Product loans are consumer loans designed to help individuals purchase specific products such as electronics, home appliances, mobile phones, laptops, furniture, or other durable goods. These loans are usually offered at attractive interest rates with flexible repayment options and are available through banks, non-banking financial companies (NBFCs), and retail financing partners.
To apply for a product loan, the following documents are generally required:
Identity Proof: PAN Card, Aadhaar Card, Voter ID, Passport, or Driving License.
Address Proof: Utility bills (electricity, water, or telephone), Passport, Voter ID, or Rent Agreement.
Income Proof: Salaried Individuals: Latest salary slips (last 3 months) or bank statements showing salary credits. Self-employed Individuals: Income Tax Returns (ITR) or bank statements for the last 6 months.
Product Invoice or Quotation: A proforma invoice or quotation from the seller, specifying the product details and price.
Employment/Business Proof: Employee ID card, Offer/Appointment letter, or Business registration certificate.
Photographs: Recent passport-sized photographs of the applicant(s).