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Consumer Durable Loan Eligibility And Documents

Salaried individuals

  • To meet the consumer durable loan eligibility criteria, salaried applicants need to fulfill these requirements.
  • Minimum age: 21 years

  • Maximum age: 60 years

  • Minimum work experience: 2 years

Documents required for Consumer Durable Loan

Photo Identity Proof

A copy of your Voter ID / Passport / Driving License / Aadhaar Card / PAN Card

Address Proof

A copy of your Ration Card / Electricity Bill / Passport

Income Proof

A copy of your Salary account bank statements for the last six months showing your salary slips

Salary Slips

A Copy of your Salary slips for the last three months

Self-employed individuals

  • For self-employed applicants, the age requirements are slightly more relaxed, as listed here.
  • Minimum age: 21 years

  • Maximum age: 65 years

Documents required for Consumer Durable Loan

Photo Identity Proof

A copy of your Voter ID / Passport / Driving License / Aadhaar Card

Address Proof

A copy of your Ration Card / Electricity Bill / Passport

Income Proof

Your latest bank statements & Income Tax returns for the past 2 years

What are the eligibility criteria for a consumer durable loan?

Applicants are required to fulfill certain eligibility criteria for consumer durable loans. The criteria primarily depend on the applicant’s nature of employment.

            Salaried individuals

To meet the consumer durable loan eligibility criteria, salaried applicants need to fulfill these requirements.

  • Minimum age: 21 years

  • Maximum age: 60 years

  • Minimum work experience: 2 years

    Self-employed individuals

  • For self-employed applicants, the age requirements are slightly more relaxed, as listed here.
  • Minimum age: 21 years

  • Maximum age: 65 years

What are the documents required for a consumer durable loan?

What are the documents required for a consumer durable loan?

In keeping with our minimum documentation policy, Tata Capital lists the following as common documents required for a consumer durable loan application.

  • KYC documents that include proofs of identity and address issued by the government

  • A recent passport-size photograph of the applicant

  • One cancelled cheque/IMPS validation

  • A duly signed ECS mandate

  • One non-dated cheque issued in favor of TCFSL, mentioning the entire amount of loan needed

In addition to the consumer durable loan documents mentioned above, applicants need to offer proof of their income as follows:

Salaried individuals

One copy of the applicant’s salary account bank statement for the previous 6 months

A copy of the salary slips for the previous 3 months

Self-employed individuals

Latest bank statements

Income tax returns for the previous 2 years

 

FAQs

Here’s a comprehensive list of the eligibility criteria you need to fulfill if you’re a self-employed individual seeking to obtain a consumer durable loan from Tata Capital.

  • You must be at least 21 years of age.

  • You should not be over the age of 65.

  • You can avail of a minimum loan of ₹ 10,000.

  • The maximum amount of loan you obtain is ₹ 5 lakhs.

  • You can spread the cost of your purchase across as few as 6 months or as many as 24 months.

Consumer durable loans are essentially unsecured borrowings. As a result, the lender does not have the security of a collateral to rely on. This is why your credit history plays a key role in determining your eligibility for a consumer durable loan. Lenders tend to look into your borrowing history and your credit profile to verify if you’re a trustworthy borrower. The higher your CIBIL score, the better is your eligibility for consumer durable loan.

Consumer durable loans are unsecured loans. As a result, you do not need to provide any collateral as a security. This also means that there’s no mortgaging involved in the process of applying for a consumer durable loan.

The documents required for availing a Consumer Durable Loan from Tata Capital are –

  • PAN card

  • An address proof such as your driving license, voter ID, passport, or NREGA card

  • A duly signed NACH mandate

  • A cancelled cheque, if applicable

  • EMI cheques as applicable

Here are some tips to help you improve your credit score, so your loan approval comes through smoothly.

  • Repay your EMIs on time.

  • Opt for a longer repayment tenure, so your EMIs are more affordable.

  • Ensure that your credit report is devoid of any errors.

  • Do not take on too much debt at the same time.

  • Limit your credit enquiries to a minimum.

How can I improve my Credit Score?

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