{"id":7456,"date":"2020-02-20T04:59:35","date_gmt":"2020-02-20T04:59:35","guid":{"rendered":"\/blog\/?p=7456"},"modified":"2022-02-02T06:56:42","modified_gmt":"2022-02-02T06:56:42","slug":"what-is-the-impact-of-cibil-score-on-consumer-durable-loan","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/capital-goods-loan\/what-is-the-impact-of-cibil-score-on-consumer-durable-loan\/","title":{"rendered":"What is the Impact of CIBIL Score on Consumer Durable Loan?"},"content":{"rendered":"\n

<\/p>\n\n\n\n

Work and family are important aspects of life but if you are slogging away at hours on end to provide for your family and never treating yourself to things you love like top phones and best phones 2019, it\u2019s time to upgrade your lifestyle. That\u2019s when a consumer durable loan comes to the rescue. Although several people take loans to meet their financial requirements, a consumer durable loan is aimed at providing people with better living standards and a better quality of life. <\/p>\n\n\n\n

Whether you\u2019re tech junkie always looking at smartphone tips and dreaming of buying best phones and top phones 2019 through mobile loans or simply wish to embrace easy living by substituting manual chores of cleaning clothes with washing machines, a consumer durable loan helps people improve their standard of living. But just as any loan, a consumer durable loan requires certain criteria for approval.<\/p>\n\n\n\n

So, let\u2019s take a look at the factors that truly affect the approval and disbursal of consumer durable loans. <\/strong><\/p>\n\n\n\n

Eligibility and Documentation<\/strong><\/p>\n\n\n\n

Although the loan application process is notorious for being tedious, consumer durable loans are relatively easy to avail. All you require is be in the 21-60 age group, proof of identity, residence proof and income proof. Salaried individuals simply require to show salary slips for the past 3 to 6 months as income proof. Self-employed professionals, however, need income tax returns of the previous year as well as a balance sheet and banks statements of the past few months to prove that their income can support their purchase. Although the documentation process is pretty simple, a huge factor that can decide whether or not you qualify for the loan is the credit score which is also known as CIBIL score<\/a>.<\/p>\n\n\n\n

Importance of CIBIL Score<\/strong><\/p>\n\n\n\n

A CIBIL score is a 3-digit number that ranges between 300 and 900\nwhich is calculated on the basis of the applicant\u2019s financial history. It is\nused to determine the loan seeker\u2019s credibility and their loan repaying\ncapabilities. A good CIBIL score can range anywhere between 750 and 900 and\ngives the lenders assurance of the applicant\u2019s creditworthiness. The higher the\nscore, the easier the approval for high-end products. Since a CIBIL score takes\ninto account the loan seeker\u2019s financial history, a poor or low score denotes that\nthey have not been a responsible borrower or may have defaulted in the past. <\/p>\n\n\n\n

A high CIBIL score helps loan applicants avail pre-approved loans\nalong with cheaper interest rates. They may also get a higher loan amount with\nlong tenure for easy repayment. They even have the added benefit of negotiating\nwith the lending institutions, getting quicker approval as well as availing\ndiscounts on additional charges such as loan processing fees and so on. So, it\nis always recommended to be a good borrower, maintain your credit report and\npossess a good CIBIL score to avoid getting denied for loans.<\/p>\n\n\n\n

Looking to avail unsecured consumer durable loans<\/a> with quick disbursal? Get in Touch with Capital to avail our customised consumer durable loans. Whether you wish to purchase the best smartphone or high-end plasma TV, we offer tailored loans with high eligibility, affordable interest rates and flexible EMI mobile to help you live the life you deserve. <\/p>\n\n\n\n

Know More<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Work and family are important aspects of life but if you are slogging away at hours on end to provide for your family and never treating yourself to things you love like top phones and best phones 2019. <\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":7457,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[32],"tags":[],"class_list":["post-7456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-goods-loan"],"yoast_head":"\nCIBIL Score for Consumer Durable Loans - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Your CIBIL score or credit rating affects your loan eligibility and loan approval chance. 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