A Complete Guide to Sustainable Consumer Loans: What You Need to Know


With the increase in demand for durable consumer goods, banks and other financial institutions have come up with innovative new loans to help shoppers make a purchase. Loan options are available for personal homes and business or commercial properties that can be used as showrooms or factories. If you are planning to buy a car, computer, refrigerator, air conditioner, mobile phone or other similar product and you need financing, this blog post will be useful for you. Here we will cover everything related sustainable consumer loans: eligibility criteria, loan types, usual documentation process, rates, etc.

What is a sustainable consumer loan?

A sustainable consumer loan is a type of credit against which you can borrow money to buy a product that lasts at least three years. This is an unsecured form of credit, which means your loan application will not be backed by any collateral, like a mortgage. The duration of a sustainable consumer loan can vary. You can take one to repay any amount of money, repayable over any period. The loan amount may or may not be the same as the cost of the product.

Eligibility for a sustainable consumer loan

Sustainable consumer loans are available to borrowers regardless of their credit history. Some lenders are even willing to lend to those with bad credit history. You can avail yourself of sustainable consumer loan on instant loan apps as PaySense if you meet the following eligibility criteria:

Age: Although there is no age limit as to who can apply for a sustainable consumer loanlenders generally prefer borrowers who fall within the age bracket of 21 to 60 years.

Credit: If you have a bad credit history, you can still apply for a consumer durables loan. To decide on your loan application, lenders will look at your income, not your credit history.

Revenue: Your income will be the main basis on which your loan application is approved. Lenders usually look at your past six months’ income and other financial documents to determine if you can repay the loan. To qualify for the loan, the monthly income of the individual must be between INR 18,000-20,000 or more. This varies by city of residence.

Nationality: The borrower must be an Indian citizen.

Characteristics of a sustainable consumer loan

Consumer durable loans are unsecured loans in which you repay the money without collateral. There is no fixed interest rate requirement for these loans.

How can you get a sustainable consumer loan through an instant loan app

If you want to get a sustainable consumer loanyou must first log in to a instant loan app such as PaySense and complete your loan application form online. The lender will review your loan application and the money will be credited to your account within hours. Then you can use the money to buy something durable or buy something else. For example, if you want a new laptop, you can buy it on an installment plan and pay it back in small amounts each month.


Sustainable consumer loans are unsecured loans in which you repay the money without any collateral. Lenders generally prefer borrowers with good credit history and high income. However, you can always request a sustainable consumer loan if you have a bad credit report. You can use an instant loan app like PaySense to get a sustainable consumer loan and buy a product of your choice. You can repay the loan amount in monthly installments.

(The article mentioned above is a Consumer Connect initiative. This article is a paid publication and does not involve any journalistic/editorial involvement by IDPL, and IDPL claims no liability.)


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