A consumer durable loan is defined as a credit/finance option for procuring household appliances and electronic gadgets. Authentic online lenders like Money View would initially go through the credit history and annual income of an individual before granting a consumer durable loan. As the consumer durable loans are highly unsecured, lenders would pay close attention to the repayment history as well as the CIBIL score.
It is highly recommended to go through your CIBIL score on a regular basis and ensure that there are no flaws and the final report is favorable in the eyes of a lender. The interest rates for a consumer durable loan fluctuate from one lender to another. It typically ranges from 12% to 22%. There are quite a few lenders who provide a 0% interest based on promotional offers. The nominal processing fee is between 1-3% of the overall loan amount.
Contemporary life is buzzing with humdrum routine work. People have ample things to manage in their day-to-day life including office tasks, home, dealing with kids, etc. At this point, a powerful tool like consumer durable that is capable of easing daily chores and saving a considerable amount of time would be most welcome. Today, you could easily procure consumer durables loans from reliable portals like Money View.
What are the salient features and advantages of a Money View personal loan for consumer durables?
A personal loan could be availed with ease for purchasing all sorts of consumer durables as per your requirements. Some of its exceptional features and benefits are as follows:
- Quick and simple to avail:—
Personal loans can be procured through online and offline options. However online loans seem to be fast and assist you in fetching consumer durables in a hassle-free manner.
- Minimum documentation process:—
The documentation process regarding online consumer durable loans through Money View is low. Some of the required KYC documents include ID proof, monthly income/bank statements of the last six months, address proof, etc.
- Absence of collateral security:—
There is absolutely no need to attach collateral security to procure a consumer durable loan through Money View. Therefore, you need not fret about arranging collateral securities to purchase an electronic gadget or home appliances.
- Flexible repayment:—
Personal loans availed through authentic online personal loan lenders like Money View enable flexible repayment tenure says between six months to five years. It is up to the applicant to choose tenure based on their discretion.
- No need for proof of purchase:—
Unlike other EMI schemes, Money View does not demand proof of purchase or invoice details.
- Liberty to pick any vendor:—
The applicant has complete freedom to choose a vendor while availing a personal loan for purchasing consumer durables. This is not practical in the case of various other types of financing.
Now we shall discuss some of the most popular consumer durables available in the current market.
- Home theatre system/Television
- Washing Machine
- Mixer Grinder
- Electronic gadgets like laptops and smartphones
- Air conditioner
- Coolers and heaters
- Vacuum cleaner
- Microwave oven
It is prudent to replace an existing home appliance with a new one especially if you are planning to develop a new property or renovation. This requires appropriate planning and save a considerable amount of money since the above-mentioned might be quite expensive to purchase.
Raising funds for procuring consumer durables is easy as it can be purchased through reliable online personal loan lenders.
The application process for availing Money View consumer durable loan
- Eligibility requirements: —- The overall time taken to monitor loan eligibility is about two minutes. However, it requires furnishing quite a few details thereby saving a considerable amount of time in carrying out complicated calculations.
- Personal loan amount: —- An applicant does have the liberty to avail a loan amount between Rs. 5000 and Rs. 5, 00,000. Here at Money View, they would let you know the eligibility status while the freedom to pick a loan amount is up to the applicant.
- Easy repayment: —- Money View is the only online personal loan lender that empowers an applicant to handle finance. They have the sole right to decide repayment tenure and it could exceed more than sixty months.
- Quick disbursal: —- The entire loan amount is disbursed to your account within two hours of approval. This is helpful in saving the hassles of making unnecessary calls and sending emails to view the current status of disbursement.
- Attractive rate of interest: —- By taking into consideration the financial constraints of an applicant, Money View offers a budget-friendly rate of interest of 1.33% per month.
- Paperless documentation: —- The entire process starting from documentation to repayment, the whole process is executed in digital format. You need not worry about submitting photocopies of supporting documents and multiple trips to banks.
- Credit scoring models: — Money View had developed a credit scoring model that rates the creditworthiness of an individual based upon data points. Therefore, you could avail yourself of personal loans at a lower credit score. But applicants are required to maintain a CIBIL score of at least 600 or an Experian score of 650.
What are the procedures involved for online consumer durable loans through Money View?
- Track your eligibility: —- Pay close attention to the overall loan amount he/she is eligible for through an online portal.
- Choose a suitable plan: —- It is up to you to pick a suitable plan and repayment tenure according to your financial requirements.
- Uploading supporting documents: —- Furnish essential details and upload valid documents through apps or the official website of Money View.
- Obtain the loan amount: —- Procure the loan amount within two hours of approval.
So what are you waiting for? Apply for an online consumer durable loan through one of the reliable and authentic lenders like Money View today. They offer some of the best deals including an attractive rate of interest.