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This article briefs on the interest rates and loan providers for consumer durable loans. Read on to know more about how to apply for consumer durable loans.

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Consumer Durable Loans

You can build your happy home with your favorite TV, refrigerator, washing machine, air conditioner, furniture and all other essential commodities that improve the quality of your life. But to bring all these things to your home you need money. However due to your increased commitments you may not have the required amount to purchase all these things. In such situation you can seek the help from banks.
The consumer durable loans offered for purchasing electronic goods and other home accessories make your dream home come true. Moreover, the low interest rate of this loan makes it popular among working class. To know more on this loan, read on.

Key Features:
The key features of the consumer durable loans vary from one bank to another. But generally these days all banks provide these loans at 0% interest and easy EMI for loan repayment. The upper and lower limits also vary from loan provider to loan provider.

Application Process                                       
To take consumer durable loans you need to fill up the application form available at the bank or apply online. While submitting your application you need to pay processing fees which is 1% of the loan amount. Your loan will be processed within 3 to 5 days.

Documents Required For Loan Approval
Just like any other bank loans to get consumer durable loans you need to submit required documents as mentioned below
  • ID proof such as passport, driving license or pan card etc.
  • Income proof such as your latest salary slip or a copy of form 16.
  • For address proof you need to submit electricity bill, ration card or passport.
  • Your bank statement for last 5 to 6 months.
  • Your recent passport size photograph. 
Rate Of Interest On Consumer Durable Loans
The interest charged on consumer durable loans vary from one bank to another and also depends on the market condition and tenure of the loan.

This type of loan is losing sheen these days as most of the credit card providers offer easy installment to repay the consumer durable bill.

Consumer Durable Loans Offered By Various Banks
Name of the Bank
Name of the Consumer Durable Loan
Bank of Baroda
Baroda Consumer Loans
United Bank of India
Loan for Household Items
Purchasing Consumer Durables
State Bank of Mysore
Happy Consumer Loan
Allahabad Bank
AllBank Saral Loan Scheme
Federal Bank
Loan for Consumer Goods


  • VeejhayPillaii:
    I need loan for washing machine, will I be getting the loan, and what are the formalities, I am a salaried person working in d2h company.
    19-Jul-2013 11:16 AM
  • mohammed iqbal:
    To purchase home appliance
    05-Jan-2013 09:51 AM
  • kuldeep dubey:
    hi, myself kuldeep dubey i wanna loan some urgent work. how should i proceed?
    27-Nov-2012 03:23 PM
  • Mohammed Iqbal Champa:
    To get consumer loan buying washing machine
    25-Nov-2012 01:06 PM