Consumer Durable Loan

A Consumer Durable Loan is a type of personal loan that helps you finance the purchase of electronic gadgets and household appliances such as smartphones, televisions, PlayStations, laptops, cameras, washing machines, modular kitchens, and more. These loans typically cover amounts ranging from Rs. 5,000 to Rs. 25 lakh (even more in some cases), making them ideal for both small and big-ticket purchases. The repayment tenure can be as short as a few months or extend up to 6 years or even more, depending on the lender’s terms and your repayment capacity. It’s a smart way to afford high-value items without putting pressure on your pocket.

Interest rates for consumer durable loans usually start from 10% p.a. and can go up to 25–30% p.a., depending on various factors including the cost of the product (loan amount) and various aspects of your credit profile such as your credit score, income, employment type, etc.

Here are some key features of a consumer durable loan:

If you're a pre-approved customer, you might not need to submit anything. Others will typically need to furnish these documents:

• PAN Card
• Aadhaar Card
• Proof of Identity
• Proof of Address
• Proof of Income

Here are the key benefits of availing Consumer Durable Loans, listed in simple pointers:

If you’re planning a big-ticket purchase and want to keep your budget intact with low or no-cost EMIs, a Consumer Durable Loan might be the smarter choice. But if you need flexibility, rewards and instant processing, using a credit card might be more convenient. Do a detailed cost-benefit analysis before making the choice. Consider all costs involved in availing the consumer durable loan before making the final decision.