A consumer durable loan is a product provided by banks, non-banking financial institutions (NBFCs), and online lenders to enable individuals to buy household and electronic goods like TVs, refrigerators, washing machines, laptops, mobile phones, and so on. These are goods that are not consumed at once and have a long shelf life, hence referred to as "durables."
What is a Consumer Durable Loan?
Consumer Durable Loan gives you the liberty to purchase today and pay in easy EMIs (Equated Monthly Installments) later on. These are short-term loans, typically lasting between 3 to 24 months, often with zero or minimal interest rate, especially festive seasons or during special offers.
Advantages of Consumer Durable Loans
1. Easy no or low interest EMIs
2. Instant processing and low paperwork
3. Online purchase and offline payment
4. Flexible loan repayment
5. Covers a large array of products
Online Consumer Durable Loan
As digital finance is growing, availing an online consumer durable loan has become fast and convenient. Most lenders provide instant approval on their websites or mobile apps these days. You just have to select the product, provide basic information, and get your loan sanctioned in minutes without going to a bank or shop.
Most popular online shopping sites such as Amazon, Flipkart, and big electronic stores also have tie-ups with lenders for consumer durable loan at the time of checkout.
Eligibility and Documents for Durable Loan in India
To avail a consumer durable loan, you typically have to:
1. Be 21 years or older
2. Have a stable income
5. Submit documents such as ID proof, address proof, and income proof
Conclusion
A consumer durable loan is a good choice if you wish to own new gadgets or appliances without stressing your savings. Regardless of whether you apply in-store or online through a consumer durable loan application, it provides an easy means of enhancing your lifestyle at a reasonable cost.
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