consumer loan EMI Calculator
Interest Type
Loan Amount
Interest Rate
Loan Tenure
| Loan Amount | ₹100,000 |
| Interest % | 8 % |
| Tenure (months) | 12 |
| Emi (monthly) | ₹ 8,699 |
| Total Interest | ₹ 4,386 |
| Loan Amount + Interest | ₹ 104,386 |
| Year | Total Principal ( A ) | Total Interest ( B ) | Balance ( A + B) | Total Payment | Loan Paid Till Date (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ₹ 24,258 | ₹ 1,839 | ₹ 26,097 | ₹ 75,742 | 24.26 % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| ₹ 75,744 | ₹ 2,547 | ₹ 78,291 | ₹ 0 | 100.00 % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Explore Your Options
Consumer Loan
A consumer loan’s interest rate may differ between lenders.
Consumer Loans are a type of personal loan that is typically used to buy electronic devices and domestic appliances such as smartphones, televisions, PlayStations, home theatre systems, laptops, cameras, washing machines, modular kitchens, and other similar items. This loan kind is often available for amounts ranging from Rs. 10,000 to Rs. 15 lakh. Consumer loans typically have a 0% interest rate or No Cost EMI and can be repaid in less than a few weeks to as late as 36 months.
Unlock Best Consumer Loan Offers From Top Lenders
Making the Process Easier, So You Can Get Your First Consumer Loan!
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, the amount will be disbursed to your account shortly.
Features of Consumer Loan
The following are some significant characteristics of a consumer durable loanA consumer loan’s interest rate may differ between lenders. Some significant aspects that may influence the interest rate charged by a lender include the cost of the item being purchased (i.e. loan amount) as well as the individual applicant’s profile, such as credit score, employment type, desired term, and so on.
Interest Rate: 0% by most lender
Loan Amount: From Rs. 10,000 to Rs. 15 lakh Up to 100% financing on consumer durable goods No Cost EMI is available from leading banks and NBFCs
Repayment Tenure: From days up to 36 months
Loan Type: Both, secured and unsecured
Foreclosure Charges: Nil
Hassle-free documentation with quick disbursals
offers of Consumer Loans
You can apply for a Consumer Loan with these banks/NBFCs to avail mentioned benefits:
SBI
No Cost EMI by most of the brands with loan amount up to Rs. 1 lakh.
HDFC Bank
Get 100% financing on consumer products with high durability.
Bajaj Finserv
Avail up to 100% funding on your purchase at zero or low-interest rates.
Tata Capital
0% EMI facility is available.
IDFC First
No Cost EMI with loan amount from Rs. 25,000 to Rs. 5 lakh.
IndusInd Bank
No Cost EMI available with the bank.
Fullerton India
Affordable EMIs for loan amount from Rs. 11,000 to Rs. 30,000.
Types of Consumer Loans
The following are the details of an instalment loan and its different subtypes:A consumer loan is a type of financing that can be used to buy consumer durable products including domestic appliances, electronics, and other similar items. The most common type of consumer durable loan is known as an Installment Loan. This sort of personal loan is distinct from an EMI conversion using a credit card or debit card in that no card is used to make the transaction and/or establish an installment-based payment schedule.
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Installment Loans
The most prevalent type of consumer loan, installment loans are paid back in weekly, fortnightly, monthly, or bi-monthly installments according to a defined schedule. The interest rate on these installments may be set or fluctuate over time. Furthermore, security or collateral may or may not be required for these consumer loans. Installment loans are classified into the following categories based on these characteristics:
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Fixed-rate consumer loan
The majority of consumer loans available to borrowers are fixed-rate loans, which work in the same way as other personal loan interest rates. These consumer loans carry the same interest rate throughout the loan term, as the name implies.
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Variable-rate consumer durable loan
The interest rate charged on the outstanding balance of a variable rate consumer loan fluctuates with market interest rates. As a result, your interest payments may differ. However, the interest rate on these loans is usually limited in terms of how high or low it can be.
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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.
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Unsecured consumer loans
The most prevalent type of consumer loan is an unsecured consumer durable loan. The borrower is not required to submit any. Unsecured loans may have higher interest rates than secured loans. Most banks and financial organisations, on the other hand, offer consumer durable loans at rates that are competitive with personal loan interest rates. You may be eligible for special offers with no or low processing fees and a 0% effective interest rate in select instances, such as during festivals.
Eligibility Criteria
Consumer Loans are available from most lenders (Banks and NBFCs) to both salaried and self-employed individuals. The requirements for a consumer durable loan may differ depending on the applicant’s profile, repayment history, income, loan amount, and other factors. The following are the eligibility requirements set forth by lenders for consumer durable loans:
Salaried Individuals
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Age: Minimum 21 years and Maximum 65 years
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Minimum Monthly Income: Rs. 15,000
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Experience in the current organization: Minimum 1 year
Self-employed Professionals
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Age: Minimum 21 years and Maximum 68 years
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Minimum Income: Rs. 1.5 lakh
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Employment Stability: At least 2 years in the current business
Note : InstaMoney Personal Loan may ask for additional documents based on the applicant’s profile. The above list is for reference purposes only.
Documents Required
Identity Proof:-
PAN Card
Aadhaar Card
Latest Salary slip of 1 month
Ownership Proof
Voter ID
Latest Bank statements of 3 months
Address Proof:-
PAN Card
Aadhaar Card
Latest Salary slip of 1 month
Ownership Proof
Voter ID
Latest Bank statements of 3 months
Income Proof:-
For Salaried Individuals: Salary Slips/ Bank Account Statement/ Form 16.
For Self Employed Individuals: Bank Account Statement/ Previous Year Income Tax Return (ITR)/ P&L Statement and Balance Sheet.
Fees & Charges
Apart from interest charges, there may be other fees and charges that apply to a consumer loan. Some of these are covered below:
Processing Fees: Processing fees cover the administrative fees and charges associated with the disbursement of a personal loan. The processing charge typically ranges from 0% to 6% of the loan amount approved.
Late Payment Fees: If you miss an EMI payment, you must pay these fees (which are usually a fixed amount) in addition to the owed EMI amount.
Cheque Bounce Charges: If you miss an EMI payment because the account linked to the post-dated cheque is either low on funds or has been canceled, you will be charged cheque bounce charges. It is usually a one-time fee of roughly Rs. 500.
Prepayment/Foreclosure Charges: Prepayment entails paying a sum greater than the EMI amount. However, foreclosure occurs when a debt is totally paid off before the repayment period ends. Charges called as foreclosure/prepayment charges are frequently associated with this entire prepayment. These typically range between 0% and 6% of the principal amount prepaid, plus any relevant taxes.
Factors affecting Consumer Loan Interest Rate
Although some lenders offer consumer durable loans with no interest, others do charge interest. The interest rate charged by a lender varies not just by the financial institution, but also by the applicant’s profile. A few major elements that influence an individual’s interest rate are listed below:
Credit Score
Your credit score is a three-digit numeric summary of your credit report/credit history that runs between 300 and 900. A credit score of 900 or higher (750 or higher in the case of CIBIL) makes it easier to get a consumer durable loan because it demonstrates more creditworthiness. It also allows you to get it on better terms, such as a lower interest rate.
Loan Amount
A higher loan amount usually means a higher interest rate for the applicant. This is because larger loan amounts typically result in greater EMI payments, which increases the lender’s risk of default.
Loan Tenure
Longer repayment terms are frequently associated with higher interest rates and vice versa.
Current Outstanding Debt:
In the case of applicants with substantial existing debt, a higher rate of interest may be levied on consumer loans since the lender perceives a larger chance of default.
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