if you’re buying a product that’s worth INR 60,000, you can break it down into monthly EMIs of INR 5,000 for a year. This helps you buy truly valuable gifts to last a lifetime.

●    Better Cash Flow Management: Having to pay a hefty sum all at once can be financially and emotionally straining. With EMIs, not only does your monthly budget stay healthy, but so does your savings. They remain preserved for use in genuine emergencies or for meeting other significant financial objectives.

●    Supports Financial Discipline: An EMI comes with a fixed amount and due date, and severe consequences of defaulting. This implicitly disciplines you to spend and budget better. As a result, regularly meeting your monthly EMI obligation will help your credit score, too.

Also Read: How Can I Buy a New Phone on Easy EMI

The Convenience of In-Store Lender Partnerships

One of the best things about a Consumer Durable Loan is the partnership between the lenders and retail stores, which benefits you in the following ways:

●    Streamlined Shopping: Established NBFCs and banks will have tie-ups with several reputed lenders and offer Consumer Durable Loans for a range of products. This makes the process of festival shopping quicker and easier. 

●    Instant Digital Processing: In most cases, the entire process, application, approval and disbursal gets done immediately and digitally within minutes. 

●    No More Hassle: You don’t need to visit any bank’s branch to do paperwork and then wait for days to get an approval; the process is streamlined and designed to be as efficient as possible.

●    Attractive Offers: Partnerships between the lender and retail shops often give special No-Cost EMI schemes, with loans without interest for the entire duration of the loan. 

●    Removes Purchase Hesitation: You don’t need to worry about your financial situation, as the immediate financing and convenience of EMIs let you buy high-value gift items while keeping repayment manageable.

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

To Conclude

Gifting luxury festive items becomes affordable with Consumer Durable Loans, thanks to their “Buy Now Pay Later” advantage. This helps you get products right away without breaking the bank and adds the ease of repaying the loan via EMIs.

Always choose trusted lenders like Poonawalla Fincorp for transparent Consumer Durable Loans at partner stores and wrap up your festive shopping the right way.

FAQs

What kinds of products can I purchase with a Consumer Durable Loan?
Consumer Durable Loans enable you to purchase white goods such as refrigerators, televisions, air conditioners and personal electronic devices like smartphones or laptops. 

Do I need a credit card to use the ‘Buy Now, Pay Later’ option?  
No, credit cards are not required to use the ‘buy now, pay later’ facility offered with Consumer Durable Loans. These are individual credit facilities provided by banks and Non-Banking Financial Companies (NBFCs). Your eligibility is checked instantly at the partner store based on your income and KYC documentation, without a card requirement. 

How does a Consumer Durable Loan affect my credit score?
A Consumer Durable Loan, like any other credit, will be reported to the credit bureaus. With timely EMI payments, there will be a positive impact on your credit score, as it indicates good financial conduct. On the other hand, late or non-payments will damage your credit score.

What documents do I need to submit for a Consumer Durable Loan?
Documentation for a Consumer Durable Loan is straightforward. In most cases, all you need to provide are your KYC documents. This consists of a PAN card for identification and an Aadhaar card for address verification. On occasion, a bank statement or salary slip may also be necessary.

Are there any restrictions on prepaying or foreclosing my Consumer Durable Loan?
Restrictions on prepaying your Consumer Durable Loan would depend on your lender and loan terms. In most cases, prepayment should be allowed without any foreclosure fees. It’s essential to review the terms of your loan before making any decisions.