Payments
This article discusses how consumer loans from HDFC Bank can finance purchases of gadgets and appliances.
You want to upgrade your television to catch all the sporting action in full HD. Or maybe you want to beat the summer heat with an inverter AC or transform your kitchen with a new three-door refrigerator. No matter which appliance or gadget you need, you can get a Consumer Loan to buy one.
A consumer loan is a sum borrowed from a bank or financial institution by individuals for personal use. People often use these loans to buy cars, pay for education, or cover other personal expenses. The borrower agrees to repay the loan, plus interest, over a set period. This loan helps people afford things they need without paying all at once.
Loan amounts vary by bank. With HDFC Bank, you can through EasyEMI. This option is also available for HDFC Bank Credit Card and Debit Cards. The bank further offers loans up to ₹ 15 lakh. You can get 100% financing on consumer durables, with a minimum product value of ₹40,000.
1. Interest Rate
HDFC Bank offers competitive interest rates and low processing fees on a broad range of goods. You can pay back in easy EMIs over up to 36 months.
2. Documentation
You need minimal documentation when you apply for Consumer Loans. These include:
Self-employed individuals and professionals may need to submit different documents. Please confirm with your bank when you apply.
3. Eligibility
If you are a salaried employee above 21 years and earn a monthly income of ₹18,000 (for HDFC Bank Salary Account holders, it is ₹15,000), you are eligible for a Consumer Loan.
If you are self-employed, over 26 years, and have filed tax returns showing an income of over ₹1.5 lakh, you can get a Consumer Loan.
To check your eligibility right now, click here.
You can choose a tenure that works for you – 12, 24 or 36 months – and repay in pocket-friendly monthly instalments.
Making regular, on-time payments on your borrowing can improve your credit score. A higher credit score can help you get better loan terms and interest rates in the future.
Compared to credit cards, consumer loans usually have lower interest rates. That means you pay less money in interest over time.
Consumer loans often come with fixed monthly payments, making it easier to budget your finances. Knowing exactly how much you must pay each month helps you plan better.
Consumer loans can be used for various purchases, giving you the flexibility to address different needs as they arise. This adaptability makes consumer loans a useful financial tool.
Get the latest gadget or appliance you've been dreaming of with a consumer loan and enjoy hassle-free financing. You can easily apply for a Consumer Loan through the EasyEMI option. Click here to learn more about applying. Know more about applying for a Consumer Loan here.
Disclaimer: *Terms & conditions apply. Credit Card, Debit Card approvals and Loan disbursal are at the sole discretion of HDFC Bank Ltd. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.