What is Consumer Durable Loan and List of Banks Offering Consumer Loan
3 November 2022
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
Up to Rs.15 Lakh
0% to 24% p.a.
Up to 36 months
0% to 4% of the loan amount
Please note that the table is for educational purposes only. Navi doesn’t take responsibility for any of the data shown in the table.
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?
After checking your eligibility, follow these easy steps to apply for a consumer durable loan:
Step 1: Go to the website or app of your preferred financial institution and click the Apply Now button.
Step 2: Provide your mobile number to complete the OTP verification.
Step 3: Fill up your personal and professional details.
Step 4: Upload the necessary documents as asked.
Step 5: After approving your consumer loan application, the bank’s representative will personally contact you for further verification.
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
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.
Minimum Rate of Interest
15.65% (on selected products)
0% (on most products)
0% (on selected products)
What Can You Finance Through Consumer Durable Loans?
Here is a list of products that you can finance through a consumer loan –
Refrigerators – all types of refrigerators whether they are single door, double door or four doors
Computers – this includes desktops, laptops as well as notebooks
Washing machines – all types of washing machines whether you want semi-automatic, fully-automatic, top load or front load
Air Conditioners – they can be air coolers, window ACs, split ACs or even portable ACs
Phones and tablets – you can buy mobile phones, both Smartphones and feature phones, as well as tablets like iPads
Microwave – this includes OTGs, convection microwave as well as combination ones
Television – all types of TVs like Smart TVs, normal TVs, LCDs, flat-screen TVs
Home theatre system – which includes speakers, DVD players, etc.
Vacuum cleaners, etc.
Frequently Asked Questions
1. Do consumer durable loans finance 100% of the cost of the appliance?
Ans: Yes, consumer durable loans availed through Navi give you funds for 100% of the cost of the appliance that you want to buy.
2. How do I upload my photo on the app when applying for a consumer durable loan?
Ans: You just have to click a selfie and the requirement of your photograph would be met to complete the consumer loan application.
3. What is the difference between a personal loan and a consumer durable loan?
Ans: Consumer durable loan is a type of personal loan. It is used to purchase home appliances and decor items. The loan amount can vary from thousands to lakhs with the rate of interest as decided by the lender and a tenure range of a few months to up to 5 years.
Before you go…
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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