Consumer Durable Loan

Consumer durables are a very important part of our modern lives. Appliances like refrigerators, mobile phones and washing machines add efficiency, convenience and comfort to our lives. Consumer durables also facilitate entertainment and leisure in our lives. 

In case you need to borrow money to shop these things and enrich your life, you can easily get an online consumer durable loan from Zype. You can download the app and get money up to ₹5 lakhs without pledging any collateral. Since it is a no-questions-asked loan, you can buy any consumer durable you want once the money gets credited to your account which takes less than 24 hours after applying for the loan. 

What is Consumer Durable Loan?

A consumer durable loan is a type of personal loan offered by Banks and NBFCs to buy household goods, electronic appliances and other products. You can avail this loan to buy things like a mobile phone, home theatre system, laptop, camera, vehicle, etc.

When you avail a consumer durable loan, you get to choose from different repayment tenure options. You can choose an EMI option as per your budget and convenience. For example – When you borrow money from Zype, you can repay the loan in 3, 6, 9 or 12 EMIs. Click here to apply for a personal loan now.

Benefits of a Consumer Durable Loan From Zype

Low-Interest Rate

If you want to get a personal loan to buy consumer durables at affordable interest rates, download the Zype app now. The interest rates for Zype instant loans start at as low as 1.5% per month.

Instant Approval

Loan Without Documents

It is possible to borrow money to buy the home appliance of your dreams without completing any documentation. You can get a personal loan from Zype without uploading any documents or completing any physical paperwork 

Flexible repayment options

Multiple EMI Options

Buying a consumer durable shouldn’t come with a financial burden. With Zype, you get the option to pay off your loan in 3, 6, 9 or 12 EMIs.

Competitive interest rate

Instant Approval

No need to wait unnecessarily to procure funds. Get loan approval under 60 seconds from Zype and enjoy loan disbursal in 2-24 hours.

No documentation or paperwork

Interest Rates for Consumer Durable Loan

Whether you want to buy an air-conditioner, a video game console or any other consumer durable, ensure that you get a low-cost online consumer durable loan and save money. For that, you should borrow money from loan apps like Zype which gives low-cost personal loans. Check out the interest rate and other charges of Zype –

Loan Amount ₹1,000 to ₹5,00,000
Interest Rate
Starting at as low as 1.5% (monthly)
Loan Processing Charges
Processing fees from 2% to 6% on every loan
Interest on Overdue EMIs
Penal interest & late fees will be charged to your total outstanding loan on daily basis
Loan Tenure
3-12 months

Documents Required for Consumer Durable Loan from Zype

If you need to borrow money from a loan company to buy consumer durables, they will ask for documents to verify your identity, assess the risk and prevent any kind of fraud.

To get a consumer durable loan without submitting or uploading any document, download the Zype app right away. You only need to do this during the loan application to get money in your account –

Mandatory documents

Photo Identity Proof

You would need to do a real-time selfie verification to complete the KYC process.

Proof of photo identity

Mandatory documents

You would need to do a real-time selfie verification to complete the KYC process.

Proof of Income

Proof of Income (Optional)

Get a consumer durable loan for a low cibil score without submitting income proof. Zype only asks for bank statements of the last four months if you want to increase your credit limit.

Eligibility Criteria for Online Consumer Loan

Lenders need to ensure that you are a credible borrower. For that, they have a set of eligibility criteria. They evaluate factors like citizenship, age, income, credit score and repayment history.

Before applying for an online consumer durable loan, you should have a look at their criteria and avoid too many applications. Here is Zype’s eligibility criteria to get a personal loan for consumer durables – 

Age
Age

Applicants must be at least 18 years old

Citizenship
Citizenship

Valid PAN & Aadhaar card

15000 Salary
Salaried individual

Minimum monthly salary = ₹15,000

How to Apply for a Consumer Durable Loan Online?

Now that you know what is consumer durable loan, let’s see the steps to get loans up to ₹5,00,000 from the Zype app and buy the consumer durables of your choice –

  1. Download the Zype instant loan app from Play Store or App Store and enter basic details like name, PAN, mobile number and employment information.

2) After this, your loan offer will be unlocked in less than 60 seconds.

3) Complete the KYC process by taking an online selfie, entering your Aadhaar number and verifying the same with OTP.

4) All you need to do now is enter the loan amount and repayment tenure. The money will be transferred to your account.

Frequently Asked Questions

Who Is Eligible For Zype Consumer Durable Loan?

You can get a personal loan for consumer durables from Zype if you have a minimum monthly salary of ₹15,000 and a valid PAN and Aadhaar card. 

For Which Products Can I Avail Of A Consumer Durable Loan?

Zype gives no-questions-asked consumer durable loans up to ₹5 lakhs. You can buy any product you want after getting a loan approval under 60 seconds. 

What Are Consumer Loans And Examples?

Consumer loans is a type of personal loan which you can avail to for small and big ticket expenses like buying a vehicle, furniture, appliances, gadgets, etc without pledging any collateral. Click here to get loans up to ₹5 lakhs in less than 5 minutes. 

What Do Lenders Look For Before Offering You A Consumer Durable Loan?

Lenders evaluate multiple factors in order to give you a consumer durable loan like your income, credit score, repayment history and debt-to-equity ratio.

What Is The Minimum Cibil Score For A Consumer Durable Loan?

Different lenders have different criteria for a minimum CIBIL score. A CIBIL score above 700 is usually perceived as a good score. Click here to get a consumer durable loan for low cibil score from Zype. 

Is Consumer Durable Loan Secured Or Unsecured?

The consumer durable loan offered by Zype is an unsecured loan. You can borrow up to ₹5 lakhs without pledging any collateral by downloading and completing the quick application process.