Financial Aid For Basic
Essentials In Life
Consumer Durable Loan
A Consumer Durable Loan is an option that helps customers finance their purchase of consumer durables. This class of products includes household appliances or electronics such as TVs, refrigerators, air conditioners, washing machines, microwaves, home theatres, laptops, wellness equipment, lifestyle products, etc.
By obtaining a Consumer Durable Loan, a customer can buy these products and repay the cost of the purchase over a convenient period, ranging from 6 months to 24 months
Consumer Durable Loan EMI Calculator
EMI Details
Monthly EMI
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Principal Amount
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Interest Amount
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Total Amount Payable
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Target Segment
Aspiring Middle Class
- Those who are not poor but have yet to achieve economic security
New to Credit Segment
- The business of a company from the view of credit assignment and control.
How To Apply
Submit Aadhar Card / PAN Card
We will check your Cibil Score
Submit Income Proof
We will check your eligibility based on Income / Cibil Score
Receive Money
Receive your money in 1-2 business days after verification
Eligibility
Factors That Affect Durable Loan Eligibility
Income Proof Scheme - Salaried employees / Pensioners
Age: 21- 65 years on loan maturity.
Minimum Gross Monthly Income Rs. 15000/-
Vintage of at least 2 years with the current employer.
Government employees with proper ID Card. Cibil score -1 or above 700. Maximum Loan amount Rs. 2.00 L
Income Proof Scheme - Self Employed Individuals
Age: 25-65 years on Loan Maturity.
Minimum documented income / Assessed income Rs. 1.50 L
Minimum 6 months in current business
Surrogate Scheme
12 months vintage with minimum credit limit of Rs. 50000/-.Latest 3 months credit card statement with no over-dues to be submitted. Minimum Cibil Score of 700. Maximum Loan amount 150% of the Credit Card limit.
Minimum documented income/Assessed income Rs. 1.50 L
Own house proof, such as electricity/water bills or any other ownership proof. Cibil score -1 or above 700. Maximum Loan amount Rs. 1 L
Note: Common eligibility norm for income and surrogate schemes: Residing in the current address for more than 6 months.
Repayment
The act of paying back money previously borrowed from a lender
Monthly Instalment. No repayment holiday.
Autopay
Can make use of internet banking to set up autopay for your EMI payments.
Standing Instructions
Can set up standing instructions using NACH mandate.
Draft / Cheque
EMI payments can also be made via drafts or post-dated cheque.
Online Transfer
EMI payments can also be made online using NEFT, RTGS, IMPS payments.
Loan Amount
Rs. 5000/-
Rs. 5 L/-
Loan Tenor
6 months
60 Months
Maximum Tenor not to exceed 24 months for loans upto Rs. 50000/-
Margin
10% of the invoice value.
Hypothecation of the assets acquired out of the finance
Co-applicant Mandatory for loans above Rs.75000/- . Spouse / Family Member / Co-worker can be a coapplicant / Guarantor
To be decided on a periodical basis
Interest type: Fixed
Rs. 3% + GST
- Late Payment fee: 2.00% per month (24% per annum) for the defaulted amount for the defaulted period.
- Pre-closure charges: 4% of principal outstanding
- Penalty for cheque bounce / NACH Return : Rs. 500+ GST
- Change of Bank Account: Rs. 400 + GST
Direct to the supplier / dealer by debit to the loan account.
Direct to the supplier / dealer by debit to the loan account.
Insurance coverage (ADLD-Accidental Damage and Liquid Damage) mandatory for all household appliances, Electronic Goods, Wellness equipment etc.
- Loan application
- KYC documents (AADHAAR mandatory)
- Identity Proof: Aadhaar Card / PAN Card / Driving License / Voter’s ID / Passport
- Address Proof: Aadhaar Card / Passpor t/ Bank Account Statement / Lease / Property purchase Agreement / Utility Bill (not more than 3 months old) / Driving License
- Estimate / Performa Invoice
Income documents:
- Salaried – Latest form 16, 3 months pay slip/ Bank account statement for 6 months into which salary credited, Salary certificate
- Pensioners- Pension book, Bank account statement evidencing the pension credited
- Self Employed/Non-Salaried- Last 2 years ITR (with minimum 6 months gap between 2 filings), 6 months account statement with a monthly credit of Rs. 10K
- Business Proof (for self-employed applicants): GST Registration and Filing Documents/ Partnership Deed/Certificate of Practice/ MOA & AOA/ Shop Act License
- Documents for surrogate-As per column 3 (Eligibility)
- Loan cum Hypothecation agreement
- 2 Security cheques- and NACH Mandate
- Original invoice / Bill (Post disbursement)
- Land Tax Receipt / Copy of title deeds
To be decided on a periodical basis
- Customer can either apply for a consumer durable loan online through the LFS website or visiting our branch office / LFS Counter in dealer locations by submitting a duly filled loan application form along with the necessary documents.
- Cibil Report / Equifax Report / CRIF Highmark reports to be generated in all cases. (Cibil + Any one of the other.)
- Repayment capacity to be calculated using the FOIR Method by taking into the monthly obligations. Maximum FOIR 60% to be insisted.
Age deviation, Cibil Score Deviation, and waiver of insurance shall be within the delegation of Head-Credit & Risk.
Testimonials
What Our Customers Says
Transparency and the right financial assistance are the key factors for me in choosing LuLu Finserv. The branch staff rightly helps you choose the right scheme based on your financial requirements.
Customer
LuLu Finserv is one of the best customer-centric and service-oriented NBFCs in the region, and I would recommend that everyone confidently avail of their services.
Customer
The easy loan process and quick disbursal of funds is the best part about LuLu Finserv.
Customer
I am happy to say that LuLu Finserv has been a great support during any urgent financial need. The genuine customer service and choice of lending schemes make it the right place for all.
Customer
