Consumer Loan
Consumer loans are indeed a type of personal loan that is specifically designed for the purpose of purchasing consumer goods, such as electronic gadgets and household appliances. The items you mentioned, including smartphones, televisions, PlayStations, home theaters, laptops, cameras, washing machines, and modular kitchens, are commonly financed through consumer loans.
These loans are typically offered by banks, financial institutions, or retailers in partnership with lending companies. The loan amount for consumer loans generally ranges from Rs. 10,000 to Rs. 15 lakh, although the specific range may vary depending on the lender and individual circumstances.
Features
- If you fail to make an EMI payment due to insufficient funds or a closed account linked to the post-dated cheque, you will be charged a fixed fee of approximately Rs. 500 for cheque bounce.
- Under a Consumer Loan in India, Jivan Commercial Co-Operative Bank Ltd offers a wide range of consumer goods for purchase, including air conditioners, televisions, refrigerators, washing machines, microwaves, cameras, mobile phones, tablets, kitchen appliances, and audio devices.
- Additionally, many of the products offered allow you to avail a No-Cost EMI, making your purchase even more affordable. This option eliminates the immediate financial burden if you are buying multiple items or an expensive product, as you won’t have to wait for a long time to save enough money.
- Prepayment refers to making a payment exceeding the actual EMI amount. However, if you completely repay the loan before the end of the repayment tenure, it is referred to as foreclosure. Foreclosure/prepayment charges are typically applied in such cases.
