SBI Consumer Durable Loan: If you want to buy TV, fridge, washing machine or any other such item this time, then SBI can help you in this. If there is shortage of funds, you can take a Consumer Durable Loan from SBI.
SBI Consumer Durable Loan
Under this, the facility of Debit Card EMI (SBI Debit Card EMI) is available. The time for repayment of this loan ranges from three months to 36 months. According to the official website of the bank, you do not have to pay any processing fee in this.
How much is the interest on SBI Consumer Durable Loan?
According to the official website of the bank, SBI is currently charging 18.35 percent interest on consumer durable loans. Pre-approved customers are generally identified at monthly intervals and their eligibility is generally valid for 1 month and/or until the next list of pre-approved customers is prepared by the Bank.
The Consumer Durable Loan from SBI can be availed through online EMI, payment gateway/aggregator at selected online merchants by entering internet banking or debit card credentials. Pre-approved customer of the bank can get a loan up to Rs 2 lakh.
How to check eligibility for this loan?
This is a SBI Debit Card EMI loan. You can check yourself whether you are eligible for this loan or not. Customers can know their eligibility and eligible loan amount by sending SMS DCEMI to 567676 from their registered mobile number with the Bank.
What is the Loan amount and EMI tenure?
- Loan of Rs 3,000-25,000: EMI option of 3,6,9,12 months.
- Loan of Rs 25,000-50,000: EMI option of 3,6,9,12,18,24 months.
- Loan up to Rs 50,000-2,00,000: EMI of 3,6,9,12,18,24,30,36 months.
A consumer durable loan is a type of loan designed to finance the purchase of consumer durables products such as electronic gadgets, home appliances and furniture.
For loans up to Rs 25,000, there is no pre-payment penalty. For amounts exceeding Rs 25,000, a 3% pre-payment penalty is applicable.
The maximum loan amount allowed is up to Rs 1 lakh.
The tenure options include 6, 9, 12, and 18 months.
There is zero processing fee associated with these loans.
The interest rate is the 2-year Marginal Cost of Funds based Lending Rate (MCLR) plus 7.50%. However, many consumer durable products are available at no-cost EMI offered by brands.