Have a look at Dena Bank Consumer Durable Loan

Consumer Durable Loans 190 views

One can now purchase their favorite laptop to the best in-class refrigerator or air conditioners as the buying power has been given an impetus with consumer durable loan. This type of loan, as the name suggests, is provided by banks and non-banking finance companies (NBFCs) to buy consumer durable goods such as refrigerators, washing machines, air conditioners, laptops, LED television and others. As a customer, you must check the offering of different lenders and make a comparison so that you can opt for one that not only meets your requirements but also fit into your pocket. You can choose the consumer durable loan offering from a group of lenders such as HDFC Bank, ICICI Bank, State Bank of India, Bajaj Finserv and others for a period of 1-3 years. Loan can be financed at 80%-100% of the price of the product. Loan amount eligibility also depends on the repayment capacity of the individual. We, in this article, will highlight the consumer durable loan of Dena Bank, a popular public sector bank. First start with the features, fees and charges that apply on the bank's consumer durable loan.

Features, Fees & Charges

  • Maximum Loan Amount- Rs 1 lac
  • Maximum Loan Amount Eligibility-9 times of net monthly income
  • Maximum Loan Tenure- 3 years
  • Spouse's income can be added to increase loan amount eligibility
  • Margin Money-20% of the loan amount
  • Interest Rate -13% for corporate salary account holders
    -14.5% for others
  • Interest to get charged on daily reducing balance
  • Processing Fee – Upto Rs 25,000-Rs 250
    – Above Rs 25,000-Rs 500
  • No prepayment charges
Must Read  Top 5 Air Conditioners to Fit into Your Budget

Eligibility Criteria

ParametersSalaried ProfessionalSelf-employed
Age21-60 years21-65 years
IncomeMinimum income of Rs 20,000 per monthMinimum annual income of Rs 2,00,000
Job Experience/Business ContinuityMust have been working with the current employer for at least 2 yearsMinimum work experience of 3 years in the same line of business

Documentation

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 ProofSalary slip of last 2 months, 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
Signed Application FormYesYes

Products covered under consumer durable loan

  • Laptop
  • Personal Computer
  • Washing Machine
  • Refrigerator
  • Microwave
  • TV
  • Air Conditioner
  • Mobile Handset
  • Cooking Range
  • Fitness Equipment
  • Music System
  • DVD Player

(Updated on:5 November,2016)