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Consumer durable loans are loans given for buying television, microwave, food processors, washing machines among others.
The quantum of loan advanced may vary from Rs 5,000 to Rs 1,00,000. Normally 90% of the value is advanced and the repayment period is between 12 months to 36 months. Although this type of loan is largely unsecured but some of the equipments like computers, refrigerators and music system is hypothecated. Nationalised banks charge lesser rate of interest than the other banks