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Consumer Durable Loan
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Choose from an amount of Rs. 10,000 to 50 lakhs -
100% funding
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Quick approval
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Get a Consumer Durable Loan up to 50 Lakhs
What is a Consumer Durable Loan?
A consumer durable loan can be defined as a personal loan that is usually taken by people to buy new electronic gadgets and home appliances like smartphones, furniture, washing machines, PlayStations, home theatres, kitchen equipment, and others. The exact loan amount under a consumer durable loan can be the exact price of the product that is being purchased. So, it can be said that a consumer durable loan is a flexible loan that people can avail of. In typical cases, the loan amount ranges between 10,000 to 10 lakhs.
In today’s fast-paced world, a happier life is widely defined with a proper home setup. But, since everything comes at a price, not everyone is capable enough to get things done uprightly. This is where a consumer durable loan comes up as the most preferred way to get things that make our lives easier and happier. Consumer durable loans can be availed to buy an LED TV, washing machine, furniture, refrigerator, microwave oven, air conditioner, and several other things.
At InvestKraft, we work with the objective of making money simple by making it accessible to a bigger part of society. All our loans including consumer durable loans are designed keeping in mind the varying needs of people from all walks of life.
There can be different types of consumer durable loans given where they are provided. For example, if you visit an electronic store, you can choose from a wide range of loan offers right there. If you visit an e-commerce store and avail of a loan against a product, let's use an iPhone and convert it into EMI using your debit or credit card, it is an online consumer durable loan.
The first and foremost purpose of taking a consumer durable loan is to seek quick finance against a purchase. This is what makes such types of loans quite popular in today’s fast-forward world. At Investkraft, you can expect to get a swift response when you seek our support regarding a consumer durable loan.
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Features and Benefits of Investkraft’s Consumer Durable Loan
Planning to buy a new home appliance? Want to do home renovation? Don’t worry about finances as our consumer durable loan lets you give wings to your dreams by providing 100% funding against your purchase. Avail higher amounts from us at the most exciting rates and that too in no time. What else do you want in life? Also, no matter whether you want to buy the latest smartphone or a fully automatic washing machine for your home, our consumer durable loan enables easy and quick finance for all your purchases in a seamless manner.
Our lender’s loan amount ranges between 10,000 and 10 lakhs which means you can fulfill any of your dreams without worrying about money. If you have made up your mind about the purchase, you can rest assured about the money arrangement with our consumer durable loan. Taking a consumer durable loan through InvestKraft means you open up to a world of happiness and satisfaction. There are numerous benefits our consumer durable loan offers:
Easy repayment terms
Whether you take a consumer durable loan of Rs. 10000 or 1 lac, you can choose to repay the borrowed amount in easy and affordable EMIs. Once taken, you would love to come back to Investkraft for your next equipment purchase.
Minimal Documentation
In today’s times of digitization, Investkraft believes in cutting the crap and doing this quickly and easily. We ask for fewer documents to approve your consumer durable loan application which means an easy to finance your household purchases.
Affordable Interest Rates
Our consumer durable loan comes with exceptionally reasonable interest rates than what our competitors offer. So, you can easily fulfil that long-cherished dream of owning a new gadget or buying something much-needed for your loved ones with our loan offer.
Quick Approval
Due to our digital loan application and approval process, it doesn’t take more than a few minutes to get your loan approved. So, never miss a chance with us when it comes to buying something at the best rates.
Loan amount of up to Rs. 10 lakh
At Investkraft, we believe that everything comes at a cost and the materialistic things around us also carry some cost. So, our consumer durable loans are designed in such a way to help you buy the thing you always wanted without worrying about finance.
Zero Collateral
To avail of a consumer durable loan from Investkraft, you don’t need to pledge any security or collateral with us. Our consumer durable is an unsecured loan which means after getting the approval on your loan application, you can easily purchase the said equipment without paying anything to the supplier.
No Prepayment Penalty
You can easily choose to prepay your pending loan amount without facing any kind of penalty amount. This makes Investkraft’s consumer durable loan the most preferred option across all aspects of equipment purchase.
Who can apply for a Consumer Durable Loan?
Individuals who are employed in the private sector but have a stable income and a good credit history are eligible for consumer durable loans to buy electronics, appliances, or other durable goods.
Individuals working in a government department can apply for a Consumer Durable Loan to finance the purchasing of home appliances, electronics, and more goods for households at an attractive rate of interest.
Self-employed professionals with a verifiable income and a strong credit profile may also be eligible for consumer durable loans.
Small business owners with a profitable business and a good credit standing can sometimes apply for consumer durable loans for business-related purchases.
Shop owners or service providers can utilize these loans to buy necessary electronics like cash registers, TVs, or display units.
Individuals keen on upgrading to the latest smartphones, smartwatches, or gaming consoles can avail of these loans for easy and affordable upgrades.
Women managing households can use consumer durable loans to purchase kitchen appliances, furniture, or home entertainment systems conveniently.
Couples setting up their new homes can use these loans to furnish and equip their living space with modern essentials.
Instant Personal Loan For All Your Needs
Choose from our specially curated personal loans for every need, like vehicle, shopping, travel, wedding and others.
Eligibility Criteria
Looking to apply for a consumer loan at Investkraft? Do look at the eligibility criteria before proceeding further.
- Age: The age of the applicant should be between 21 years-65 years.
- Occupation: The applicant can be either a salaried employee or self-employed for at least one year
- CIBIL Score: The applicant should have a CIBIL or credit score of a minimum of 700.
- Monthly Salary: The minimum monthly salary of the applicant must be Rs 15,000, given the city of residence.
Documents for Consumer Durable Loan
The next thing to look for is the documents required to avail a consumer durable loan from Investkraft.
For Salaried Individuals
- Proof of Identity:
- Self-attested photocopy of any one of the following:
- Driving license
- Passport
- Voters ID
- Aadhaar
- PAN
- KYC:
- Valid identity/Residence/Signature proof
- Income proof:
- Form 16/ITR for the last 3 years
- Latest 3 months' salary slip
- Banking:
- Latest 3 months’ Salary Credit Bank Statement.
For Self-employed Individuals
- Identity & Age Proof – Aadhaar Card
- Completely filled out a personal loan application with photograph
- PAN Card
- Residence proof - Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
- Bank statements for the last 3 months(preferably your salary account)
- Salary Slips for the last 3 months
- Last 3 years' Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Now Get a Consumer Durable Loan Online
Apply in 4 Easy Steps
Your dreams matter to You and Us. We strive to ensure our every user gets the required online Consumer Durable loan on priority.
Apply Consumer Durable Loan
2 Gather Your Documents
Get all the paperwork ready.
3 Submit Your Application
Fill out the application form and upload your documents.
4 Wait for Approval
The lender will review your application and let you know if you are approved.
Interest Rate & Charges
Along with the applicable interest rates, some other charges may need to be faced by the borrowers. Administrative charges may be levied against the disbursement of a consumer durable loan. These charges are known as processing charges. Paying more than the actual amount of the monthly instalments is known as prepayment.
On the other hand, foreclosure occurs when a loan is fully repaid before the agreed-upon term. The full prepayment often entails certain fees referred to as foreclosure or prepayment fees. If you pay your due EMI late, you may need to pay a fixed charge along with the due EMI amount. Being a responsible borrower, you need to be aware of the same. A few of them are explained below:
| Interest rate | ranges from 12 to 22%, some lenders also offer 0% interest to attract more customers |
|---|---|
| Processing Charges | usually stays between 0% and 6% of the approved loan value |
| Pre-closure charge | Generally, 3% of the balance principal outstanding + GST @ 18% |
| Bounce charges | most of the banks and NBFCs fix these charges at Rs. 500 + taxes in most of the cases |
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Frequently asked questions
A consumer durable loan is a kind of personal loan in which the loan amount can be used to finance electronic gadgets and household appliances like smartphones, washing machines, furniture, LED TVs, and others in the form of easy EMIs.
The interest rate on a consumer durable loan varies from lender to lender. So, you can check with your lender about the interest rate it is charging against the purchase.
At InvestKraft you will find many lenders under a single roof willing to offer you the required consumer loan subject to fulfilment of the eligibility criteria. Moreover, there are several other advantages of InvestKraft in comparison to others.
Digital Journey
Lower Interest Rates
Easy Documentation Process