Have a look at consumer durable loan of HDFC Bank
Last Updated : June 7, 2016, 11:01 a.m.
HDFC Bank Consumer Durable Loan Details
| Particulars | Details |
|---|---|
| Interest Rate | 14.50%-22% p.a. |
| Loan Amount | Rs. 40,000-Rs.15 lacs |
| Tenure | 36 months |
| Processing Fee | 2% of the loan amount |
Introduction
As they say everything is subject to change. It also applies to the financial landscape in India. Gone are the days when people used to buy everything on cash and not loan barring home and car. People were quite keen to accumulate their savings to meet their requirements like marriage of their kids instead of opting for the loan. But with constant rise in the disposable income over the years, buying behaviour has undergone a sea change in India with people increasingly opting for credit cards, personal loan, etc. The tradition of credit has been given a further new dimension with the advent of consumer durable loan in India. Under the consumer durable loan, you can get the credit to buy washing machine, fridge, LCD televsion, air conditioners, etc. Banks are increasingly making tie-ups with retailers to offer easy-to-pay Equated Monthly Installment (EMI) schemes to lure customers. You can choose from a series of lenders like ICICI Bank , Bajaj Finserv, Tata Capital, ICICI Bank, etc. In this article, we will discuss the consumer durable loan offered by HDFC Bank , a leading private sector bank.
Eligibility Criteria of HDFC Bank Consumer Durable Loan
| Parameters | Salaried Professional | Self-employed |
|---|---|---|
| Age | 21-60 years | 26-60 years |
| Income | Minimum monthly income of Rs 18,000 | ITR of Rs 1.5 lakhs |
Fees & Charges
| Particulars | Amount |
|---|---|
| Processing Fee | 2% of the loan amount |
| Minimum Processing Fee | Rs 500 |
| Maximum Processing Fee | Rs 25,000 for salaried and Rs 75,000 for self-employed |
| Prepayment charges | 2%-4% of principal outstanding |
| Late Payment Charges | 24% per annum on amount outstanding from the date of default |
| Cheque Swapping Charges | Rs 500 |
| Cheque Bounce Charges | Rs 500 |
| Amortization Schedule Charges | Rs 200 |
| CIBIL Report Copy Charges | Rs 50 |
| Legal Incidental Charges | At actuals |
| Loan Cancellation Charges | Nil. But you will have to pay interest for the interim period between the date of loan disbursement and cancellation |
Documentation Required for HDFC Bank Consumer Durable Loan
| Proofs | Salaried Professional | Self-employed |
|---|---|---|
| Identity proof | PAN Card/Voter ID/Passport/Driving License, 2 passport size photographs | PAN Card/Voter ID/Passport/Driving License, 2 passport size photographs |
| Age proof | Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate | Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
| Address Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Income Proof | Latest Salary Slip, bank statement for last 3 months | Latest 2 year ITR with statement showing computation of income, CA Certified or auditied profit & loss account statements and balance sheet for last 2 years, bank statement for last 6 months |
| Signature verification | Driving License/Passport copy/PAN Card | Driving License/Passport copy/PAN Card |
Consumer durables on which loan is applicable
- Refrigerators
- Washing Machine
- Laptops and Ultra books
- Air conditioners
- Recliners
- High End Audio and Home Theatre Systems
- Modular Kitchen
- Tablets
- Mobile Phones
- High End Camera and Lenses
- LED Televisions
Features & Benefits of HDFC Bank Consumer Durable Loan
- Get upto 100% finance
- Zero advance EMI payments
- No blocking of credit card limits
- No Prepayment permitted before 6 months
Places where loan is applicable
- Delhi
- Mumbai
- Kolkata
- Chennai
- Bangalore
- Ahmedabad
- Pune
- Jaipur
- Hyderabad
- Cochin
- Chandigarh
(Updated on:7 November,2016)