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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

 

CDL EMI Calculator

An EMI calculator is an easy-to-use online tool that assists interested borrowers in understanding their EMI breakup better. It’s freely accessible by all users and helps borrowers arrive at the right loan amount and repayment tenure according to their budget.

How to use an EMI Calculator?

Using an EMI calculator for consumer durable loan is extremely simple. Users only need to feed in the following data.

  • The amount of loan required

  • The intended repayment period

On doing this and selecting the “calculate” option, the EMI calculator arrives at the EMI breakup and shows the principal and interest components transparently. Furthermore, in case users find the EMI too high, they can modify the input amount and the tenure to receive a more affordable EMI option. 

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