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Questions (FAQs) on
What is Consumer Finance ?
Consumer Finance refers to getting a short term loan by the consumer of a product for buying the particular product or service. There was a time when people used to earn, then save and then spend. Now people spend, then earn and remaining amount only they save. The willingness to spend first without having the money in hands has given birth to consumer finance or consumer credit.
Imagine you have to buy a Home Theatre or high cost mobile phone or I-pad or diamond jewelry. You can get a consumer credit or consumer loan for buying the asset.
What products qualify for a consumer loan?
Almost all luxury consumer products , irrespective of the price qualify for consumer loan or consumer finance. Consumer Durables such as cars, 2 Wheelers, Scooters, LED TVs, Microwave , Refrigerators, Air Purifiers,Washing Machines, Home Appliances, Mobile phones, Computers, Chimney, Air Conditioners, Split Air Conditioners, Food Processors, Tablets, Smartphones and hundreds of any such similar products are widely covered under Consumer Finance. If you are looking for a consumer loan for any of these items or similar items, right at the shop or outlet where you are buying the product, you can enquire about the consumer finance schemes. These days most of the outlets and multi brand shops have their arrangements with multiple consumer loan companies who facilitate your consumer finance instantly. While availing a consumer credit, you have to just pay a small amount known as Down payment and the rest of the payment gets converted into Short term EMIs, typically less than or around a year or two.
Which companies offer consumer finance in India ?
There are many big & small players in the consumer durables financing in India but some of the consumer finance companies which have national presence, larger no of stores tie ups and are well known brands are :
ICICI Bank Consumer Durable Loans | HDFC Bank Consumer Durable Loan | Bajaj Finserv Consumer Finance | Tata Capital Consumer Finance | Citi Finance | Citifinancial Consumer Finance | Capital First Consumer Finance
There are many more as well. Each of these has different terms & conditions, processing systems, interest rates etc. You must have a close look at their offers and compare before picking any consumer finance company for your consumer loan. If you find it difficult, Consumer Finance Advisors make it easy for you. You can contact the consumer loan advisors for free, take their advice, ask for lowest quotes and then proceed with your consumer durable financing. The financial advisors of consumer finance also help you doing the paperwork and expedite the process.