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Loan for consumer durables is a scheme that helps you upgrade your lifestyle by offering finance for the purchase of household durables such as laptop, television set, washing machine, music system, air conditioner, heater, fridge, fitness equipment, and more. Since most of the durables cannot be paid for at once, it is better to go for a loan option that offers the finance to do so. There are various loan options that offers finance for the purchase of consumer durables in India. Let us look into some of the best consumer durable loan schemes:
Bajaj Finserv Durable Finance is a consumer durable loan that offers a loan amount of up to Rs.5 lakh for the purchase of consumer durables. One of the major advantages of this loan scheme is that the borrower does not have to pay any interest for the loan. The borrower will be required to pay the processing fee and split the total cost of the purchase between a down payment and EMIs. There are no hidden charges with this loan scheme. The bank does not charge any fee for foreclosure of the loan. The loan comes with pre-approved offers and consists of minimal documentation.
This consumer durable loan by Tata Capital offers finance for purchase of home durables for a low rate of interest. The loan covers flat screen television sets, washing machines, dryers, refrigerators, air conditioners, microwave oven, dishwashers, laptops/desktops, smartphones, and music system. The scheme offers an enhanced loan limit for credit cardholders and there are no hidden charges with the scheme. The maximum loan amount that can be availed with the scheme is Rs.1.5 lakh for a maximum tenure of 24 months. Low processing fee, easy documentation, on spot approval, and quick processing are few of the other benefits of the scheme.
HDFC makes it possible to adorn your house with the latest gadgets with the HDFC Consumer Durable Loan. The scheme offers up to 100% financing with long repayment tenures of up to 36 months. The maximum loan amount granted is Rs.15 lakh. The loan covers purchase of LED televisions, washing machines, refrigerators, air conditioners, laptops, home theatre systems, tablets, modular kitchen, recliners, high-end cameras, and mobile phones. The EMIs for the personal loan scheme will be pretty low considering the long tenure. Nominal processing fee and transparent pricing are other advantages of the scheme.
Dena Consumer Durable loan is another scheme that lets you purchase the latest modern gadgets and turn your home into a smart abode. The bank offers finance for the purchase of various household durables including and not limited to washing machines, laptops, air conditioners, television sets, and even mobile phones. Maximum loan amount of up to Rs.1 lakh is granted for a tenure of up to 36 months. Some of the other benefits of the scheme are no prepayment charges, low processing fee, and a low interest rate.
Capital First Consumer Durable Loan lets you adorn your dream home with nothing but the best by offering finance to purchase the latest LCD TV, music system, and more. There is no interest payment required for the loan and the down payment is pretty low. Minimal documentation, easy repayment options, no foreclosure charges, and no security deposit are some of the other benefits of the scheme.
These are some of the best consumer durable loan options in India. The best way to choose the right loan option in this case is to go for a loan option that covers most of the household durable products for a low interest fee, low down payment, and a long tenure.