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With the mercury rising steadily in summer, it is natural to long for some air conditioned comfort at home. It is simple to apply online for a loan for an air conditioner online, without leaving your home in the summer heat. A consumer durable loan covers the purchase of household products including air conditioners. Many banks and NBFCs (Non-Banking Financial Companies) allow you to apply for a consumer durable loan online on their website for buying an air conditioner.
What is the process for applying for an ‘air conditioner loan’ online?
If you have already researched the various consumer durable loan offers and decided on a specific bank/NBFC, then log onto that lender’s website. Click on the Consumer Durable Loan tab. Some lenders have a 3 step process for applying online for a loan.
1. Check your eligibility by entering your personal details, including your monthly income 2. Enter the amount required and loan period (tenure). Naturally, the amount, tenure and interest rate differs according to each lender. The loan amount could cover the cost of your air conditioning unit and is dependent on your income. The tenure could range from 8 months to 24 months. 3. Submit your application with the required documentation. The documentation required is fairly simple and could include ID proof, residence proof, income proof, PAN card and a photograph. Again, the documentation varies depending on the value of the loan amount.
In general, you need to be between 21-60 years to apply for this type of loan. The interest rates on a consumer durable loan could range between 15-22% depending on whether you are a salaried employee or self–employed. Some lenders offer interest-free loans where the interest component is subvented and passed on to the finance company directly by the manufacturer or retailer.