Results for tag: "Consumer Durable Loan"

In the context of banking, the consumer durable loan market pertains to the financing services provided by financial institutions for the purchase of durable goods. Durable goods, in this case, are items with a long lifespan, typically three years or more, such as household appliances, electronic gadgets, and furniture. Banks and non-bank financial companies (NBFCs) offer loans to individuals enabling them to buy these high-value items and pay for them over an extended period of time. These loans are usually unsecured and are characterized by relatively small loan amounts, short to medium-term tenure, and, often, flexible repayment options. Lenders may partner with manufacturers and retailers to provide on-the-spot financing options to consumers, thereby streamlining the purchase process. Consumer durable loans are designed to cater to the rising aspirations of a growing middle-class population and to make luxury items more accessible to a broader demographic. Notable companies operating in the consumer durable loan market include major banking institutions with personal loan divisions such as Wells Fargo, Citibank, and Bank of America. Additionally, specialized NBFCs like Bajaj Finserv and Tata Capital also offer consumer durable loans, often with promotional offers and tie-ups with electronics and appliance manufacturers or retailers. Show Less Read more