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Facts To Know Before Applying For Durable Finance

By Author: Arwind Sharma
Total Articles: 13

Durable finance is slowly yet steadily gaining popularity among consumers. We are living in a time when home decoration items and certain durable products have become essential and compulsory to use. After all, how can you imagine your life without having a smart TV at home? Or let’s say you have a stylish apartment that does not have a comfortable seating arrangement. Wouldn’t you find the best possible deals to buy comfortable chairs, sofa, couches etc? Durables are usually worth spending since they practically “live” with you for a long span of time. Apart from the occasional maintenance, you do not actually need to buy them again and again. It is for this factor that they are known as “durables”. Also, every durable comes with a warranty period. So, it becomes easy to maintain these products in a cost effective manner till the warrantee period lasts. If you have bought a good quality durable with a trusted manufacturing company, it is likely to last for a good amount of years. Consumer durables play an instrumental role in making your life comfortable and worth living on a materialistic level.
Therefore, it is important that you do your own research and gain proper knowledge before making such an important purchase. Taking durable finance from a company which is not offering a scheme with good features or offering a durable finance program with too many loop holes is sabotaging. So, consider the following tips before taking durable finance.
• Make sure the financial company which is providing you durable finance is well established and trusted. If there is any doubt over the credibility of the lender, do not approach it with your consumer loan request.
• Inquire about the interest rates which determine the monthly EMI. Repaying your consumer durable loan is a smart option to have your cake and eat it too. However, some companies set unreasonable interest rates which make repayment heavy. So, do your research in advance rather than regretting your purchase later.
• If you are going to buy a durable on finance, carry a copy of your driving license, pan card etc. This will avoid the chaos at the store outlet while payment. Apart from these documents, no other documents are required.
• The time period which has been given to you is fixed. You do not get any extended tenure, therefore make sure you repay the entire loan amount before the tenure ends.
• Many durable finance schemes involve closing fee. Therefore, find out if your lender also provides loans which entail closing fee. Also, inquire if there is any processing fee involved in the loan procedure. Sudden hidden costs can dampen the excitement of buying a durable of your choice.
• Certain factors like your credit history, existing debts, income level and DTI (Debt To Income) ratio is taken into account before the lender grants your loan request. Therefore, make sure you have all these factors sorted out, in order to avoid getting your application rejected.

Get many consumer durable products such as laptops, desktop and mobile on emi with Bajaj Finerv. Visit website for complete list of products

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