Want to Know about Your Eligibility for Consumer Durable Loan?

Prior to getting into the depth of consumer durable loans, it is important to understand, what are these loans in the first place? So, read on for more information in the paragraphs that follow.

What is a Consumer Durable Loan?

It is a financial aid that you can avail in the form of credit from a financial institution if you want to buy household appliances or electronic goods. You might have saved money in your bank but why will you spend all the money at once if you have the provision to avail instant personal loans in Bangalore and pay in instalments?

You can avail these financial proceeds, for purchasing digital appliances and make the repayment in the form of EMI or Easy Monthly Payments.

Also, it is convenient to make a virtual purchase with the help of these loans. Most importantly, there are several instances, when you do not have to make any down payment.

These instances are not frequent, but before festivals or during the time of discounts and sales, you can avail the benefits.

Eligibility criteria for availing Consumer Durable Loan

Not everyone is eligible to enjoy the benefits of these instant personal loans in Bangalore. You must fulfil the following conditions to qualify for the loan-

1. You must be salaried or self-employed with a constant monthly income
2. Your age must be between 21 and 60 years
3. Must possess an active bank account
4. You should have a valid ID proof, namely,

a.    Photo ID

b.    Address Proof

c.    Latest salary slip or bank statement

Applying for Consumer Durable Loan

These loans can be applied online too. And perhaps this is the easiest of all processes to get the proceeds right into your bank account. If you are applying online on Nitstone Finserv, all you have to do is fill out a form with details. Thereafter, you have to mention your requirement and click on the “Apply” button.

Remember, you must also select the tenure of the loan or the duration for which you are availing the loan. Make sure you make the repayment within the stipulated time period. This will also improve your credibility and the same will reflect in your credit report.