Find out Utility of consumer durable items

 

Consumer durable loans are financing options that are provided for the purchase of durable household items.

These items basically include all types of electrical and electronics home appliances and some of the examples are, washing machines, televisions, refrigerators, mobiles, and laptops.

It can also include other household products like furniture, apparel, and even groceries.

Utility of consumer durable items:

The importance of consumer durable products lies in the fact that these products usually last for few years and are essential to make our life more convenient and stress-free.

But the challenge is that despite their utility, purchasing such items can be difficult due to their price that only increases with every passing year.

The cost of these items is increased by the hike in raw materials, inflation, and ever-changing taxes.

Despite the ever-rising price of these items, their demand goes on rising with every passing year. This can be attributed to the fact that nowadays, easy financing options are available for the purchase of these products.

As manufactures now realize that these products are an indispensable part of every modern household, they provide easy financing to facilitate the purchase of these products that can, in a way, also enhance their business.

Taking a consumer durable loan in the present time can fulfill all the dreams of a person: setting up a new home, relocating to a different home, or considering some gift option for a loved one.

Which consumer durable loan is the best and how to avail one? 

There are a number of finance companies that are nowadays offering consumer durable loans at very affordable rates or interest and easy repayment options.

However, the consumer durable loan available with Paysense is one of the best in the market because of certain advantageous features.

Paysense is a web-based mobile application available in Playstore and can be downloaded easily for processing and availing any such loan.

The loans in the Paysense app are instant, which means that the entire process starting from the application, documentation, verification, approval of the loan, and the disbursal of the mount to the bank account of the applicant is carried out online and is completed on the same day.

The fund is instantly accessible to the applicant or on the following business day at the latest.

The documentation process is very flexible. One can hand over the documents to the courier service or upload all of them in the app.

Moreover, the loan application does not even require a lot of documentation except identity proof, address proof, a selfie, and the last 3 months' bank details.

Paysense has the option to calculate the EMI of the loan prior to application and then choose a flexible EMI plan that is convenient for him to pay off.

Paysense has a number of affordable EMI plans that can suit the budget and requirements of everyone.

The loan app also offers the option of getting subsequent personal loans in the future with minimal formalities. Since the details of the applicant are already available with the app, getting another loan is just a click away.

Individuals with zero or weak credit history can apply for loans and get approval in Paysense, which is not usually the case with other conventional lenders.

Getting a loan with a low credit score is almost impossible, but in Paysense, the applicant's credit history is not considered, and anyone can get approval.

Who is eligible to get a loan?

The eligibility criteria to get a loan is fairly simple.

The applicant has to be aged between 21 years to 60 years and be an Indian national.

Both salaried and self-employed individuals can get a loan and the monthly income in the case of a salaried individual has to be INR 12,000, whereas that in the case of self-employed individuals should be INR 15,000.

This brings us to the topic of personal loans for self-employed people.

Self-employed individuals can include any kind of people like doctors, entrepreneurs, lawyers or an architect.

The need for some urgent fund can arise at any point in time, and Paysense can help without any hassle.

For a self-employed individual, the purpose of a personal loan can very much be the same, like meeting some unexpected medical expenditure, taking care of the travel or wedding expenses for meeting some urgent financial need in his profession.

One can easily apply for a personal loan through Paysense following the same procedure as with the personal loan application for salaried individuals.

The steps are simple; one has to determine the loan amount, check his eligibility online, complete the application and documentation procedure; if approved, the money is credited to the bank account at the earliest.

Things to consider:

It is advisable that one thoroughly goes through the terms of the loan before applying for it.

Any default in the repayment can adversely impact the individual's credit history and block any future loans.

Moreover, it is always better to look for other finance options before opting for a loan. One can try to stick to a budget, increase their income or look for help from friends and family members.