Timely return of a loan makes it easier to borrow a second time.
Consumer durables have instilled a sense of convenience in life. From refrigerators to high-end mobiles, we are always on the hunt to upgrade our life as per our convenience. The consumer durable loan allows the users to buy refrigerators, washing machines, TVs, high-end mobiles, and other durables at affordable EMI.
What is a consumer durable loan?
It is a financing scheme offered by financial institutions to help the customers pay for the purchase of consumer durable items.
One should consider the following things before opting for consumer durable loan:
1. Hidden cost
There are a few 0% interest rate options available in the market for the loan. But these schemes have hidden costs like processing fees that get deducted from the loan amount that you receive. Once you opt for a consumer durable loan, make sure you check for hidden costs.