What is Consumer Durable Loan and List of Banks Offering Consumer Loan

Consumer durables like refrigerators, microwaves, washing machines, etc. have become necessities in today’s age. However, buying one or more durables for your home incurs a considerable amount of money. If you don’t have sufficient savings at your disposal, you can apply for a consumer durable loan.

This post discusses the uses, benefits, eligibility, documents and steps to apply for a consumer durable loan easily. Read on!

Consumer Durable Loan Details

What is a Consumer Durable Loan?

A consumer durable loan is a type of personal loan or line of credit that banks offer to customers to buy consumer goods like phones, cameras, refrigerators, laptops, and home theatre systems, among other things.

Consumer durable loans usually have a shorter repayment tenure – 24 to 36 months. Though most lenders provide 100% financing of consumer durables, the interest rate and the loan amount could vary depending on certain factors, like your credit score, monthly income, etc. 

Generally, the interest rates vary from lender to lender and depend on various parameters including credit score, monthly income and the likes.

Features and Benefits of a Consumer Durable Loan

Here are some of the features of a consumer durable loan:

• Up to 100% financing of your preferred consumer durables
• Flexible EMI options up to 36 months or more
• No collateral or guarantor required
• Minimal documents required
• Less stringent eligibility criteria

But if you want superquick access to cash, check Navi Cash Loan. You can get instant loans up to Rs.20 lakh in a matter of minutes with Navi. No paperwork required, no documents asked other than your PAN card. Download the Navi app and shop away!

How to Apply for a Consumer Durable Loan?

Also Read

Buy Now Pay Later (BNPL) in India: How It Works, Benefits And Eligibility

What is a Salary Advance Loan – Eligibility and How to Apply

Documents Required for Consumer Durable Loan

The following documents would be needed to apply for the loan –

• Identity Proof – PAN, Aadhaar, driving license, passport, etc.
• Income Proof – Salary slip and form 16.
• Age Proof – Birth certificate or any other equivalent document.
• Address proof – Utility bills.
• Recent coloured photographs
• Bank statement

Eligibility Criteria

To avail of a consumer durable loan, you need to be:

• 18 years or above
• Indian citizen or resident
• Aadhaar and PAN cardholder
• Salaried or Self-employed
• Minimum income of Rs.15,000/month

List of Banks and NBFCs that Offer Consumer Durable Loan

Here are some of the leading banks that offer consumer durable loans and their starting interest rates.

What Can You Finance Through Consumer Durable Loans?

Here is a list of products that you can finance through a consumer loan –

1. Refrigerators – all types of refrigerators whether they are single door, double door or four doors
2. Computers – this includes desktops, laptops as well as notebooks
3. Washing machines – all types of washing machines whether you want semi-automatic, fully-automatic, top load or front load
4. Air Conditioners – they can be air coolers, window ACs, split ACs or even portable ACs
5. Phones and tablets – you can buy mobile phones, both Smartphones and feature phones, as well as tablets like iPads
6. Microwave – this includes OTGs, convection microwave as well as combination ones
7. Television – all types of TVs like Smart TVs, normal TVs, LCDs, flat-screen TVs
8. Home theatre system – which includes speakers, DVD players, etc.
9. Vacuum cleaners, etc.

Frequently Asked Questions