All About the Consumer Durable Loan on Home Appliances


You may want to bring home the best of the home appliances such as a washing machine, smartphone, ACs and more, but may not do that due to a cash crunch.

You may also think that if you had the credit card facility, you would have easily bought the home appliances on EMI.

The Indian finance industry is also undergoing many changes to help consumers more capable of fulfilling their dreams. One of the remarkable facilities that you can go for these days is a consumer durable loan.

Read on this article, and you would be able to unlock all the vital information about the consumer durable loan, its benefits and more.

What is a consumer durable loan on home appliances?

A consumer durable loan is a funding option which is made available to customers by reputed lenders in the industry. Such lenders are banks and non-banking finance companies (NBFCs).

It helps a buyer purchase home appliances such as washing machines, smartphones, ACs, fridges, laptops and more items.

Are you a salaried employee who is unable to fulfil his/her aspirations in life with his/her salary? Then, the consumer durable loan can help you live a better life.

A lender offers some financial plans wherein their interest is subvented by a retailer or a manufacturer.

How does the consumer durable loan work?

The consumer durable loan is a credit or loan limit assigned to a customer. The final amount depends on his/her eligibility, lender’s policies and the repayment history.

As a result, a customer may avail a credit limit which may range between Rs.4,000 and Rs.4 lakh or more. The minimum and maximum amount of the consumer durable loan differs from lenders to lenders.

Consumer durable loan benefits

Opting for the consumer durable loan can also help you grab many fantastic benefits. Let’s have a look.

  • Get credit up to Rs.4 lakh

Most of the well-known lenders provide you with a loan limit of up to Rs.4 lakh. As a result, you have the freedom to use the amount to buy home appliances such as laptops, ACs, refrigerators, washing machines, smartphones and beyond. In India, the EMI Network is one of the most preferred consumer durable loan providers.

  • You can enjoy stress-free repayment

There is no need for a customer to feel bothered about paying the used limit for purchasing home appliances. It is because you have the freedom to divide the cost of your order over a tenor of 3, 6, 9, 12, 18 and 24 months. Hence, you can pay in easy EMIs and never stress about the repayment.

  • Quick approval

You can fill an online form on a website of the lender and show the pre-approved loan limit text message at a store. This way, you can purchase your favourite items on affordable EMIs.

  • Least documentation

A customer does not need to pile up a heap of documents to get the consumer durable loan. If you have your KYC documents along with a cancelled cheque, you can submit it at a local partner store all over India and get quick financing facility.

  • Enjoy the ease of using the Bajaj Finserv EMI Network Card

A lender such as Bajaj Finserv offers you the convenience of using the Bajaj Finserv EMI Network Card like a debit/credit card to shop at a partner store. The Bajaj Finserv EMI Network has a presence in 1300+ cities in India where you can shop on easy EMIs in 60,000+ local partner outlets.

  • Minimal down payment

Most of the items that you buy using the credit limit of the consumer durable loan have minimal or no down payment. You can convert your purchase into EMIs and pay over a tenor.

  • Lower or no processing charges

The items that you buy such as smartphones, ACs, and more have lower or no processing fees at all. You can pay the exact price of a product and pay in EMIs after dividing its cost over a tenor.

Steps to shop on affordable EMIs

Here is an example of using the No Cost EMI facility being extended by the Bajaj Finserv EMI Network. Going through the steps will help you understand the shopping procedure in a nutshell.

  1. You can go and visit one of the 60,000+ local partner stores available in 1300+ cities of India across the Bajaj Finserv EMI Network
  2. Pick your desired home appliances such as ACs, washing machines, smartphones, refrigerators, laptops and 1 million other useful products. Once you are done, you can then swipe your Bajaj Finserv EMI Network Card like  a credit or debit card
  3. Your No Cost EMI shopping is now complete, and you may come out with your item

You will now need to pay an exact EMI figure per month over a selected tenor and repay your used consumer durable loan limit.

Even customers without having the EMI Network Card can also shop on No Cost EMI. All that they can do is submit their KYC documents along with a cancelled cheque at a partner store to grab quick in-store financing.

You are now aware of the consumer durable loan, its benefits and how to use the facility. You don’t need to suppress your desires of having a home appliance and other products as you can now use the consumer durable loan facility.

Thus, what are you waiting for? Just go for the consumer durable loan facility and fulfil all your desires without breaking your banks!

It is to make the entire loan procedure simple and less time-consuming for a prospective borrower.

If you want to know whether you have the required eligibility for the consumer durable loan or not, you can submit your basic details like your name and mobile number. This way, you can check out your pre-approved loan offers right away.