Loans can be taken for consumption as productive purposes
Please specify what do we mean by 'consumption purposes' and 'productive purposes'

Consumption purpose loans are the loans given to satisfy needs that are to be consumed withen a short range of time or for immidiate puposes. For eg. educational needs, medical needs, tourism and travel needs,etc. There is a limit to the amount of loans one can take from the banks for such purposes.

Whereas,
Production purpose loans are used to finance the needs necessary for production or investment. Eg. to procure raw materials, purchase new plant or machinery, investment in a new line of business,etc.