A Consumer Durable Loan is a finance option for buying household items such as TV, Washing Machine, Refrigerator, Microwave etc. All these are household items and absolutely necessary for everyday use. Whether you are setting up a new home or replacing certain outdated equipment as a part of home renovation you require a lot of money. You can either arrange money by yourself or you can opt for consumer or consumer durable loan. Consumer Durable loan also provides options for easy EMI. In this post, we will try to understand the concept of Consumer Durable Loan in detail.
What is Consumer Durable Loan?
As the name suggests, a consumer durable loan is a loan offered for buying a consumer durable. It covers a wide range of products starting from basic items to luxurious items. A Consumer Durable Loan is generally offered online with an easy EMI option and pre-decided interest rates. A consumer durable loan is also known as consumer loan or type of personal loan. A consumer loan is available in both secured and non-secured variants.
There are many banks and financial organizations that offer consumer loan to the customer. The detail about 5 Popular Consumer Loans in India is given below. This list is finalized by considering the offline and online popularity of loan.
5 Popular Consumer Loans in India
Tata Capital Financial Services Limited
Tata Capital Financial services limited is a well-known finance company providing various financial solutions. This company also provides consumer durable loan for buying household goods or items. The company has a large network of branches across the country and it also offers online loan facility.
Bajaj Finserv Consumer Loan
Bajaj Finserv is leader in providing personal and consumer durable loan. It provides loan for almost every household items. Bajaj Finserv has tie up with most of the stores online as well as offline. Quick loan approval and low processing charge are plus points about Bajaj Finserv. One can visit website or download mobile app to apply for loan.
ICICI Bank Consumer Durable Loan
ICICI bank is also offering loan facility to buy durable goods on EMI under personal loan. The bank is offering finance facility for purchasing household items. One can contact ICICI bank representatives to know more about the facility.
HDFC Bank Consumer Durable Loan
HDFC bank offers loan for buying electronic goods or durable goods. Easy EMI is popular loan option provided by HDFC bank. No documentation, No processing and No down payment are few some unique features of HDFC Bank Consumer Durable Loan. The concept of HDFC consumer loan is buy now and pay later with easy EMIs.
Capital First is also famous for providing consumer loans. Instant online approval in 2 minutes and maximum tenure of 36 months are added advantage of Capital First. You can avail this loan with 0% interest rate and minimum documentation.
Consumer Loan – How to Apply?
The basic eligibility criteria is that you must be between 21-60 years to apply for this type of loan. Most banks and lending institutions require you to submit the following basic documentation. These documentations are often in the form of an online application form.
- ID proof
- Income proof
- Residence proof
You need to fill up an application form and attach require proof to apply for the consumer loan.
Over to you –
Consumer durable finance can be beneficial for those who want to maintain a healthy lifestyle but facing shortage of funds. One can avail this facility to acquire something that is urgently needed. Remember following important points while taking consumer durable loan.
- Check if financing option is actually interest free or not.
- Check for maximum and minimum number of instalments.
- Know about down payment and processing fees.
- Check about services offered by bank or finance company before taking loan.
- Check for associated hidden costs.
Have you taken Consumer durable loan? Do share your experience in the comment section given below.