An Overview Of Consumer Durable Loans

The financial requirement is a never-ending need for the public today and that is the purpose behind banking operations. Banks and financial institutions play a great role in catering to different financial needs for everyone be it enterprises or even the public.

To fulfill monetary requirements banks and financial institutions have introduced a wide range of loan facilities, where the individual or the entity can avail a certain amount at once for which they have to make specific interest payments over a tenure. The different loans banks give are- personal loans, auto loans, housing loans, gold loans, and even the amazing consumer durable loan amongst others.

What is a Consumer Durable Loan?

A consumer durable loan is a loaning facility provided by banks and different financial institutions, taken for the purchase of different electronic appliances and domestic/ household appliances that have a handsome price. This is an unsecured type of loan and the loaners only check income reports and the CIBIL score before granting this loan.

Let’s have a look at the 5 benefits of this attractive and consumer-friendly loan!

Not all household needs are affordable and the general necessities change and upgrade with the up-gradation of lifestyle and passage of time, and not all of them are attainable. This is when the consumer durable loan can be of great help. Here are the positives of taking the loan-

Low interest

Consumer durable loans are available at lower interest rates than any other loan service. Though the rate may be different from all banks and financial institutions it will be more affordable and cost-effective than other credit facilities.

Flexible tenure

These loans have a considerable long tenure following the loaning amount. Generally, a consumer durable loan ranges from 6 months to two years. You can get your loan for the tenure by your repayment capability.

Minimum Documentation

A consumer durable loan is an unsecured type of loan and there is negligible documentation required for application of the loan. All you need is to do is fill in the form, your income tax return, and the latest tax bill and the loan will be processed.

No Collateral

When you apply for a consumer durable loan, there is nothing you put at stake. There is no requirement of collateral to be presented as security against the loan amount. Unlike house loans, home loans, and other different financial services.

Quick process

As we discussed in the earlier points there is very little documentation, no collateral, and negligible processing charge, no foreclosure too! So the entire process of approval and application is quicker than usual.

In the search for the most reliable consumer durable loan provider?

Gujarat Mercantile Co-operative Bank Ltd is a popular name for providing custom consumer durable loans at the best rates in town. We have a team of highly skilled and dependable banking professionals, getting you the most secure, efficient, and convenient financial services. We have special benefits for senior citizens, and also nomination facilities so that all the financial needs and requirements of our consumers are achieved.