How can I check my HDFC consumer durable loan?
With HDFC Bank Eva Chatbot at your service, you can check the EMI amount, tenure, ROI, charges and other loan details of your Debit Card EMI and EasyEMI on Consumer Loans anytime and anywhere. All you need to do is open the Ask Eva chat option and enter your 10-digit registered mobile number.
How to Make HDFC Loan Payment Online at Paytm?
What is the rate of interest on consumer durable loan?
The interest rates for ICICI Bank Consumer Durable Loans range between 9.28% and 28.12% p.a. The bank sets the interest rates for consumer loan applicants depending on the product segment, asset category, loan tenure, the brand and schemes provided by the original equipment manufacturers (OEMs), etc.30-Nov-2022
Consumer durable loan is a special category of personal loan that is generally used to purchase electronic gadgets and household appliances that include smartphones, televisions, PlayStations, home theatres, laptops, cameras, washing machines, modular kitchens and much more.12-Apr-2022
What happens if you don't pay a consumer durable loan?
What happens when you don't repay the loan? If you stop paying up your loan, you eventually default on the loan. This will cost you more money as penalties, fees, and interest charges might build up on your account.
An increased interest rate: If you haven't paid your EMIs, the lender will increase the interest rate and/ or levy additional fees and charges on your loan. A lower CIBIL score: An EMI default would lead to the borrower's credit score lowered, which affects his future ability to take debt.
What is the loan repayment term for consumer durables?
With a Consumer Loan, you can buy the appliances or gadgets you need right away and pay over time. You can choose a tenure that works for you – 12, 24 or 36 months – and repay in pocket-friendly monthly instalments.
Can I Pay All The EMI at Once at HDFC? Whether you have taken a personal loan, home loan, car loan, or any other loan product from HDFC, the bank allows you to repay the remaining EMIs at one go. Repaying the remaining EMIs at one-shot is a great way to go debt-free and boost your credit score.13-Sept-2020
What is consumer loan no cost EMI?
A no-cost EMI is an offer where you can pay for a product or service in affordable monthly installments with zero interest on your chosen tenure. This means that you are only paying for the total price of the product, with no interest charges.
Top Consumer Durable Loan providers are Tata Capital, IDFC First Bank, Bajaj Finserv, and HDFC Bank. Low interest rates and instant consumer durable loan approval.
What documents required for consumer durable loan?
Generally the list of documents includes: Identity proof (PAN Card, Voter's ID, Aadhar Card etc.), Address proof (Passport, Driver's License, Electricity Bill etc.) and Income proof (latest salary slip).
between 720 and 750
Is there any margin requirement for consumer durable loan?
Amount of loan 5,00,000. Some lenders also provide loans for higher amounts depending on their guidelines or the eligibility of the applicants. Some lenders also require the applicants to make payment for margin money which is usually between 10% to 20% of the value of the product to be bought out of the loan.19-Feb-2022
FAQs
What is the average interest rate for a consumer loan?
According to a Bankrate study, the average personal loan interest rate is 11.08 percent as of October 7, 2022. However, the rate you receive could be higher or lower, depending on your unique financial circumstances.07-Oct-2022
Consumer durable loans are classified as unsecured loans and do not require you to allocate any form of your asset as security against repayment of loans, in contrast to secured loans. Thus, the lender needs to check your past performance as a borrower.
What legal action can be taken if loan is not paid?
As per the RBI guidelines for personal loan defaulters, you can be charged as a criminal if your cheques bounce, as stated under section 138 of the Negotiable Instruments Act of 1881.
There is No process for cancelling the loan. There is a process to foreclose the loan. For more details please call us on 1860 266 7777 (Local call rates apply) between 10:00 am to 7:00 pm from Monday to Saturday, excluding holidays OR write to us on cdservice@kotak.com. Was this information helpful?
Does taking consumer loan affect credit score?
Personal loans do affect credit your score, but with timely and prompt repayment, it will be in a positive manner. Always keep in mind the personal loan interest rate at which you have availed the loan.26-Jul-2021
Taking out a personal loan is not bad for your credit score in and of itself. However, it may affect your overall score for the short term and make it more difficult for you to obtain additional credit before that new loan is paid back.
Does consumer loan require collateral?
Both business loans and consumer loans usually require collateral, otherwise known as assets, to secure the loan. For both types of loans, collateral may include real estate or investments.
How can I check my HDFC consumer durable loan?