HDFC Bank is one of the leading lenders covering almost every aspect need through a wide range of credit facilities. So, what if it’s about buying a consumer durable, it has customized offers for the same.

Given at attractive interest rate terms, people just apply for HDFC Consumer Durable Loan to buy products such as refrigerators, washing machines, coolers, etc. Customized loan quotes and flexible repayment tenure just make it more appealing. You would be in love with its offer by reading the article further.

Up to 100% Finance

HDFC Bank can give a maximum of 100% finance to help you buy your favourite consumer durable with ease. The loan amount, if we speak of, can go up to as much as ₹15 lakhs. And let’s be told there’s no security or collateral to submit to access this loan. It’s completely unsecured and hassle-free.

What is HDFC Consumer Durable Loan Interest Rate?

HDFC Consumer Durable Loan comes with an interest rate of 16%-20% per annum. The variation in rates is attributable to the difference in the income, repayment potential and credit score amongst individuals. Greater the income, repayment power and credit score, much are the chances to get a lower rate of interest on a loan and vice-versa.

Should You Calculate the EMI?

Yes, you should, without a doubt. Having an idea of the EMI, which is abbreviated for Equated Monthly Installment, only helps you budget your spends better. And what better than to look at the EMI calculator, which can be found online, to know the installment beforehand. With loan amount, interest rate and tenure, you can compute the installment that combines a portion of both interest and the principal amount towards a loan. Initially, the interest portion of the EMI will be on the heavier side as opposed to the principal part. As the loan comes near to completing its tenure, the principal portion will start getting deducted more than the interest.

How Should You Apply?

You can either apply on the website of HDFC Bank or visit its nearest branch to do so. All you need to do is to fill in a few details before submitting the application, which would be checked thoroughly by the bank before it okays your case.

HDFC Consumer Durable Loan Statement

After applying for a loan and paying the EMIs, you would feel the need for a statement. Well, you can get it on your e-mail ID or check the same on HDFC net banking. Do subscribe to the latter, if not, as you can check the HDFC Consumer Durable Loan Statement anytime by virtue of net banking as opposed to the monthly basis on the e-mail. The statement would give you the details of the dates on which the instalments are paid, besides giving the amount getting deducted month-on-month.

If you have paid any of the instalments after the due date, the late payment charges would be debited and get reflected on the statement. You should thus keep a close watch on spends other than the EMI to be able to enjoy a smooth repayment experience.

Author's Bio: 

Vikas Das, a well-known financial expert, has expressed his views on the consumer durable loans offered by HDFC Bank, arguably the largest private lender. The article has given insights which would hopefully be an exciting read for the readers.