Homes are so much more than just four walls and a roof above one’s head. It’s where you eat, where you sleep, where you relax, where you refresh and rejuvenate; it’s where you and your loved ones live. Don’t you feel it’s imperative to take care of a home that takes care of you and your family? 

It is good to upgrade your home every once in a while with the latest appliances. And if you don’t want to spend out of your pocket for that, you can always avail consumer durable loans.

Whether you want to purchase an automatic washing machine to take some of your household chore load or a smart TV to watch interesting sporting events with your buddies. Whether you are thinking of bringing home the latest Xbox to add fun to your Sundays, or a split AC to beat the summer heat. A consumer durable loan can help you purchase all and any of that without you having to pay for the durable upfront. 

Here’s all you need to know about consumer durable loans’ documentation, eligibility, interest rates, loan amount, etc. Learn more.

What is a consumer durable loan? 

Consumer durable loans are online personal loans that help you pay for big and small consumer durable purchases. With the help of consumer durable loans, you can complete purchases that you have been putting off for a long time. 

Consumer durable loans have made it easy to finance the purchase of consumer durables like personal devices, household appliances, and other such household goods. The loan is offered to purchase televisions, home theatre systems, washing machines, air-conditioners, ovens, refrigerators, kitchen appliances, cameras, laptops, mobile phones, and other devices and gadgets. 

You can repay the cost of purchasing a consumer durable or electric appliance you bought over a period ranging from three months to sixty months with a consumer durable loan from PaySense. So, why wait for months or years and save for your favorite home appliance when you can purchase it today with a consumer durable loan? You can make easy repayment with flexible and convenient EMI options. 

Features of a consumer durable loan

Following are some of the features of a consumer durable loan:

  • Access to a consumer durable loan of up to ₹5 lakh
  • Instant loan approvals
  • Attractive interest rates 
  • Minimal documentation
  • Highly confidential customer database to ensure absolute safety and security
  • Flexible EMIs

Buy your most awaited home durables and appliances with a PaySense consumer durable loan. 

Consumer durable loan interest rate

Consumer durable loan interest rate is the rate at which the online lender lends you money. PaySense offers online personal loans on a reducing balance basis at 16% to 36% Annual Percentage Rate (APR). 

Again, besides the interest rate, personal loan apps charge a nominal processing fee ranging from 1 – 4% of the loan amount. There can be other fees besides the interest rate and processing fee that you must get information from your lender. 

Consumer durable loan amount

The consumer durable loan amount sanctionable to you varies from one lender to another. Most lenders such as PaySense offer consumer durable loans from ₹5,000 to ₹5 lakhs for a tenure of 3 months to 60 months. You do not have to make any down-payment while taking a consumer durable loan from PaySense. 

Consumer durables you can purchase with a consumer durable loan 

You can purchase a wide range of personal gadgets and consumer durable appliances like TV, air conditioner, washing machine, microwave oven, smartphone, laptop, refrigerator, grinder, inverter, home theatre, dishwasher, music system, water purifier, etc. using a consumer durable loan.

Consumer durable loan eligibility requirements

Before applying for a loan, check if you are eligible for it by checking your loan eligibility. You can check the loan eligibility at your lender’s website. 

Your loan eligibility depends on the type of loan and your lender. Generally, lenders decide if you are eligible for a personal loan based on the type of employment, geography, loan tenure, gross monthly salary, loan obligations, etc.

You can avail of a consumer durable loan from PaySense upon meeting the following personal loan eligibility criteria:

  • You must be an Indian resident
  • Your age must lie between 21 and 60 years
  • You must be salaried or self-employed
  • Your minimum monthly income must be ₹18,000 or ₹20,000, depending on your city of residence

Consumer durable loan application process

You can apply for a consumer durable loan in the following manner on the PaySense app:

  • Install PaySense personal loan app
  • Sign in and check your loan eligibility 
  • Provide KYC documents such as Aadhar card, bank statement, etc., as ID proof and address proof
  • Upload your photo
  • Sign the loan agreement and NACH form

As your loan application is approved, the loan amount gets credited into your account

Things to keep in mind while applying for a consumer durable loan

Below are some things you must consider while applying for a consumer durable loan:

  • Your credit score: Your credit score shows your creditworthiness to the borrower. A credit score above 750 is considered excellent. A good credit score can get you a loan at a low interest rate. 
  • Look for festive offers: Online lenders offer special interest rates and discounts during festive seasons. If you are looking for such offers, you may get a consumer durable loan at a lower interest rate.
  • Negotiate with your lender: If you have an excellent credit score or a fine relationship with your lender, you can negotiate for a lower interest rate. Even better is to submit a written request for the same.
  • Your repayment history: Being a non-collateral loan, your repayment history and credit score play a huge role in approving your consumer durable loan. Make sure to keep your credit history intact to get loan financing at better terms.
  • Compare interest rates: Compare the interest rates offered by various lenders such as banks, NBFCs, and digital lenders to get your loan at a competitive interest rate.
  • Legible documentation: While applying for a consumer durable loan online, you must upload some of your primary documents. Keep genuine and readable documents ready before starting with your loan application process.

Also, compare interest rates, foreclosure charges, processing charges, etc., of different lenders. Then, evaluate the terms and conditions of your lender before finalizing one. 

Consumer durable loan documents required

While applying for a consumer durable loan over an online loan app, you must submit a few documents to show your identification and repayment capacity.

To avail of a personal loan from PaySense, you’d need the following documents:

  • Proof of identity: Aadhaar card or PAN card
  • Proof of income: bank statements of the past three months
  • Proof of address: your Aadhaar card, rental agreement, postpaid bills, or utility bills
  • Photo: a selfie

Consumer durable loan foreclosure

Your consumer durable loan with PaySense can be pre-closed. To foreclose the loan, a minimum of six EMIs must be paid and updated in the app. PaySense accepts foreclosure requests between the 10th and 20th of each month. You can contact customer support between the dates to foreclose your loan.


So, upgrade your home with all the consumer appliances you need with an affordable consumer durable loan from PaySense. Purchase the latest durables today, and pay for them down the line in flexible pocket-friendly EMIs. 

With instant approval, low-interest rates, and minimal documentation, consumer durable loans are the perfect option to upgrade your home and lifestyle.