Do you dream of buying the latest smartphone but are falling short of cash? These phones are no longer a luxury but a necessity. The high-tech features make it easier for you to complete various tasks without any inconvenience.
Not having enough money to buy the latest phone is no longer an issue. Financial institutions offer loans to help you buy the latest gadgets. Here are five features of such types of loans.
1. Higher Loan Amount :
A consumer durable loan (CDL) is available for an amount of up to INR 5 lakh. You may easily buy the latest phone using this facility. The borrowed amount is repaid in equated monthly installments (EMIs) over the loan duration.
2. No Credit Card Requirement :
If you want to buy a phone on EMI without a credit card, this loan is the best option. You do not have to block your credit card limit to buy the latest handset. Furthermore, you save money because the charges levied on credit cards are significantly higher than those applicable to such loans.
3. Simple Documentation :
The entire procedure to avail of a CDL is quick and hassle-free. You need to submit some basic know-your-customer (KYC) documents, residential and identity proof. You may receive an instant approval. Furthermore, you may get an instant loan online through the lenders’ websites.
4. Affordable Interest Rate :
A common misconception you may have while considering this option is the high rate of interest you may have to pay. However, the financial institutions levy an affordable interest rate, which ensures you have no trouble while repaying the borrowed amount.
5. Flexible Repayment Schedule :
You may choose a repayment tenure of up to two years to pay the loan amount based on your financial situation. The flexible loan tenure ensures you have no liquidity crises while servicing the same.
You may consider buying the latest phone using your credit card. However, availing of a CDL has certain advantages over a credit card. Here are two such benefits.
#1. Interest rate :
The interest rate levied on a credit card is higher than the applicable rate when you opt for a CDL. Your costs may increase if you only pay the minimum balance on your credit card bill. Therefore, it is advisable to avail of a CDL and buy a mobile on EMI to save a significant amount over the longer period.
#2. Credit limit :
Every card comes with a pre-specified credit limit. If you use your card to buy the latest smartphone, you will reduce this limit by the purchase price. This limitation is not applicable when you apply for a CDL.
A smartphone helps you stay connected at all times. Furthermore, it simplifies your work and ensures your tasks are completed without much trouble. Funding the purchase of the latest phone with a loan is recommended. You may apply for a loan online or visit the nearest branch for a quick and hassle-free procedure.
Get a CDL today and own a high-end smartphone today!