Want to add new furniture to your newly bought flat? Or thinking to get a new sleek television which has caught your fancy?The human desire for consumer durable products is never quenched. But sometimes we may run out of cash to fulfil these small requirements. If you are in similar situations, it is the time you should consider getting a consumer durable loan.
What is a consumer durable loan?
A consumer durable loan is a type of instant personal loan option that helps you buy domestic appliances, furniture, electronic goods and other consumer durables. A consumer durable loan can be used to purchase household durables like a television set, refrigerator, fitness equipment, music system,air conditioner, washing machine, and a lot more. A consumer durable loan enables you to divide the cost of big-ticket household items for a period of months or years.
Consumer durable loan interest rate
Interest for this type of loan is lower than personal loan interest rates and credit card interest. While consumer durable interest rates range from 0% to 20% per annum, multiple lenders offer 0% interest for products and services from selected brands. It is advisable to check and compare interest rates before getting the loan. Some lenders also charge a nominal processing fee between 1-3% of the loan amount.
Here are some of the best consumer durable loan companies:
HDFC consumer durable loan
With HDFC consumer durable loan, you can buy latest appliances and gadgets. HDFC Bank consumer durable loan can be availed for up to 36 months. You can purchase several household items such as music systems, mobile phones, AC,LED TV, washing machine, laptop, cameras, etc.
HDFC consumer durable loan features and benefits
No cost EMI:Borrowers don’t need to pay extra cost EMI on selected products from top manufacturers such as LG, Sony, Google and Samsung.
Flexible repayment tenure: HDFC consumer durable loan can be paidback in 3 months to 36 months.
No documentation: Get funds instantly without documentation.
No down payment:HDFC Bank offers 100% finance for the purchase of consumer durable products they want.
Flexible loan amount:Consumer durable loan is available in the range of Rs. 10,000 to Rs. 5 lakh (Rs. 15 lakh for lifestyle products).
Pre-approved loan:Existing customers of HDFC Bank can get a pre-approved loan. Send an SMS MYHDFC to 5676712 to check your eligibility.
HDFC consumer loan eligibility criteria
- Age: Salaried employee aged between 21 – 60 years, and self-employed individuals aged between 26 – 65 years.
- Minimum income: HDFC Bank salary account holders should be earning at least Rs. 15,000 per month; Rs. 18,000 for others; and ITR of Rs. 1.5 lakh for self-employed individuals.
- You need to have a good credit score to get a consumer durable loan
Bajaj Finserv consumer durable loan
Bajaj Finserv offers a consumer durable loan up to Rs. 4 lakh. You can get the loan to buy household items and pay it back in flexible tenures ranging from 3 months to 24 months.
Bajaj Finserv consumer durable loan features and benefits
- No interest: It is No Cost EMI loan, which means borrowers don’t have to pay any interest for the loan.
- No hidden charges: Bajaj Finsrv offers transparent consumer loans.
- Tenor: You can get the loan for a flexible tenure starting from 3 months up to 24 months.
- No foreclosure charges: There are no additional charges on the prepayment of the loan.
Bajaj Finserv consumer durable loan eligibility criteria for
- If you are between 21 and 60 years old with a regular source of income, you can shop on the Bajaj Finserv EMI network.
Tata Capital consumer durable loans
You can also get a consumer durable loan from Tata Capital for the purchase of several household products like smartphones, TV, AC, refrigerator, washing machine, microwaves, laptop and home theatre.
Features and benefits of Tata Capital consumer durable loans
0% interest: Tata Capital doesn’t charge any interest on a consumer durable loan and nominal processing fee.
Instant approval:You can get instant consumer durable loan from Rs. 10,000 to Rs. 5 lakh for a flexible loan tenure ranging from 6 to 24 months.
Minimal documentation:Only basic KYC documents are required to apply for the loan.
No foreclosure charges:No foreclosure charges are applicable on a Tata Capital consumer durable loan.
Tata Capital consumer loan eligibility criteria
Salaried employees
- Salaried employees whose age is between 21 years and 60 years can apply for the loan.
- You need to have a minimum of 2-year work experience.
Self-employed individuals
- Self-employed individuals aged between 21 years and 65 years can apply for the consumer durable loan.
Fullerton consumer durable loan
Fullerton India offers a consumer durable loan at favourable terms. You can get the loan to finance the purchase of domestic items like high-end mobile phones,refrigerators, washing machines, LED television, furniture and other durable products, at an affordable EMI.
Fullerton consumer durable loan features and benefits
- Flexible consumer durable loan amount from Rs. 11,000 to Rs. 30,000.
- With Fullerton loan, you can purchase the branded items in the market.
Fullerton consumer durable loan eligibility criteria
- Existing or new Fullerton India customers can get a consumer durable loan.
Capital First consumer durable loan
IDFC Capital First offers consumer durable loans to help you buy desirable household items such asa brand new microwave, refrigerator, LED TV, music system and a lot more. You need to make a minimum down payment for the products to get the loan.
Capital First consumer durable loan features and benefits
- Easy to apply: Get a consumer durable loan from Rs. 5,000 up to Rs. 5 lakh without any security deposit.
- No interest rates: No interest is applicable for a consumer durable loan by IDFC First Bank.
- Long term loan: Capital First Consumer loan is available for a long tenure up to 36 months.
- No foreclosure charges: You can foreclose the loan at any point of time without fearing about prepayment charges.
Capital First consumer loan eligibility criteria
- Individuals who are aged between 21 years and 68 years and existing customers of IDFC Capital First can get this loan.
- New customers can also get a consumer loan from Capital First.
You can also get a consumer durable loan from many other lenders. Consumer loan is a type of instant personal loan. However, interest rate is much lower than a personal loan interest rate, even no-cost EMIs are also available.However, you should check and compare interest rates, processing fees, etc. and apply with the one that offers you the best deal.
