Consumer Durable Loan Interest Rate and Eligibility

Rate of Interest Varies from 13% to 24.03% pa
Minimum Age 23 or above
Minimum Salary Required ₹ 15,000
Loan Amount Starting from ₹ 3000 to ₹ 5 lakh
Annual Fee ₹ 499 plus GST

MoneyTap’s Personal Loan Features and Benefits:

Get a line of credit of up to ₹ 5 Lakh approved in real-time

Withdraw as little as ₹ 3,000 or what you need or as much as your approved limit

Pay interest only on the amount used and not on the entire amount approved for you

Enjoy 100% cash withdrawals with MoneyTap Credit Card 2.0

Repay your card spends in flexible EMIs as you choose the payment period that ranges anywhere from 2 months to 36 months.

You just need a valid proof of address and a government recognized ID to get started

Eligibility
Criteria

  1. Must be a full-time salaried employee with a take-home salary of ₹ 20,000/month
    OR
    Must be a self-employed professional with an income of at least ₹ 20,000/month

    (Only certain professionals like doctors, lawyers, or business owners qualify)

  2. Must be above 23 years and below 55 years of age
  3. Must be a resident of one of the following cities:

    Ahmedabad, Anand, Bangalore, Chennai, Chandigarh, Coimbatore, Delhi, Gandhinagar, Hyderabad, Indore, Jaipur, Mumbai, Mohali, NCR, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vadodara, Vijayawada, Vizag

Consumer Durable Loan Related Pages

Reasons You Are Here:

  • Need to make an immediate purchase for your home
  • Need to buy multiple electronic appliances at one time
  • You are starting afresh and need an additional source of finance
  • You are looking to upgrade your home/lifestyle
  • Want to buy the latest gadget in the market

No need to save up for years to be able to make purchases you need for your home and family to improve your quality of life. Now, with MoneyTap’s line of credit, you can simply apply for a personal loan for consumer durables and fulfil all your needs!

Products You Can Purchase Using a Consumer Durable Loan:

Home Essentials

  • Washing Machine
  • Refrigerator
  • Air Conditioner
  • Water Purifier
  • Microwave
  • Air Coolers
  • Kitchen Appliances

Digital Products

  • Smart Watches
  • Smartphone
  • Desktop
  • Laptop
  • Printer
  • Tablet
  • DSLR Camera

Home Furnishing

  • Sofas & Bedding
  • Modular Kitchen
  • Cook Tops & Hubs
  • Home Exercise Equipment
  • Smart Home Appliances
  • Home Entertainment System
  • Bathroom Fittings and Accessories

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Why Use MoneyTap to Fund Your Purchases?

  • An affordable consumer durable loan that suits your needs.
  • Freedom to apply for a higher amount for additional expenses - MoneyTap lets you save on interest rates and allows you to decide the repayment terms.
  • Get a higher credit limit approved but only use what is actually required, no need to withdraw it all at once.
  • Freedom to pay interest on the amount used and not the amount approved.

Tips to Keep in Mind When Selecting a Financing Option to Buy Consumer Durables:

  • When deciding between a consumer durable loan and a personal loan to buy big-ticket items for your home, be sure to check the interest rates before finalizing on your financing option.
  • Most consumer durable loans have extremely short payback periods as opposed to personal loans. So, if you have to make a big purchase and are strapped for cash, it is best to go for a personal loan so your repayment period is flexible.
  • Consumer durable loans only provide 80-90% of the total amount, whereas a personal loan gives you a lump sum which can be used as per your convenience.
  • When narrowing down on a financing option to purchase consumer durables, be sure to incorporate the hidden costs such as processing fees that will also be deducted from the loan amount before selecting the best consumer durable loan option on hand.

With MoneyTap’s line of credit you will have money available instantly 24x7 to use anytime, anywhere. Click below to experience its power.

Different Ways to Use MoneyTap Personal Loan 2.0

Consumer Durable Loan FAQs

A consumer durable loan is a finance option that can be used to purchase one or more expensive household appliances on affordable EMIs - like an AC on EMI or an LED TV on EMI by removing your immediate financial burden.

If you don’t want to wait for a long time or dip into your savings, a home appliances loan is a perfect solution to add luxury to your life with zero down payments.

Consumer durable loans are unsecured loans, and that’s why lenders look at your CIBIL score and repayment history when you apply.

You can buy an LED TV on EMI with the following options:

  • EMI card
  • Consumer durable loan
  • You can shop with your debit card and have your purchase converted into easy EMIs. Approval is quick, and the documentation required is minimal.

Yes, you can buy home appliances on EMI without a credit card by using options such as debit cards, EMI cards, consumer durable loans or personal loans.

If you want to buy home appliances like an AC, washing machine or an LED TV on EMI but don’t have a credit card you can apply for MoneyTap's easy small loan that does not subject you to the hassles of paperwork.

MoneyTap has a simple online process that can be completed in minutes by downloading the app on your phone and filling the required information to register.

You can then complete your KYC documentation and receive your pre-approval within minutes. Once approved, your amount will be ready to use as a consumer durable loan.

You can buy an AC on EMI by using options such as debit cards, credit cards, EMI cards, consumer durable loans or personal loans.

If you are shopping online, then you can choose the option “Convert into EMI” during checkout.

A consumer durable loan covers a wide range of home appliances on EMI including:

  • Kitchen Appliances
  • Furniture
  • Digital Products
  • Mobile Phone
  • Cooking Range
  • Fridge
  • LED TV
  • Washing Machine
  • Microwave
  • Laptop
  • Projector
  • Camera
  • Tablet
  • DSLR
  • Audio Devices

and everything that is covered under the category of consumer products.