By
definition,
a loan is
a type of
debt. As debt
instruments,
a loan involves
a redistribution
of financial
assets over
time, between
the lender
and the borrower.
Consumer Durable
loans have
their own
set of features.
Bank loans
in India have
undergone
a major change
with many
changes being
incorporated
to broaden
their customer
base. If you
want to buy
a microwave
oven, a refrigerator
or a home
theatre system,
consumer durable
loans come
to the rescue.
Different
banks offer
loans for
consumer durables
to enrich
your life
and provide
a better lifestyle.
Loans for
consumer
durables
are a particular
type of
personal
loan offered
by banks
around the
world. Today,
the banks
are lending
issues unique
to attract
more customers.
Whether
it is a
refrigerator,
music, washing
machine,
demand for
these loans
have seen
a sharp
rise during
the holiday
season.
However,
it is important
to note
that the
amount of
loans varies
from one
bank to
another
and most
banks offer
loans between
Rs 10000
and Rs 100000.
Punjab National
Bank offers
up to 90
per cent
of loans
up to 100000
rupees.
Syndicate
Bank offers
up to 80
per cent
of the invoice
value of
products
purchased
or 10 months'
gross salary,
whichever
is less,
subject
to a maximum
of 200000
rupees.
The UTI
Bank generates
minimum
amount of
25000 rupees
and the
maximum
is 200000
rupees,
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
provides
for a maximum
period of
36 months.
Under SBI’s
'Festival
ready banking
system,
money is
available
for only
up to 12
months.
There are
different
types of
loans for
consumer
durables,
therefore,
to satisfy
your insatiable
quest for
material
goods opt
for loans
of consumer
durables.
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