Introduction

The Society provides Consumer Durable Loans to assist members in purchasing essential household appliances and consumer durable goods that improve the quality of life and household convenience. The scheme enables members to acquire modern household equipment through affordable financing and convenient repayment options.

Objectives

The main objectives of the Consumer Durable Loan Scheme are:

• To help members purchase essential household appliances.
• To improve the standard of living of members and their families.
• To provide affordable financing for consumer durable goods.
• To reduce financial burden through easy installment-based repayment.
• To support members in acquiring modern household equipment.

Eligibility

Consumer Durable Loans may be granted to:

• Any person having assured monthly income and acceptable to the Society.
• Regular members of the Society.
• Salaried employees, farmers, business persons, and self-employed members having repayment capacity.
• Members with satisfactory financial and repayment records.
• Membership of the Society is compulsory for both the borrower and sureties.

Purpose of Loan

Consumer Durable Loans may be sanctioned for the purchase of:

Home Appliances

• Refrigerator
• Washing Machine
• Television
• Air Conditioner
• Water Purifier
• Microwave Oven
• Mixer Grinder
• Induction Stove

Electronics & Digital Devices

• Laptop
• Desktop Computer
• Printer
• Tablet
• Mobile Phone

Household Equipment

• Furniture
• Kitchen Equipment
• Home Utility Products
• Other approved consumer durable goods

The Society may finance any other consumer durable item approved from time to time.

Loan Amount

Consumer Durable Loans may be granted up to a maximum limit of ₹1,00,000 (Rupees One Lakh Only).

The actual loan amount sanctioned shall depend upon:

• Cost of the item proposed for purchase
• Monthly income of the borrower
• Repayment capacity
• Society norms and policies

Margin Requirement

Under this scheme:

• The Society may finance up to 75% of the cost of the item.
• The borrower shall contribute a minimum 25% margin amount from his/her own sources.

Security

The loan shall be secured by:

• Two personal sureties who are members of the Society.
• Hypothecation of the consumer durable items purchased under the loan.
• Proper execution of loan and hypothecation documents.
• Any additional security as may be prescribed by the Society.

Documents Required

• Loan Application Form
• Aadhaar Card
• PAN Card (if applicable)
• Passport Size Photographs
• Address Proof
• Income Proof / Salary Certificate
• Quotation or Proforma Invoice of the item
• Membership Details
• Surety Members’ Details
• Any other documents required by the Society

Repayment

The loan shall be repaid in convenient monthly installments as fixed by the Society. The repayment period will depend upon the loan amount, income, and repayment capacity of the borrower.

Benefits of Consumer Durable Loan

• Easy purchase of household appliances and electronics
• Affordable financing facility
• Low initial financial burden
• Convenient repayment options
• Quick loan processing
• Improved household comfort and convenience

Terms and Condition Apply