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Consumer Durable Loans |
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By definition, a loan is a type of debt. Like debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower. Consumer Durable Loans too has its own set of features. Bank Loans in India has undergone a major change with many changes being incorporated to widen their customer base. Whether you’re thinking of buying a microwave oven, a refrigerator or a home theatre system, consumer durables have constantly are intended to improve our lifestyle and act as a convenience to our daily chores of our life. Different banks offer Special Consumer Durables Loans so as to enrich your life and provide a better lifestyle.
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Consumer Durable Loans is a particular type of Personal Loan offered by the banks across the world. Now day’s banks are coming out of with unique loans to attract more customers. Be it Refrigerator, music system, washing machine, the demand for such loans have witnessed a sharp rise during the festive season. However, it’s important to note that the quantum of the loans varies from one bank to another and most of the banks offer loans between Rs 10,000 and Rs 100,000. Punjab National Bank offers up to 90 per cent of the loans amounting upto Rs 100,000. Syndicate Bank offers up to 80 per cent of the invoice value of the products purchased or 10 months gross salary, whichever is less, subject to a maximum of Rs 200,000. The UTI Bank, generates minimum amount of Rs 25,000 and the maximum is Rs 200,000, provided it does not exceed 85 per cent of the cost of the product.
A loan can be taken for a maximum period of 60 months. UTI Bank, offers it for a maximum period of 36 months. Under SBI's 'Festival Loans' bank scheme, money is offered for only up to 12 months. There are different Types of Consumer Durable Loans, hence to satisfy your insatiable quest for material goods opt for Consumer Durable Loans.
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