Is It Good To Get Consumer Durable Loans To Buy Electronics On EMI?

Since 2020 has been a challenging year, several households have been suffering from a cash crunch. This has led to many of them looking for alternatives that help them purchase consumer durables such as home appliances and electronics. Computers, laptops, and smartphone sales are at an all-time high due to the precedent of work from home and online classes being implemented across the entire nation. With multiple people in the same house needing to use a screen device for education and work, it is not possible to make do with just one such device.

However, with the recession in the markets and earnings at an all-time low, how can people afford to invest paying upfront for such purchases?


There is a viable solution for people with low income to be able to purchase consumer durables today and pay for them in installments later. Just like a marriage loan, you can apply for a consumer loan that facilitates the purchase of such electronics and gadgets without worrying about even a single installment.


Consumer durable loans are one of the best online loans for bad credit scores as well, thereby allowing the facility of borrowing for such expensive purchases. People also choose to pay their electronics EMIs using a consumer loan, but is it a good idea?

Let us take a look at it in today’s blog.


What is a Consumer Durable Loan?


A consumer durable loan is a credit or financing alternative for those wanting to purchase household appliances, electronic goods, and gadgets. This can be sanctioned once your application has been checked and verified thoroughly, upon which you can pay for your consumer durable purchases using the amount in the loan given. To payback, you can simply return the borrowings over a predetermined period of time in  EMIs. A consumer durable loan can come without any interest added and is known as a zero-interest loan. This, combined with the Zero EMI payments for your gadgets will ensure that you don’t pay over and above the total amount of the appliance or gadget.


Is it a Good Idea To Use Consumer Loans To Pay EMIs?


If you are going to make a purchase of an electronic gadget that you may not be able to afford, opting for a Zero interest EMI scheme is your best bet since it requires no down payment or complications. However, if you realize that there are months where paying your EMI is a problem, a durable loan can be your savior. Our advice to you would be to take stock of your budget, earnings, and savings before choosing a good consumer durable loan provider to make the maximum benefit out of the situation without falling back on your payments.


While an EMI option to buy electronics is convenient, things happen where you may not be able to keep up your EMI payments, where a consumer durable loan can help you best! Choose your lender wisely and read the fine print well before signing up for it.

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