Have a look at consumer durable loan of HDFC Bank

 

HDFC Bank Consumer Durable Loan Details

ParticularsDetails
Interest Rate14.50%-22% p.a.
Loan AmountRs. 40,000-Rs.15 lacs
Tenure36 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

    ParametersSalaried ProfessionalSelf-employed
    Age21-60 years26-60 years
    IncomeMinimum monthly income of Rs 18,000ITR of Rs 1.5 lakhs

    Fees & Charges

    ParticularsAmount
    Processing Fee2% of the loan amount
    Minimum Processing FeeRs 500
    Maximum Processing FeeRs 25,000 for salaried and Rs 75,000 for self-employed
    Prepayment charges2%-4% of principal outstanding
    Late Payment Charges24% per annum on amount outstanding from the date of default
    Cheque Swapping ChargesRs 500
    Cheque Bounce ChargesRs 500
    Amortization Schedule ChargesRs 200
    CIBIL Report Copy ChargesRs 50
    Legal Incidental ChargesAt actuals
    Loan Cancellation ChargesNil. But you will have to pay interest for the interim period between the date of loan disbursement and cancellation
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    Documentation Required for HDFC Bank Consumer Durable Loan

    ProofsSalaried ProfessionalSelf-employed
    Identity proofPAN Card/Voter ID/Passport/Driving License, 2 passport size photographsPAN Card/Voter ID/Passport/Driving License, 2 passport size photographs
    Age proofPassport 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 CertificatePassport 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 ProofLatest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter IDLatest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID
    Income ProofLatest Salary Slip, bank statement for last 3 monthsLatest 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 verificationDriving License/Passport copy/PAN CardDriving 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)

     

    Personal Loan Interest Rates January 2018
    Bajaj Finserv 10.99% - 16.00%
    Fullerton India 14.00% - 33.00%
    HDFC Bank 10.99% - 20.70%
    ICICI Bank 10.99% - 18.40%
    IndusInd Bank 12.99% - 20.00%
    Kotak Bank 10.99% - 17.99%
    RBL 14.00% - 18.00%
    Standard Chartered Bank 10.99% - 14.49%
    Tata Capital 11.49% - 18.00%
    Home Loan Interest Rates January 2018
    State Bank of India/SBI 8.30% - 8.60%
    HDFC 8.35% - 8.95%
    Bank of Baroda 8.30% - 9.30%
    LIC Housing 8.35% - 8.70%
    PNB Housing Finance 8.35% - 8.70%
    ICICI Bank 8.35% - 8.85%
    Axis Bank 8.35% - 8.75%
    Citibank 8.60% - 9.35%
    Indiabulls Housing Finance Limited 8.35% - 8.55%
    Kotak Bank 8.35%
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