A consumer loan is a loan offered by banks to customers specifically for purchasing household goods, appliances, and personal devices.
These loans are designed to finance the acquisition of items like:
- Television sets
- Air conditioners
- Home theater systems
- Refrigerators
- Laptops
- Mobile phones
- Cameras
- Even modular kitchens
Consumer loans provide individuals with the financial means to obtain these goods and services without needing to pay the full purchase price upfront. The borrower then repays the loan, typically with interest, over a set period. The amount one can borrow depends on various factors, including creditworthiness and income.
