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Get Consumer Loan

A Consumer Loan is a loan that banks offer to customers to buy household goods and appliances and even personal devices.

These include television sets, air-conditioners, home theatre systems, refrigerators, laptops, mobile phones, cameras and even modular kitchens.

Categories of Loans:

1. Open-end loan

  • An open-end consumer loan, also known as revolving credit, is a loan in that the borrower can use for any type of purchases but must pay back a minimum amount of the loan, plus interest, before a specified date. Open-end loans are generally unsecured. If a consumer is unable to pay off the loan in full before the specified date, interest is charged.
  • A credit card is an example of an open-end consumer loan. The consumer is able to make purchases on a credit card but must pay the outstanding amount when it becomes due. If the consumer fails to settle the outstanding amount on the credit card, he/she would be charged interest until the amount is paid off.

2. Closed-end loan

  • A closed-end consumer loan, also known as installment credit, is used to finance specific purchases. In closed-end loans, the consumer makes equal monthly payments over a period of time. Such loans are generally secured.
  • If a consumer is unable to pay the installment amounts, the lender can seize the assets that were used as collateral.
Types of Consumer Loans:
  • Mortgages: Used by consumers to finance the purchase of a house
  • Credit cards: Used by consumers to finance everyday purchases
  • Auto loans: Used by consumers to finance the purchase of a vehicle
  • Student loans: Used by consumers to finance education
  • Personal loans: Used by consumers for personal purposes

Loan Simple Process

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Simple procedure

Less Document

No Security or Guarantors

  • TV (LCD, LED, 3D etc.)
  • Refrigerators and Deep freezers.
  • Washing Machines.
  • Home theater and Music systems..
  • Water Purifiers.
  • Geysers.
  • AC (Split as well as Window).
  • Cooking Range ETC.

If you are a salaried employee above 21 years and earn a monthly income of Rs 18,000 you are eligible for a Consumer 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 Loan.

  • Minimum: 21 years.

Maximum age of Applicant at loan maturity:

  • For employees : one month before retirement
  • For pensioners: 70 Years.
  • For others: 65 years.