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Consumer Durable Loan Interview Questions & Answers - Learning Mode
COOLINTERVIEW.COM LOAN INTERVIEW QUESTIONS CONSUMER DURABLE LOAN INTERVIEW QUESTIONS QUESTIONS & ANSWERS - LEARNING MODE

Consumer Durable Loan Interview Questions & Answers - Learning Mode

Consumer Durable Loan is a finance option for purchase of household items like Washing Machines, Refrigerators, AC, Color TV, LCD, Microwaves etc. Consumer Durable loan is an installment loan to Individual for a specified sum of money towards the purchase of a consumer durable products.

Try Consumer Durable Loan Interview Questions & Answers - Exam Mode

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Consumer Durable Loan Interview Questions & Answers - Learning Mode
Try Consumer Durable Loan Interview Questions & Answers - Exam Mode
Question: If I take a Consumer Durable Loan will it showcase in my CIBIL report?

Answer: It all depends on the agency through which you take the consumer durable loan. Usually all banks and NBFCs share their data with cibil so ideally yes your consumer durable loan will be listed in your cibil loan history. This also means that any defaults on the loan will impact your cibil score negatively. Source: CoolInterview.com
Question: Do I need to show my ITR for a Consumer Durable Loan?

Answer: When you opt for a consumer durable loan you can either get the loan from a bank or a NBFC. Usually the lender does a background check depending on your income for the loan approval. Since consumer durable loans are not very high risk, you are usually not required to submit your ITR details. Source: CoolInterview.com
Question: I got Consumer Durable loans and I have repaid (pre closed) it and I have also repaid my Credit cards as well. I wanted to know how much time it takes to get it updated in CIBIL and will foreclosing of my Consumer durable loans and credit cards increase my CIBIL score by how much? How much time it takes to get updated and how can i check it?

Answer: Pre closure of loans will get updated in CIBIL, but unlikely to improve your credit score considerably. Credit score is usually comes higher when you promptly pay a loan for a long term. However, you have other benefits like interest saving, when pre-closing a loan.

The updation of pre-closing on CIBIL depends upon your bank. If the bank passes the information to the credit agency soon, it will get updated fast. However, you need not often check your CIBIL score. It can be pulled out once Source: CoolInterview.com
Question: I am looking to buy an iphone but short of money. Is it a good idea to buy a Smartphone using a consumer loan?

Answer: Many banks as well as non banking financial companies have started offering various consumer durable loans for customers. You will need to check with your bank or NBFC offering a consumer durable loan for a Smartphone. Loans are available for limited products of selected manufacturers so please check with your NBFC if the offer is available on your desired phone model and make. However the better way is to wait till you have enough money to purchase the goods as consumer durable loans attract lo Source: CoolInterview.com

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