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Q.

What is consumer durable loan?

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The major disadvantage I faced when buying consumer things is their expensive price. Because it undoubtedly makes a significant impact on my savings and earnings. But the range of loans that lenders are now approving has greatly improved the quality of living for many Indian individuals. Consumer durable loans are one type of loan that has contributed to improving my lifestyle. So let me tell you about the consumer durable loan meaning.

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What is a consumer durable loan?

A consumer durable loan is a form of loan used to pay for the buying of numerous necessities such as fridges, air conditioning units, LED TVs, ovens, furniture, apparel, and food. You can finance all of your transactions with consumer durable loans, which can be repaid over periods that work for you. Additionally, you can get funding for up to 100% of your orders and get them for zero or low rates of interest. Now you know what is consumer durable loan.

What are the features of a consumer durable loan?

  • The majority of lenders offer 0% interest rates.

  • The range of loans is between Rs. 10,000 and Rs. 15 lakhs.

  • 100% financing is accessible for durable goods for consumers.

  • An EMI facility is available from lending banks and other non-banking financial institutions (NBFCs) at no additional cost.

  • The loan amount and the time frame set by the bank determine the repayment period.

  • There are both secured and unsecured loans offered.

  • There are no charges for foreclosure.

What are the requirements for a consumer durable loan?

1) People who are paid salaries

  • Minimum and maximum ages are 21 and 65, respectively.

  • 15000 rupees minimum per month in income

  • 1 year must have passed since your last job.

2) Professionals who are independent

  • Age: at least 21 years old and at most 68 years old

  • Rs. 1.5 lakh as the minimum income

  • Employment security: two years or more in the same position

You are now aware of the consumer durable loan meaning.

Read More: What is a loan processor? What is a clean loan? What is the maximum tenure for a personal loan? Which bank is best for NRI personal loans in India?
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