Consumer durable loans are lines of credit that can be used to buy electronics and household equipment including air conditioners, computers, refrigerators, smartphones, cameras, home theatre systems, modular kitchen appliances, etc. With flexible payback terms, any person can get this loan from financial institutions. The financial institutions' eligibility requirements must be met, nevertheless. Examining its attributes and advantages now.
Types of Consumer Durable Loan
These loans for consumer durables are broken down by kind below.
These loans are provided at either a fixed or variable interest rate, depending on the lender and market conditions. A weekly, biweekly, monthly, or quarterly payment schedule is available for this mortgage. It can also be acquired with no down payment and without any collateral.
A credit card
Customers regularly use credit cards to make purchases, which is another type of consumer durable loan. Prior permission is included with the card, enabling users to purchase goods without worrying about their finances.
Feature of Consumer Durable Loan
Finance for consumer goods has numerous features.
Versatile Repayment Tenure
You can pay back the loan balance over a flexible 36-month period at your convenience thanks to the loan's flexible repayment period.
The sum borrowed
Minimum and maximum loan amounts are 10,000 and 15 lakh rupees, respectively. You can buy pricey items with this loan without worrying about your money.
The absence of interest
This loan has a 0% interest rate from the majority of lending institutions. However, depending on the products you buy and the lending institution, the interest rate for consumer durable loans fluctuates.
EMI with no fees
Most of these loans have a no-cost EMI policy, so you won't incur interest while making payments on your EMIs.
Simple to Document
The paperwork process is easy and hassle-free. Additionally, you can get help from customer support agents at any time during the procedure.
Eligibility Criteria of Consumer Durable Loan
The requirements you must meet in order to be eligible for a loan are listed below.
You should fall within the age range of 21 and 65.
It must be at least Rs. 15,000 per month for you.
Your present employer should require that you have a year of work experience.
It should be higher than 700 for you.
Documents Required for Consumer Durable Loan
The list of paperwork you need when applying for a loan is provided below.
Identity Proof (driver's licence, passport, voter ID card, Aadhaar card)
Aadhaar cards, voter identification cards, passports, licences, and utility bills serve as proof of address.
A PAN Card
Form 16 (Person on Salary)
Self-employed Individual Tax Return
How to apply for Consumer Durable Loan
There are several lenders on the market offering various sums at competitive interest rates. To receive a speedy disbursal and a flawless experience, though.
Applying for a loan for consumer durables involves the processes listed below.
Check out the official website or app of the financial institution.
Select "Personal Loan" from the list of options under "Loans" in the menu.
To access the page, fill out your information.
You'll see a variety of loan offers once you check in. Depending on your needs, choose the appropriate solution.
The auxiliary documents should be uploaded.
Verification will take place after that.
A few hours later, your money will be deposited into your account.