How to get a Consumer Durable Loan from a Personal Loan App 

get consumer durable loan from a personal loan app

In today’s modern world, people are interested in buying new electronic products to fulfill their daily needs, but most people can’t afford them. With consumer durable loans, it is possible to buy new electronic gadgets and household appliances like washing machines, televisions, modular kitchens, and much more. You can take online consumer durable loans to avail yourself of new products ranging from Rs. 10000 to 15 lakhs, and these types of loans can come with a 0% interest rate or no-cost EMI.  

Among many types of loan options, consumer durable loans from online mobile apps can be convenient and easy to access. In this blog, we will see what consumer durable loans are and learn how to get consumer durable loan from a personal loan app

What is a Consumer Durable Loan?  

A consumer-durable loan is a type of personal loan offered by banks and other financial institutions. This type of loan is used to buy things like mobile phones, laptops, household appliances, and others. If you avail of a consumer-durable loan, you have options to choose a loan tenure repayment method. The EMI option lets you borrow money instantly through the Zap Money app and pay back the loan amount using a flexible payback plan, all based on your budget and convenience.  

Benefits of taking an instant personal loan online:  

Applying for a personal loan online allows you to apply for a loan paperless. Instant personal loans are available from online apps like Zap Money. These loans can help you with unexpected costs, automobile purchases, and other financial needs. Here are some benefits of getting a consumer durable loan from personal loan app


It is convenient to take an online personal loan from Zap Money at any time just by installing the app from the Play Store and filling in the required details, without having to visit a bank or office. This saves time and effort.  

Quick approval process:  

The time taken for online personal loans is less because online lenders have simplified application procedures and can render approval decisions more quickly. Some online loan apps like Zap Money can approve loans within a day or even a few hours.  

Competitive interest rates:

Online lenders often have less expensive operating expenses, which allows them to offer competitive interest rates compared to other lenders. 


Normally online lenders provide clear information about interest rates, processing fees, and loan terms, making it easier to compare offers and choose the best option.  

Flexible loan amounts:  

Online lenders may offer a wider range of loan amounts, from small personal loans to larger sums, catering to various financial needs.  

Automated process:  

Most online personal loans come with an automated process for loan application, which can reduce errors and provide a more efficient and consistent experience.  

However, it’s important to know when taking out a personal loan online, as there are also risks involved, such as dealing with fake lenders or falling into illegal loan apps. Choose reputable and RBI-registered online personal loan apps like Zap Money. 

Check out the eligibility criteria for Consumer Durable Loans: 

Criteria Description 
Age Minimum and maximum age limits, usually between 21 and 65 years old 
Employment Status Individuals must be employed and should have a stable source of income. 
Minimum Income A minimum monthly or annual income requirement, as specified by the lender 
Credit Score A minimum credit score requirement, often in the range of 650-700 or higher 
Credit History A satisfactory credit history with no recent defaults or delinquencies 
Debt-to-Income Ratio A maximum debt-to-income ratio, usually below 40-50% of monthly income 
Loan Amount Limits on the minimum and maximum loan amount that can be borrowed 
Loan Tenure The maximum repayment period allowed typically ranges from 1 to 5 years 
Residential Status Requirements based on citizenship or residency status 
Documentation Documentation like Aadhar card, PAN card, passport etc. 

Factors Affecting Consumer Durable Loan Interest Rate:  

Many lenders offer a 0% interest rate on consumer durable loans, but some lenders charge interest on these loans. The interest rates can vary based on various financial institutions and come with individual profiles. Certain key things should be considered that could affect the interest rate charged to an individual:  

Credit score:  

A credit score is a three-digit numeric expression to represent an individual’s creditworthiness ranging from 300 to 900. Credit scores ranging from 750 to 900 are considered good credit scores and can help the individual access a loan with a low-interest rate.  

Higher loan amount:  

Interest rates applied by the lender can be high when you apply for a higher loan amount. This happens because a higher loan amount can have more EMI payouts, which can increase the risk of default of the lender  

Loan tenure:

Usually, long loan repayment tenure can result in a high rate of interest  

Current debt:  

If a person must take out a new loan and has a lot of debt already, the lender will charge a high-interest rate because the person has a high loan default rate. 

Also read: 

Debt-to-income ratio and types of Debt-to-income ratio 


What is the minimum CIBIL score for a mobile loan? 

Most lenders will not specify the minimum score for personal loans. However, more than 750 are preferred by the lender for loan application 

What is the age limit for consumer durable loans? 

For consumer durable loans, the age range is 21 to 65. 

How does a consumer durable loan work? 

Consumer durable loan helps you to buy things like mobile phones, televisions and washing machines, etc. in the EMI option 

What documents are required for a consumer durable loan? 

ID proofs like an Aadhar card, PAN card, voter ID, and Driving License are required for consumer durable loans

What is the difference between personal loans and consumer durable loans? 

A consumer durable loan is a kind of personal loan that can be used to purchase household items like a washing machine, television, mobile phone, etc. However, personal loans, often known as consumer loans, have a variety of uses. 

Hariharan Ravichandran

Understanding the ever-changing environment of money may be a difficult experience.I'm Hariharan, a seasoned finance explorer and blogger. I am right there with you, beginning on this journey of financial enlightenment as a fellow traveler.


The ZapMoney app makes personal finance easy, accessible, and affordable. The App is available on Google Play Store and App Store for download, allowing you to sign up and access easy personal loans. ZapMoney is powered by Monexo Fintech Private Limited which is a registered NBFC-P2P.
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