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

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 loan 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)

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 NameLoan AmountTenureInterest RateProcessing FeeEMIInterest PayoutTotal Payout (Principal+Interest)
SBIRs 24,3003 years12.6%-15.1%Rs 246Rs 814-844Rs 5,007-6,068Rs 29,307-30,368
ICICI BankRs 27,0003 years11.49%-22%Rs 675Rs 890-1,031Rs 5,048-10,121Rs 32,048-37,121
Axis BankRs 27,0003 years15.5%-24%Rs 405-540Rs 943-1,059Rs 6,933-11,134Rs 33,933-38,134
Bank of BarodaRs 24,3001 year14.75%Rs 500Rs 2,190Rs 1,985Rs 26,285
Tata CapitalRs 22,9502 years12.99%-19%Rs 287-573Rs1,091-1,157Rs 3,233-4,815Rs 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 NameLoan AmountTenureInterest RateProcessing FeeEMIInterest PayoutTotal Payout (Principal+Interest)
SBIRs 29,7003 years12.6%-15.1%Rs 300Rs 995-1,031Rs 6,120-7,417Rs 35,820-37,117
ICICI BankRs 33,0003 years11.49%-22%Rs 825Rs 1,088-1,260Rs 6,170-12,370Rs 39,170-45,370
Axis BankRs 33,0003 years15.5%-24%Rs 330-660Rs 1,152-1,295Rs 8,474-13,609Rs 41,474-46,609
Bank of BarodaRs 29,7001 year14.75%Rs 500Rs 2,677Rs 2,426Rs 32,126
Tata CapitalRs 28,0502 years12.99%-19%Rs 351-701Rs 1,333-1,414Rs 3,952-5,885Rs 32,002-33,935
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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 NameLoan AmountTenureInterest RateProcessing FeeEMIInterest PayoutTotal Payout (Principal+Interest)
SBIRs 31,5003 years12.6%-15.1%Rs 318Rs 1,055-1,094Rs 6,491-7,866Rs 37,991-39,366
ICICI BankRs 35,0003 years11.49%-22%Rs 875Rs 1,154-1,337Rs 6,544-13,120Rs 41,544-48,120
Axis BankRs 35,0003 years15.5%-24%Rs 350-700Rs 1,222-1,373Rs 8,987-14,433Rs 43,987-49,433
Bank of BarodaRs 31,5001 year14.75%Rs 630Rs 2,839Rs 2,573Rs 34,073
Tata CapitalRs 29,7502 years12.99%-19%Rs 372-744Rs 1,414-1,500Rs 4,192-6,242Rs 33,942-35,992

(Updated on:5 November,2016)

Personal Loan Interest Rates December 2018
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.50%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank12.00% - 17.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates December 2018
State Bank of India/SBI8.75% - 9.35%
HDFC8.80% - 9.70%
Bank of Baroda8.65% - 9.65%
LIC Housing8.85% - 9.05%
PNB Housing Finance9.00% - 13.00%
ICICI Bank9.10% - 9.35%
Axis Bank8.80% - 9.05%
Citibank9.00% - 9.85%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank8.90% - 8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 14.00%