Secured consumer loans
Secured loans are ones that are backed by assets as collateral. In India, secured consumer loans are typically secured by the object being purchased. Some banks also offer consumer durable loans backed by other assets such as fixed deposits, RBI bonds, gold jewelry, life insurance policies, and so forth. As a result, secured consumer durable loan interest rates are typically cheaper. If you fail to repay the loan for any reason, the lender has the right to seize your collateral to make up the loss.