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Consumer Durable Loan

Consumer durable loan is a type of a personal loan that helps in easy purchase of personal gadgets, electronic products, and high-end home appliances. Whether relocating or upgrading your home and kitchen, it is a good idea to apply for consumer durable loans for the latest electronics and appliances making life easy every day.

The list of items that can be purchased is also vast with consumer durable loans online. You can get a loan starting from Rs.50,000 to 1,50,000 with zero down payment required. Air conditioner, refrigerator, mobile phone, professional camera, etc. can be easily purchased with minimal documentation.

So, why not upgrade your lifestyle with consumer durable loans online and achieve more year after year, without the burden of paying the price instantly. Also, borrowers can make the most of the festive offers and promotional offers attached to the consumer durable loans. There is no risk in applying for a consumer durable loan online as personal assets are not held for security reasons.

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Why Simply Cash for Consumer Durable Loan?

SimplyCash loan app qualifies as one of the modern-day flexible digital platforms that enable easy registration and loan disbursal process without any physical documentation. It is available on Google Play Store for free and compatible with Android phones. So, if you have any consumer durable loan requirement to buy the latest electronics, personal gadgets, etc. download the SimplyCash app now and begin with the loan application process, 100% secured to initiate.

When the trend changes, our personal gadgets, and home appliances need an upgrade. However, it is not always possible to replace the existing ones due to a lack of affordability. This is the prime reason why financial institutions introduced consumer durable loans online for easy availability of the latest consumer durable products to the masses.

Borrowers using the SimplyCash personal loan app can avail different types of personal loans starting from INR 15,000 to 1.5 lakhs. A consumer durable loan is also a personal loan that can be easily approved with zero down payment and affordable EMIs.

If you are worried about your monthly EMIs, you can use the EMI calculator available on the app to know the consumer durable loan instalment in advance. You can adjust the EMIs as per your budget. Try different variations of the principal loan amount, tenure, and interest rate to get accurate EMI results in seconds.

Interest Rate on Consumer Durable Loan

Consumer durable loan is available at a low-interest rate which is affordable to pay every month. The interest rate on consumer durable loans starts from 10% and may vary from one lender to another. Some financial institutions offer consumer durable loans at 0% interest, especially during festival seasons.


Apart from the interest rate, instant consumer durable loans online charge a low processing fee. There are no hidden charges involved besides nominal fees ranging between 1-3 % of the loan amount by most lenders.

Documents Required and Eligibility Criteria for Consumer Durable Loan

    Documents Required

  • The application process for consumer durable loan involves paperless documentation. This takes less time in loan processing and enables speedy approval in 24 hours. Basic documents for consumer durable loan includes:

  • 1

    Identity proof- Aadhar card/PAN card/Voter ID card/ Driving License

  • 2

    Residence Proof- Passport or Bank account statement

  • 3

    ECS(Electronic clearing services) mandate form duly signed and certified by your bank branch or eNACH completely online process

  • 4

    One Passport size photograph

  • If your Aadhar card is linked with your registered Mobile number, the above documents are not mandatory.

    Eligibility Criteria

  • Consumer durable loans are open for both salaried and self-employed individuals. The borrower should be eligible of:

  • 1

    Minimum age limit 21 years and maximum age 58 years

  • 2

    Minimum income Rs.15000 per month

  • 3

    Minimum work experience 1-2 years for salaried and business stability for self-employed, respectively.

Benefits of Consumer Durable Loan

Who doesn’t want to upgrade to the latest model of a branded phone or change the TV screen to a bigger and better one! These luxuries are a part of our lives and we want to own them at a good cost, don’t we? Consumer durable loan online is also a collateral-free facility similar to a personal loan. An instant consumer durable loan can be availed in minutes. So, it is a great idea to use it timely to gift your own people some high-end surprises. Consumer durable loan makes it possible to purchase the latest version of these technology products with the following advantages:


  • 100% of the product’s value

  • Instant disbursal

  • Minimal documentation

  • Flexible repayment options

  • No foreclosure charges

  • No security deposits


If you have a low credit score, then it is highly recommended that you fix it up before applying for a consumer durable loan. Further, do compare interest rates, processing fees, foreclosure charges, from different financial institutions using their instant loan apps. Evaluate these terms and conditions and select the lender who gives you the best deal

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Accepted Banks:

ICICI BANK LTD HDFC BANK LTD IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK KOTAK MAHINDRA BANK LTD

IDFC FIRST BANK LTD AXIS BANK BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK INDIAN BANK RBL BANK LTD DEUTSCHE BANK AG CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD CITI BANK BANDHAN BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK UCO BANK

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