High Loan Amount
Avail instant loans ranging from Rs 50,000 to 5 Lakh.
Personal Loan for Consumer Durables
Easy Digital Process
Minimum Salary Required ₹15K
Instant Approval in 10 Minutes
Consumer Durable Loan EMI Calculator
Get Instant Consumer Durable Loan
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 Consumer Durable Loan
Who doesn’t want to upgrade to the latest model of a branded phone or change the TV screen to a bigger and better one! These luxuries are a part of our lives and we want to own them at a good cost, don’t we? Consumer durable loan online is also a collateral-free facility similar to a Personal Loan. Consumer durable loan makes it possible to purchase the latest version of these technology products with the following advantages:
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 quick approval when you apply online.
Eligibility Criteria for Consumer Durable Loan
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 .
Monthly Income
Applicant should have a minimum monthly income of Rs 15,000
Age
Applicant should be between 21-58 years
Citizenship
You should be a citizen of India.
Work Experience
A minimum of one year of work experience is required for eligibility
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 via Hero FinCorp?
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 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
Consumer Durable Related Blogs
Frequently Asked Questions
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
Debt consolidation is combining all the pending debts and paying off through one single loan. Months of credit card bill pending can be combined into a debt consolidation loan for easy repayment.
The basic requisites for a debt consolidation loan approval requires proof of income, credit history and financial stability.
No, a Personal Loan for debt consolidation is an unsecured loan that does not demand a collateral or a security for approval. The loan approval depends on your credit profile.
Non-Banking Financial Companies (NBFCs) can be trusted for debt consolidation loans as these are authorized lending organizations approved by the government.
The pre-payment charges differ depending upon the chosen lending organization. The foreclosure charges vary based on individual terms.