Personal loans come with flexible end-usage and can be availed to meet various personal financial needs such as medical expenses, home renovation, debt consolidation, etc. Consumer durable loans are a specific type of personal loan which can be availed to purchase consumer durable products such as household appliances, electronic gadgets, other common household goods, etc. However, these are generally cheaper as compared to typical personal loans as they are often offered at a low or 0% interest rate and nominal processing fees.