Do you still involve yourself in those long time taking task of manual grinding, handwashing and other household chores? It’s time to upgrade yourself. Home appliances are available at attractive prices and affordable for everyone. Finances are no more a problem. Whenever you feel the need, get the right home appliance that fulfils your needs. Getting home appliances has become easy since there are friendly finance options available. Yes! You got it right, there are loans available on low interest rates and easy EMIs. Choose the best and enjoy the rest.
Know the features of your loan
Every loan has some special features to attract the customer. Choose the home appliance you wish to buy, explore the offers available and make the right choice that fits your needs the best. Some offer the loan on 0% interest rate and some offer low down payments.
Some of the common features of loans on the home appliance are:
- Instant approvals: Take your product home after you take the loan and the formalities get completed. Yes, the loan approvals are instant. It is not even a day-long process.
- No security: Some offers don’t keep any security for the product, however, the repayment security is assured.
- Low down payments: With a longer duration and reasonable cost of an appliance, the down payments on an appliance is affordable for anyone to buy.
- Easy repayment: Low EMIs make repayment easy and doesn’t make the buyer feel a burden on his/her pocket.
*Some lenders keep a blank signed cheque in order to retrieve the amount in case you are unable to make the repayments for some reason. They may even save your card details to deduct the payment in case of default.
Duration: Usually, customer durable loans are offered for a maximum of 3 years.
Amount: The amount of the loan varies for different banks. Some may offer up to 4 lakh and some may only limit the amount to 1.5 lakh.
Interest rate: Interest rate vary for every individual. The fact that the borrower is salaried or self-employed also makes a difference. The rate may vary from 14-23% depending on whether the individual is salaried or self-employed.
Age: The minimum age of the borrower must be 21 years but it is variable depending on the lender.
Documents: It requires documents as other loans especially PAN card, residential proof, salary slips, income proof, etc. in case of self-employed, the number of documents might increase if the loan taken has a high amount
Eligibility criteria for loans on home appliance vary for different lenders. Hence, the amount, duration, documentation and several other parameters might differ for different banks.
List of items under loans on home appliance
|RO system||Washing Machine||Refrigerator|
|Inverter||Air conditioner||Cloth Dryer|
|Home Theatre||Vacuum Cleaner||Geyser|
*The list of items may vary for different lenders as per the availability of the product on the shop or the offers available on different products.
Home appliance loans are an easy offer to avail in order to fulfil needs, make things your own and sit back and enjoy the comfort technology offers you. Invest wisely, get the best deals since home appliances are put on heavy discounts during the festive seasons. Grab the best, leave the rest.