Personal Loan for
Consumer Durables
Unity Small Finance Bank offers a flexible Personal loan that can be used to finance the purchase of essential items, allowing you to spread the cost over time and manage your finances more effectively.
What Classifies as Consumer Durable?
Consumer durables are long-lasting goods that are typically used in households and include items like home appliances, electronics, and furniture. These products are designed to last for several years, making them an essential part of modern living. Examples include refrigerators, washing machines, air conditioners, televisions, and other similar items that provide long-term value to consumers.
Why Consider a Personal Loan for Consumer Durables?
Purchasing consumer durables can place a significant strain on your budget, especially if you're buying multiple items at once. A personal loan from Unity Small Finance Bank offers a convenient way to finance these purchases without compromising your financial stability.
Features and Benefits of Personal Loan
Unity Small Finance Bank’s personal loan offers several advantages when used to purchase consumer durables.
Flexible Loan Amounts
Borrow between ₹1,00,000 and ₹5,00,000, depending on your eligibility and financial needs.
Quick Disbursal
Once approved, the loan amount is quickly disbursed, allowing you to make your purchases without delay.
Competitive Interest Rates
Benefit from interest rates ranging from 16% to 30%, tailored to your credit profile.
Flexible Repayment Tenure
Choose a repayment tenure between
6 to 36 months, allowing you to balance your monthly outgoings with your other financial commitments.
No Collateral Required
As an unsecured loan, there’s no need to provide any collateral, making the application process straightforward and hassle-free.
Eligibility Criteria for Consumer Durable Loan
Documents required
- Proof of Identity: Aadhar Card, Driver's License, Voter's ID Card, Passport
- Address Proof: Utility bills, rental agreements, or similar documents
- Salary slips for salaried employees.
- Bank statements, and GST registration for self-employed individuals.
Fees & GST Charges
Understanding the fees and charges associated with your loan is crucial for effective financial planning
| Fee Type | Details | Amount | Remarks |
|---|---|---|---|
| Processing Fee | Applied to cover administrative expenses | 3% of the loan amount | One-time fee |
| Prepayment & Foreclosure | Allowed by the bank with applicable charge | 4% | On outstanding amount |
| Late Payment Fee | Charged if EMI is missed | ₹500 + GST | Per instance |
How To Apply ?
Applying for a personal loan with Unity Small Finance Bank is simple:
1
Check Your Eligibility:
Ensure you meet the eligibility criteria regarding age, income, and credit score.
2
Calculate Your EMI:
Use the EMI calculator to plan your repayments.
3
Prepare Your Documents:
Gather the necessary identification, income, and address proof.
4
Loan Disbursal:
Once approved, the loan amount will be credited to your account, enabling your purchases.
EMI Calculator
Before committing to a loan, it’s helpful to understand what your monthly payments will look like. The EMI Calculator provided by Unity Small Finance Bank allows you to input the loan amount, tenure, and interest rate to estimate your monthly EMIs. This tool helps you assess whether the loan fits within your budget and allows you to explore different repayment scenarios.
Tip: Use the EMI calculator to find the right loan amount and tenure for affordable monthly payments.
Type of Deposit
Deposit amount
Tenure
Start Date
Are you a Senior Citizen?
Amount on maturity
@
8.5%
interest rate *
Invested amount
Total earnings
Maturity Date
Conclusion
A personal loan from Unity Small Finance Bank offers a practical solution for purchasing consumer durables without compromising your financial stability. With flexible terms, competitive interest rates, and quick disbursal, you can easily finance your essential household items and repay the loan on your terms.
