Here’s Why You Should Get Your Washing Machine on EMI

by Vinaya HS on February 4, 2017

in Finance

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Are you looking to upgrade your old washing machine to an advanced one but are postponing it due to financial constraints? If yes, have you considered buying your new washing machine on loan?

If not, here are five reasons why you should purchase your washing machine using a durable loan.

1. Easy and affordable repayment

With a CD or consumer durable loan, you can repay the loan amount in Equated Monthly Installments (EMI). The EMI may be paid easily without the need for a credit card, thereby helping you avoid any financial difficulties. Furthermore, paying the EMI without a credit card is cheaper because most lenders charge 0% interest on CD loans.

2. Quick approvals

A consumer durable loan application requires minimal documentation. All you need to provide is your KYC documents This makes it simpler for you to apply for a consumer durable loan. Furthermore, the entire process from loan application to disbursement is completed in a short period.

3. No foreclosure penalty

Lenders offering CD loans do not levy any foreclosure penalty. This means you can easily prepay the loan amount if you receive a surge in income or a bonus or increment.

4. Flexibility

Purchasing a washing machine on EMI with a CD loan is flexible. You may choose any amount you require to purchase the appliance. CD loans are available for amounts between INR 8,000 and INR 5 lakh.

5. Online account accessibility

When you opt for a CD loan, you receive access to an online account, which may be used for various purposes. You may check the amount due on your loan, download interest certificate, or view the repayment schedule through this online account.

If you are aged between 21 and 65 years, you can apply for an instant consumer durable loan to purchase consumer durables like a washing machine. You can apply online through the lender’s website, within the comfort of your home. The online loan application only takes a few minutes and you receive an approval within a short period of time.




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