Consumer Durable Loans in India
Consumer durable loans are a type of loan that allows individuals to purchase consumer durables such as electronics, appliances, furniture, etc. These loans are usually offered by banks and non-banking financial companies (NBFCs) in India.
Features of Consumer Durable Loans:
- Quick and hassle-free application process
- Flexible repayment options
- Competitive interest rates
- No collateral required
- Loan amount based on the applicant's income and credit score
Eligibility Criteria for Consumer Durable Loans:
- Applicant must be a resident of India
- Minimum age of the applicant should be 21 years
- Minimum income criteria as per the lender's requirement
- Good credit score
Documents Required for Consumer Durable Loans:
- Proof of identity (Aadhar card, passport, driving license, etc.)
- Proof of address (Utility bills, ration card, etc.)
- Income proof (Salary slips, bank statements, income tax returns, etc.)
- Passport-sized photographs
- Duly filled loan application form
Top Lenders Offering Consumer Durable Loans in India:
- HDFC Bank
- ICICI Bank
- Bajaj Finserv
- Kotak Mahindra Bank
- Axis Bank
Before applying for a consumer durable loan, it is advisable to compare the interest rates, processing fees, and terms and conditions offered by different lenders to choose the best option that suits your requirements.