Consumer Durable finance allows you buy household appliances such as LED TV, Laptop, Refrigerator, Air Conditioner, Mobile, and the like, on EMI with or without credit card and nowadays it also offers interest free loan with reasonable processing charges. Durable finance facility has been gaining popularity in India since the prominent companies pertaining to this finance segment have come up with ‘No Cost EMI’ options. Earlier, Indian consumers kept themselves away from durable finance because of high interest rates and processing charges. But now many finance institutions have shown interest in this segment and to decrease extra charges like interest rates and various fees, some companies have been offering finance schemes wherein interest rates are sub-vented either by the manufacturers or companies themselves.
In this post, we will be highlighting some companies which are providing consumer durable loan facility. Although, nowadays, almost all finance companies provide this type of facility but some of them are evolving very rapidly because of their lucrative loan offers. Read on to know what are the best consumer durable finance companies in India.
Who should avail durable finance facility?
Though anyone can avail this facility but we only recommend it to those who have dire need of a household item. Buying unnecessarily is never a wise decision and you should rather seek an investment option like SIP, than availing a facility that you won’t need.
On the flip side, it is also a good option to fulfill your desires of luxury goods.
Eligibility to avail durable finance:
Currently this facility is available for salaried and self-employed persons. Those who don’t have regular or stable income sources cannot avail this facility.
Benefits of consumer durable loan:
Earlier, one might not be think to avail this facility due to various hidden charges, processing fees, and interest rates. But, as of now companies have come up with transparency and no cost EMI options, therefore, one can consider it to shop electronic goods to hike up his/her living standard. Here are some benefits of this facility:
- Reasonable processing charges
- Most of the products are available at ‘No Cost EMI’ option.
- Choose term of loan as per your convenience.
- Quick approval with less documentations.
- Some companies offer zero down-payment option.
- No penalties for prepayment of loan.
- You can avail this facility without having credit card.
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- How to Buy Laptop, Mobile, LED TV etc on EMI without Credit Card
Top Consumer Durable Loan Companies in India
Considering current scenarios, we have listed four companies which are popular among consumers. We’ve finalised this list by considering offline and online popularity.
Tata Capital Financial Services Limited
It is a well-known finance company which has been providing satisfactory financial solutions to fulfill everyone’s finance needs. TCFSL also provides consumer durable loan for purchasing household goods or items. It offers a large range of electronic products at no cost EMI. The company has a large network of branches across the country and it also offers online loan facility.
Bajaj Finserv has been evolving remarkably in consumer durable finance segment. It almost covers all necessary items that one needs at his/her house. Quick loan approval and low processing charges making it best choice of consumers. One can visit its authorized outlet or its website or can download its mobile application to apply for loan. It has over 12000 partner stores across the country to provide hassle-free loan approval.
ICICI Bank Consumer Durable Loan
ICICI bank is also offering loan facility to buy durable goods on EMI under personal loan. The bank is offering finance facility for purchasing household items. One can contact ICICI bank representatives to know more about the facility.
HDFC Bank Consumer Durable Loan
HDFC bank offers loan for buying electronic goods or durable goods. The bank provides loan amount up to the cost of product for up to 36 months tenor. Please contact HDFC bank representatives for further queries pertaining to loan. You would need credit to avail this facility.
Consumer durable finance can be beneficial for those who want to maintain a healthy lifestyle but facing shortage of funds. One can avail this facility to acquire something that is urgently needed.
Disclaimer: We’re not associate of any of the above companies. Benefits or facilities listed herein under consumer durable loan may vary; therefore, you’re advised to not rely on this information.