Many of us are now opting for an Air Conditioner. In Kolkata, the heat has become unbearable and there is no sign of monsoon till now. So even middle class families are also giving a serious thought to purchasing an AC. No, I am not writing a review on any AC machine. We all know many of the electronics or electric products(some of them can be considered for luxury, but many of them have become necessary now a days like a TV set, Refrigerator etc.) are widely available in various stores but too few of them are within our reach. A good product from a reputed company comes with higher price obviously. For middle class or lower middle class people, it is not always possible to make an outright purchase. And then come these EMI schemes for our rescue. Yes, Consumer Durable Loans are very popular now as they are much much easier to avail than a Personal Loan, Business Loan, Home Loans etc.
In last 7-8 years, I have purchased a Sony Hi-FI Music System, an LG Air Conditioner, A Sony Bravia 22" LCD and 2 mobile fones with Bajaj FInance Consumer Durable Loans. In fact, the Samsung Galaxy Grand 2 which I am currently using was also bought with their easy EMI schemes in October, 2014.
Bajaj Finance has been providing Consumer Durable Loans for many years. Many other Banks also provide such loans but I trust Bajaj Finance as I am their old customer and thankfully till now never faced any issue. I will discuss here mainly the PROS because I did not find or did not confront any serious problems concerning their product.
1) The best part is currently they are providing consumer loans for purchasing any mobiles. They have mainly 2 schemes in Kolkata region as far my knowledge goes - a) 3 installments as Down payment and 7 installments for EMI and b) 4 installments as Down Payment and 8 for EMI. The later scheme is rare and not that much implemented.
2) Another good thing is many of their consumer loans offer Interest Free Installment schemes on many products in most of the popular electronic shops in our region(like Capital Electronics, Khosla Electronics, Sales Emporium, Great Eastern etc).
3) Documentation is minimal. Mainly an Income Proof, Address Proof, Identity Proof and Bank Details(the account from which the EMI will be deducted).
4) Now a days, probably Bajaj Finance only encourages for ECS(Electronic Clearance Scheme/Service). U may just have to give a cancelled cheque. So, the tiresome job of signing on Post Dated cheques(PDCs) is not there.
5) One fantastic offer from their end is the EMI Card. I have got one with approx. Rs. 50, 000/- limit. This is not any Credit or Debit Card. If u are an existing customer, u can apply for this card in Bajaj FInance’s Portal. This card has some limits upto which u can purchase a product availing the EMI scheme. The good thing is, it substantially reduces the hassle of availing the scheme. This card creates your separate and exclusive entity in their database with prior documentation. So. opting for loans becomes much easier if u have the card. Every big Electronics shops now has at least one executive from Bajaj FInance. With the help of him/them, u can avail the consumer loan with minimal or zero documentation by showing this card to them. Please take a note that this card is not for Swipe and Buy. It does almost the same job but the process works differently.
6) They have a Reminder system through SMS about the coming ECS date. This is a good system as it is certainly possible that your account is not sufficiently funded on the ECS date. The sms comes 3-4 days before the deduction date so u can have some time to deposit some money, if it is not already there.
7) If u are going to avail a consumer loan, I would recommend you to register on their site of Bajaj Finserv Lending just after availing the loan. U can see all the loan details(personal, consumer or business etc.) with payment schedules along with some customised offers.
CONS:
For my latest consumer loan of the mobile fone(as I mentioned earlier), they are deducting from my Salary Account but the ECS date is 2nd of every month. I requested them to set the date on 7th or 8th but they dont have any flexibility to change.
In reality, any consumer loan is much more safe than any personal loan, home loan etc. This is also an Unsecured Loan but it is not at all like personal loan. Consumer loans are life saver for many of us and Bajaj Finance is doing a good job in this sector.