High Loan Amount
Avail instant loans ranging from Rs 50,000 to 5 Lakh.
Consumer Durable Loan
Easy Digital Process
Minimum Salary Required ₹15K
Instant Approval in 10 Minutes
Calculate Personal Loan EMI
Get Instant Consumer Durable Loan Upto Rs. 5 Lakh
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 a Personal Loan for Consumer Durables
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 approval within 10 minutes when you apply online.
Eligibility Criteria for Personal Loan for Consumer Durables
At Hero FinCorp, the Personal Loan for Consumer Durables is available to both salaried and self-employed individuals. Before applying, make sure to check the personal loan eligibility criteria.
| Eligibility Criteria | Details |
|---|---|
| Age | Applicant should be between 21-58 years. |
| Citizenship | You should be a citizen of India. |
| Work Experience | Minimum 6 months of work experience for salaried employees and 2 years for self-employed. |
| Monthly Income | Applicant should have a minimum monthly income of Rs 15,000. |
List of Documents Required For a Personal Loan for Consumer Durables
Documentation plays an important role in the loan application process. The documents required for a Personal Loan for Consumer Durables vary slightly for salaried and self-employed individuals. Let’s take a look at the documents needed for personal loan at Hero FinCorp.
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 a Personal Loan for Consumer Durables
Hero FinCorp provides Personal Loans from Rs 50,000 to 5 lakh online with instant approvals. The personal loan interest rates offered are competitive, while the processing charges are nominal. Nonetheless, before applying, you must know the applicable fees and charges to understand your actual cost of borrowing. Here's a quick summary.
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 1.58% per month |
| Loan Processing Charges | Minimum Processing fee is 2.5%+ GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1-2% of the loan/EMI Overdue Amount Per Month |
| Cheque Bounce | Fixed Nominal Penalty |
| Loan Cancellation | 1. Online loan app does not charge any cancellation charges |
| 2. Interest amount paid is non-refundable | |
| 3. Processing charges are also non-refundable |
How to Apply for a Personal Loan for Consumer Durables Online?
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:
- 01
Visit the Hero FinCorp website or install the personal loan app
- 02
Go to the instant personal loan page and click ‘apply now’.
- 03
Enter your mobile number and verify with the OTP received
- 04
Choose the loan amount you need
- 05
Verify your KYC details to check income eligibility
- 06
Click ‘Submit’ to complete your application
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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.
A borrower with a high CIBIL score and stable financial history is more likely to be eligible for a Personal Loan for Consumer Durables. The CIBIL score helps lenders assess financial behaviour and plays a key role in loan approval.
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
The pre-payment charges differ depending upon the chosen lending organization. The foreclosure charges vary based on individual terms.
The loan EMI varies with the amount of loan, rate of interest, and repayment tenure. You may calculate the instalment using a personal loan emi calculator online before applying.
The salary requirements could differ from lender to lender. At Hero FinCorp, the income requirement for applying for a Personal Loan is Rs 15,000.
Yes, if you don't possess a salary slip, you can submit other proof of income such as bank statements, ITRs, or Form 16 along with your loan application.
You can apply online via the Hero FinCorp website or loan app. If you are eligible, you can get the loan approval in just 10 minutes backed by fast disbursal to make the purchase without waiting.
Yes, income documentation is required to apply for a loan. It assists the lender in evaluating your ability to repay. In absence of salary slips, lenders can accept substitutes such as Form 16, bank statements or income tax returns (ITRs).
Yes, it is possible. But the lender can charge a higher rate of interest or demand more documents based on your income and repayment ability.
You can apply via the Hero FinCorp app for a Personal Loan for Consumer Durables and get instant approval within 10 minutes with minimal documentation, without collateral.
Documentation is essential in the case of a loan application. But when you apply online with Hero FinCorp, you do not need to provide documentation offline separately. You can provide them online.
Yes, if you meet the eligibility criteria and provide necessary information, loan apps such as Hero FinCorp can approve your loan in 10 minutes.
Disclaimer
*Approval & Agreement: Loan approval is at Hero FinCorp's discretion. By applying, you agree to our Terms & Conditions, Privacy Policy, and Loan Agreement.
*Data Use: You consent to electronic processes and data use for loan assessment, as per our Privacy Policy.
*Security: Keep your account and device secure. Report our customer care for unauthorized activity immediately.
*Grievances: For concerns, refer to our Grievance Redressal Policy.
*EMI Payment: Refer to our T&Cs here*
*RBI Mandate: RBI requires transparent disclosures. Learn more from RBI.