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 latest electronics and appliances making life easy every day.

The list of items that can be purchased is also vast with consumer durable loan. 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.

Download App

Why Simply Cash for Consumer Durable Loan?

Simply Cash 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 loan requirement to buy latest electronics, personal gadgets, etc. download the Simply Cash app now and begin with the loan application process, 100% secured to initiate.

Borrowers using the Simply Cash personal loan app can avail different types of personal loans starting from INR 15,000 to 1.5 lakhs.

If you are worried about your monthly EMIs, you can use the EMI calculator available on the app to know the 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 levied on consumer durable loan 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, consumer durable loans 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 21years 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 is also a collateral free similar to personal loan. It also 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 alow 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


SimplyCash Insights-

Install App

Public Notice

OPT for Moratorium