Renovating your home or moving into a new office space calls for some upgrades in the furniture and electrical appliances departments. While they are an investment and prove to be useful in the long run, they are not exactly what you would term as ‘affordable’ or ‘economical’ expenses.

Consumer Durable Loan

With every passing day, the demand for consumer durables increases. Whether it is a dishwasher, LED screen TV or an air-conditioner, these consumer durables are much needed in our daily lives. However, they do not come cheap and most times, that kind of liquid cash is not available to most people. This is where a consumer durable loan comes in handy. Opting for a consumer durable loan means you do not need to pay for your durables upfront and or all at once - it will be spread across a period and a certain percentage of your income will be used towards paying for the consumer durables. Interest rates for a consumer durable loan vary from lender to lender and generally lies between 12 to 22%.

Features and Benefits of consumer durable loan

To apply for consumer durable loan is to make a smart choice. The EMI plans available to ensure that you are not spending too much at one time and it’s being paid off in installments. There are some benefits and features of a PaySense consumer durable loan that you must know about:

1. Instant consumer durable loan Online Approval: When you apply for consumer durable loan, you will get prompt approvals for any amount from ₹5000 to ₹5 lakh.
2. Easy Collection of Documents: You need not worry about running around places to submit documents. The option of doorstep collection of documents is available where you just have to sign all the required documents and hand it over to the courier.
3. Affordable EMI Plans for consumer durable loan: The EMI plans that come with a consumer durable loan are flexible and affordable. You can choose an option that suits you best without having to miss any month’s payment.
4. Quick Subsequent consumer durable loan: Looking to take up another consumer durable loan online? No worries! The one-time documentation makes it possible for you to apply for subsequent loans without further checks.

Products Covered Under consumer durable loan

Items such as refrigerators, televisions, air conditioners, furniture, washing machines, microwaves, dishwashers, etc. get covered under the consumer durable loan.

How to apply for consumer durable loan on PaySense

To apply for consumer durable loan on PaySense, some steps need to be followed. Quick and easy steps that will help you acquire the loan in no time.

1. Check Eligibility: You need to ensure that you fit the below mentioned criteria to get a consumer durable loan.
   • Should be a resident of India
   • 21 years to 60 years
   • Mention employment type (salaried or self-employed)
   • Minimum Monthly Income should be ₹12,000 for salaried and ₹15,000 for self-employed
   • Location (PaySense is available in 40+ cities)
2. Upload required KYC Documents: The documents that you will need to submit or upload for the consumer durable loan are
   • Proof of Identity (PAN Card or Aadhaar Card)
   • Proof of Address (Aadhaar card, Rental agreement, Utility or Postpaid bills)
   • Proof of Income (Last 3 months bank statements)
   • A Selfie (Clear photograph)
3. Link bank account for loan disbursement: Once your consumer durable loan is approved and the application procedure is complete, the money will be transferred to your account in no time.