A consumer durable loan is a type of loan that banks offer to customers to buy household appliances, electronic goods, and personal devices such as smartphones, laptops, cameras, and even modular kitchens. It is a form of credit that can be used to purchase consumer durable goods, such as household appliances, electronic gadgets, etc. . The loan is generally used to purchase electronic gadgets and household appliances that include smartphones, televisions, PlayStations, home theater systems, refrigerators, laptops, mobile phones, cameras, and even modular kitchens.

Here are some key features of a consumer durable loan:

• Interest Rate: The interest rate offered on a consumer durable loan may vary across lenders and ranges from 12% to 22% . Some lenders also offer 0% interest based on their promotional offers.

• Loan Amount: The loan amount generally ranges from Rs. 10,000 to Rs. 15 lakh.

• Tenure: The tenure of a consumer durable loan is generally between 8 to 36 months.

• Eligibility: 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 durable 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 durable loan.

• Documentation: The documents required to seek a consumer durable loan vary from lender to lender. Generally, the list of documents includes identity proof (PAN Card, Voter’s ID, Aadhar Card, etc.), address proof (Passport, Driver’s License, Electricity Bill, etc.), and income proof (latest salary slip) .

A consumer durable loan is a good option for those who want to buy household appliances, electronic goods, and personal devices but do not have the immediate financial resources to do so. It allows customers to buy the appliances or gadgets they need right away and pay over time in pocket-friendly monthly installments.