No cash left to buy washing machines of Rs 15K-35K? Avail consumer durable loan
Last Updated : June 27, 2016, 9:03 a.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)