Are you looking to buy the latest smartphone or other gadgets but don’t have the cash upfront? No worries! With the rise of fintech apps, getting a loan to purchase consumer durables on EMI has become quick and easy. In this article, we’ll discuss the top 5 consumer durable loan apps in India that allow you to buy your favourite electronic items on monthly instalments safely and conveniently.
Whether you need a small short-term loan or a bigger long-term loan, these apps have attractive offers to meet your financing needs. Read on to pick the best app for you!
Factors to Consider When Choosing a Consumer Durable Loan Apps
The main factors to keep in mind when choosing a consumer durable loan apps are:
- Interest Rates: Compare the interest rates offered by different apps and opt for the one with the lowest interest rate. This will ensure lower EMIs and greater savings.
- Processing Fees: Some apps charge a processing fee, while others don’t. To reduce upfront costs, consider a zero-processing-fee loan offer.
- Flexible Tenure: Choose an app that offers flexible loan tenure options between 6 months to 2 years. This allows you to customise EMIs as per your repayment capability.
- Minimum Documentation: An application can be chosen that demands minimal KYC documentation so that approval and disbursement are faster. Such financing can be accessed quickly.
- Customer Support: Check reviews and ratings, which helps make sure that the app assures a reliable mechanism for customer support via call, email, or chat. This will be important when assistance is needed later.
- Transparent Terms & Conditions: Read the terms & conditions properly so that you do not incur any hidden charges in the future or penalties. Just be crystal clear and be completely transparent.
Top Consumer Durable Loan Apps
Mentioned below are the main consumer durable loan apps:
1. IDFC First Mobile Banking App
The IDFC First Bank is among the top consumer durable loan app that makes banking highly convenient for customers. It’s designed to be simple and intuitive and offers various financial services at your fingertips. You can use it to check balances, transfer money, pay bills, and even take loans or invest—all with the same app.
Some handy features include:
- No fees for basic banking services
- Quick one-touch access to see your account balances
- Automatic tagging of expenses to help you track spending
- Personalised deals and offers just for you
2. Axis Mobile App
The Axis Mobile app makes banking extremely smooth and convenient for customers. It’s hugely popular for its reliability and wide range of services packed into one app. You can check balances, transfer money and view statements. But the app also allows you to:
- Schedule and pay your credit card bills on chosen dates
- Convert credit card spending into EMIs for easier repayment
- Temporarily deactivate debit/credit cards or set spending limits
- Block lost cards and replace them through the app
3. iMobile Pay by ICICI Bank
The iMobile Pay phone app by ICICI Bank is designed to make your banking really convenient. It lets you instantly pay bills, transfer money, track spending, and much more through your phone. This app enables you to:
- Pay your credit card dues or utility bills in a few taps
- Use UPI to send money instantly to anyone in your contacts
- Open fixed and recurring deposits to grow your savings
- Access your insurance policies and track them
The Bottom Line
Thanks to digital lending apps, getting a loan to buy consumer durables on EMI has become very convenient. When choosing an app, compare interest rates, fees, loan tenure options, documentation required, and customer support for the best deal. So go ahead and apply through a reliable app to purchase your favourite gadget without burning a hole in your pocket!
