Consumer Durable Loans

No cash left to buy washing machines of Rs 15K-35K? Avail consumer durable loan

No cash left to buy washing machines of Rs 15K-35K? Avail consumer durable loan

Last Updated : July 19, 2017, 3:15 p.m.

Now it has become a reality to buy the best-in-class products on loan much unlike the yesteryear when just as everything were ought to be bought on cash. Buying power of the consumers has definitely enhanced with the growing number of consumer durable loan offers from banks and non-banking finance companies (NBFCs). Going by the name, consumer durable loa n is offered to buy products such as refrigerators, washing machines, LED television, laptops, among others. Loan can be financed upto 80-100% price of the product for a period of 6 months-3 years. The loan amount eligibility is based on the monthly income and repayment capacity of an individual. The loan amount ranges from Rs 10K-5 lakhs. Minimum loan amount, though, differs from lender to lender.

In this article, we will keep a firm focus on the washing machines, which you can get on consumer durable loan if you do not have the cash amount to buy the same. The price of these washing machines range within Rs 15,000-35,000.

LG 6.2 kg Fully Automatic Top Load Washing Machine

The washing machine features a digital display with 4 wash programs. Made from stainless steel, the washing machine operates at a spin speed of 800 revolutions per minute (RPM). The price of this washing machine is Rs 17,000.

Table showing EMI interest payout on buying LG 6.2 kg Fully Automatic Top Load Washing Machine on loan from select lenders (Assuming the monthly income to be Rs 15,000)

Bank/NBFC Name Loan Amount Tenure Interest Rate Processing Fee EMI Interest Payout Total Payout (Principal+Interest)
SBI Rs 15,300 3 years 12.6%-15.1% Rs 155 Rs 513-531 Rs 3,153-3,821 Rs 18,453-19,121
ICICI Bank Rs 17,000 3 years 11.49%-22% Rs 425 Rs 561-649 Rs 3,178-6,373 Rs 20,178-23,373
Bank of Baroda Rs 15,300 1 year 14.75% Rs 500 Rs 1,379 Rs 1,250 Rs 16,550
Tata Capital Rs 14,450 2 years 12.99%-19% Rs 181-362 Rs 687-728 Rs 2,036-3,032 Rs 16,486-17,482

IFB 5.5 kg Fully Automatic Front Load Washing Machine

The washing machine contains 15 wash programs with an in-built heater. The product, which spins at the speed of 800 RPM, is available at a price of Rs 27,000.

Table showing EMI interest payout on buying IFB 5.5 kg Fully Automatic Front Load Washing Machine on loan from select lenders (Assuming the monthly income to be Rs 15,000)

Bank/NBFC Name Loan Amount Tenure Interest Rate Processing Fee EMI Interest Payout Total Payout (Principal+Interest)
SBI Rs 24,300 3 years 12.6%-15.1% Rs 246 Rs 814-844 Rs 5,007-6,068 Rs 29,307-30,368
ICICI Bank Rs 27,000 3 years 11.49%-22% Rs 675 Rs 890-1,031 Rs 5,048-10,121 Rs 32,048-37,121
Axis Bank Rs 27,000 3 years 15.5%-24% Rs 405-540 Rs 943-1,059 Rs 6,933-11,134 Rs 33,933-38,134
Bank of Baroda Rs 24,300 1 year 14.75% Rs 500 Rs 2,190 Rs 1,985 Rs 26,285
Tata Capital Rs 22,950 2 years 12.99%-19% Rs 287-573 Rs1,091-1,157 Rs 3,233-4,815 Rs 26,183-27,765

LG F1091NDL2 6 Kg Fully Automatic Front Loading Washing Machine

The fully automatic washing machine has 13 wash programs and a spin speed of 400/800/1000 RPM. The price of the product is around Rs 33,000.

Table showing EMI interest payout on buying LG F1091NDL2 6 Kg Fully Automatic Front Loading Washing Machine on loan from select lenders (Assuming the monthly income to be Rs 15,000)

Bank/NBFC Name Loan Amount Tenure Interest Rate Processing Fee EMI Interest Payout Total Payout (Principal+Interest)
SBI Rs 29,700 3 years 12.6%-15.1% Rs 300 Rs 995-1,031 Rs 6,120-7,417 Rs 35,820-37,117
ICICI Bank Rs 33,000 3 years 11.49%-22% Rs 825 Rs 1,088-1,260 Rs 6,170-12,370 Rs 39,170-45,370
Axis Bank Rs 33,000 3 years 15.5%-24% Rs 330-660 Rs 1,152-1,295 Rs 8,474-13,609 Rs 41,474-46,609
Bank of Baroda Rs 29,700 1 year 14.75% Rs 500 Rs 2,677 Rs 2,426 Rs 32,126
Tata Capital Rs 28,050 2 years 12.99%-19% Rs 351-701 Rs 1,333-1,414 Rs 3,952-5,885 Rs 32,002-33,935

Bosch WAK24168IN 7 Kg Fully-automatic Front-loading Washing Machine

The grey-coloured, fully automatic machine has LED display and detection systems for foams and unbalanced loads. The washing machine, which rotates at a speed of 1200 RPM, comes at a price of Rs 35,000.

Table showing EMI interest payout on buyingBosch WAK24168IN 7 Kg Fully-automatic Front-loading Washing Machine on loan from select lenders (Assuming the monthly income to be Rs 15,000)

Note- EMIs, interest, loan amount will vary on different income levels.

Bank/NBFC Name Loan Amount Tenure Interest Rate Processing Fee EMI Interest Payout Total Payout (Principal+Interest)
SBI Rs 31,500 3 years 12.6%-15.1% Rs 318 Rs 1,055-1,094 Rs 6,491-7,866 Rs 37,991-39,366
ICICI Bank Rs 35,000 3 years 11.49%-22% Rs 875 Rs 1,154-1,337 Rs 6,544-13,120 Rs 41,544-48,120
Axis Bank Rs 35,000 3 years 15.5%-24% Rs 350-700 Rs 1,222-1,373 Rs 8,987-14,433 Rs 43,987-49,433
Bank of Baroda Rs 31,500 1 year 14.75% Rs 630 Rs 2,839 Rs 2,573 Rs 34,073
Tata Capital Rs 29,750 2 years 12.99%-19% Rs 372-744 Rs 1,414-1,500 Rs 4,192-6,242 Rs 33,942-35,992

(Updated on:5 November,2016)

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