High Loan Amount
Avail instant loans ranging from Rs 50,000 to 5 Lakh.
Consumer Durable Loan
Easy Digital Process
Minimal Documentation
Quick Disbursal
Consumer Durable Loan EMI Calculator
Get Instant Consumer Durable Loan
Whether you need quick funds to purchase a home appliance, electronic product, or personal gadget, borrow a consumer durable loan to finance the purchase. With a consumer loan of Rs 50,000 to Rs 5 Lakh, you can distribute the product’s cost into easily affordable EMIs across a tenure of 12 to 36 months.
The interest rate on the Personal Loan from Hero FinCorp starts at just 19% per annum. Moreover, you can borrow a consumer durable loan online without providing collateral or making a down payment. The application procedure is 100% online without the need for any branch visits or paperwork.
Features and 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. Consumer durable loan makes it possible to purchase the latest version of these technology products with the following advantages:
Attractive Interest Rate
Enjoy competitive rates starting at 1.58% per month.
Collateral-Free
No security or collateral required to avail the loan.
Flexible Repayment Tenure
Choose a repayment period between 12 to 36 months.
Instant Approval
Get quick approval when you apply online.
Eligibility Criteria for Consumer Durable Loan
Consumer durable loans are open for both salaried and self-employed individuals. The borrower should meet the following consumer durable loan eligibility:
Minimum age limit
21 years and maximum age 58 years
Minimum income
Rs.15000 per month
Minimum work experience
1-2 years for salaried and business stability for self-employed, respectively.
Documents Required For Rs 5 Lakh Loan Consumer Durable
Hero FinCorp has minimal documentation requirements with zero paperwork. You can submit your documents online through our website or loan app. However, they vary based on whether you are a salaried or a self-employed individual. These are the standard documents you must provide to apply for a loan:
Documents required for Salaried
Mandatory Documents
Filled loan application form, passport-sized photograph
Identity Proof
Driving Licence, Passport, PAN (mandatory), Aadhaar
Residence Proof
Driving Licence, Passport, Aadhaar, Ration Card, Utility Bill
Residence Ownership Proof
Electricity/Maintenance Bills, Property Documents
Income Proof
3 months’ salary slips, 6 months’ bank statement (salary account), Form 16
Job Continuity Proof
Appointment letter, Experience certificate
Documents required for Self Employed
Mandatory Documents
Filled loan application form, passport-sized photograph
Identity Proof
Driving Licence, Passport, PAN (mandatory), Aadhaar
Residence Proof
Driving Licence, Passport, Aadhaar, Ration Card, Utility Bill
Office Address Proof
Maintenance Bill, Utility Bill, Property Documents, Rent Agreement
Income Proof
6 months’ bank statement, 2 years’ ITR
Business Existence Proof
Tax Registration, Shop Establishment, Company Registration Certificate
Interest Rate on Consumer Durable Loan
Consumer durable loan interest rates are affordable to pay every month. The interest rate on consumer durable loans starts from 1.58%*per month t&c Apply 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, an instant consumer durable loan comes with a low processing fee. There are no hidden charges involved besides nominal fees ranging between 1-3 % of the loan amount by most lenders.
How to Apply for Consumer Durable Loan via Hero FinCorp
If you're looking to finance your dream smartphone through a mobile loan, Hero FinCorp provides a hassle-free process through their Personal Loan app. Here's how to apply:
- 1
Click on the 'Apply Now' button.
- 2
Enter your mobile number and verify the OTP sent to the entered mobile number.
- 3
Choose the loan amount that you need.
- 4
Verify your KYC details data to check income eligibility.
- 5
Click on 'Submit' to complete your application.
Blogs
FAQs
A consumer durable loan is an instant credit facility that can be availed in-store or online via loan apps to purchase household appliances, electronic goods, entertainment gadgets, etc.
Borrower’s CIBIL score reflecting a higher creditworthiness and stable financial history is eligible for a consumer durable loan. CIBIL score is verified to check the financial behaviour of the borrower and accordingly, the loan approval is decided.
You can get a consumer durable loan in two ways. First, you can visit the store personally, buy a gadget/appliance and seek a consumer loan on the same. Second, you can download an instant loan app and avail a personal loan online to buy consumer durable products.
You can avail of a consumer durable loan online or in-person by visiting the concerned store in your area. Compare the product pricing online and decide the better mode of consumer durable loan availability to buy your luxury gadget.
A consumer durable loan is a personal loan and so it is categorised as an unsecured loan. Being a short-term loan, it is approved instantly without the need of any assets or guarantor against the loan.
You can get a consumer durable loan easily through the online mode of instant personal loan apps or through store purchases in your location.
A consumer loan works on the basis of a minimum eligibility criteria that involves KYC verification and income check of the borrower. Consumer loans work instantly after the verification of documents and you can take the product home the very same day.
Consumer durable loans bring dreams to the reality of owning an expensive gadget that might be difficult to purchase otherwise. Some key benefits of consumer durable loan are:
- Depending on the lenders, the interest rate on consumer loan varies from 0% interest to a low rate of interest
- Shorter loan tenure that ends the loan burden between 6 – 24 months
- Loan approved with minimum documents
- Instant approval and product in hand at the same moment
Debt consolidation is combining all the pending debts and paying off through one single loan. Months of credit card bill pending can be combined into a debt consolidation loan for easy repayment.
The basic requisites for a debt consolidation loan approval requires proof of income, credit history and financial stability.
Debt consolidation is an unsecured personal loan that does not demand a collateral or a security for approval. This speeds up the time taken for loan sanction.
Non-Banking Financial Companies (NBFCs) can be trusted for debt consolidation loans as these are authorized lending organizations approved by the government.
The pre-payment charges differ depending upon the chosen lending organization. The foreclosure charges vary based on individual terms.