What is a Consumer Durable Loan?

You want to upgrade your television to catch all the sporting action in full HD. Or maybe you want to beat the summer heat with an inverter AC. Or transform your kitchen with a new three-door refrigerator. No matter which appliance or gadget you need, you can get a Consumer Loan to buy one.

What is a Consumer Loan?

A Consumer Loan is a loan that banks offer to customers to buy household goods and appliances and even personal devices.

These include television sets, air-conditioners, home theatre systems, refrigerators, laptops, mobile phones, cameras and even modular kitchens.

How much loan can I get?

Loan amounts vary by bank. With HDFC Bank, you can apply for the Consumer Loan, through the EasyEMI option. This option is also available for HDFC Bank Credit Card and Debit Cards.

HDFC Bank offers loans up to Rs 15 lac. You can get 100% financing on consumer durables, with a minimum product value of ?40,000.

What is the interest rate on a Consumer Loan?

HDFC Bank offers competitive interest rates and low processing fees on a wide range of goods. You can pay back in easy EMIs over a period of up to 36 months.

What are the documents required for Consumer Loans?

You need minimal documentation when you apply for Consumer Loans. These include:

  • Income proof
  • Identity and signature proof
  • Address proof
  • Recent photographs

Self-employed individuals and professionals may need to submit different documents. Please confirm with your bank when you apply.

Who is eligible for a Consumer Loan?

If you are a salaried employee above 21 years and earn a monthly income of Rs 18,000 (for HDFC Bank Salary Account holders, it is Rs 15,000), you are eligible for a Consumer Loan.

If you are self-employed, above 26 years, and have filed tax returns showing an income of over Rs 1.5 lac, you can get a Consumer Loan.

To check your eligibility right now, click here.

What are the benefits of a Consumer Loan?

With a Consumer Loan, you can buy the appliances or gadgets you need right away and pay over time. You can choose a tenure that works for you – 12, 24 or 36 months – and repay in pocket-friendly monthly instalments.

So, don’t miss the World Cup action or sweat it out this summer. Buy the appliance you need with an easy consumer durable loan.

You can easily apply for a Consumer Loan, through the EasyEMI option. Click here ​​​​​​​to know more about applying.

Know more about applying for a Consumer Loan here.

Terms & conditions apply. Credit Card, Debit Card approvals and Loan disbursal at sole discretion of HDFC Bank Ltd. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.