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 loan processing fee and interest rate on loan which escalates the final price of the product substantially. Or else, look out for zero percent interest loans and you can make the repayment within a year.
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 loan processing fee and interest rate on loan which escalates the final price of the product substantially. Or else, look out for zero percent interest loans and you can make the repayment within a year. Source: CoolInterview.com
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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?