Your chance to get best in class washing machines on consumer durable loan

Consumer Durable Loans 245 views

With the growing customer requirements and the emergence of financial services space, it indeed has become a reality to buy the consumer durable goods on loan. Things have changed rapidly from the earlier times when just as everything were being bought on cash. Now you can buy your favourite laptop or the best in class washing machines even if you do not have the cash by taking consumer durable loan from banks and non-banking finance companies (NBFCs). 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 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 prices of these washing machines are above Rs 50,000.

Samsung WD80J6410AS/TL

The 8-kg fully automatic washing machine with a front loading is available in the size of 600 x 850 x 600 mm. The price of the washing machine is Rs 63,000 (Estimated).

Table showing EMI interest payout on buying Samsung WD80J6410AS/TL washing machine on loan from select lenders (Assuming the monthly income to be Rs 20,000)

Bank NameMax Loan AmountMax TenureInterest RateProcessing FeeEMIInterest PayoutTotal Payout (Principal+Interest)
SBIRs 56,7003 years12.6%-15.1%Rs 573Rs 1,900-1,968Rs 11,683-14,159Rs 68,383-70,859
ICICI BankRs 63,0003 years11.49%-22%Rs 1,575Rs 2,077-2,406Rs 11,779-23,616Rs 74,779-86,616
HDFC BankRs 63,0003 years16%-20%Rs 1,260Rs 2,215-2,341Rs 16,736-21,287Rs 79,736-84,287
Tata CapitalRs 53,5502 years12.99%-19%Rs 700-1,575Rs 2,546-2,699Rs 7,545-11,235Rs 61,095-64,785
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LG F1496ADP24

The 8kg fully automatic washing machine has a front loading. Available at a size of 600 x 850 x 550 mm, the product is offered at a price of Rs 52,000 (Estimated).

Table showing EMI interest payout on buying LG F1496ADP24 washing machine on loan from select lenders (Assuming the monthly income to be Rs 20,000)

Bank NameMax Loan AmountMax TenureInterest RateProcessing FeeEMIInterest PayoutTotal Payout (Principal+Interest)
SBIRs 46,8003 years12.6%-15.1%Rs 473Rs 1,568-1,625Rs 9,644-11,687Rs 56,444-58,487
ICICI BankRs 52,0003 years11.49%-22%Rs 1,300Rs 1,715-1,986Rs 9,722-19,493Rs 61,722-71,493
HDFC BankRs 52,0003 years16%-20%Rs 1,040Rs 1,828-1,933Rs 13,814-17,570Rs 65,814-69,570
Tata CapitalRs 44,2002 years12.99%-19%Rs 552-1,105Rs 2,101-2,228Rs 6,227-9,273Rs 50,427-53,473

Siemens WM12P420IN

The 9kg fully automatic washing machine features a front loading and is available at a size of 85 x 60 x 59 cm. The price of the product is Rs 60,000 (Estimated).

Table showing EMI interest payout on buying Siemens WM12P420IN washing machine on loan from select lenders (Assuming the monthly income to be Rs 20,000)

Bank NameMax Loan AmountMax TenureInterest RateProcessing FeeEMIInterest PayoutTotal Payout (Principal+Interest)
SBIRs 54,0003 years12.6%-15.1%Rs 545Rs 1,809-1,875Rs 11,127-13,485Rs 65,127-67,485
ICICI BankRs 60,0003 years11.49%-22%Rs 1,500Rs 1,978-2,291Rs 11,218-22,491Rs 71,218-82,491
HDFC BankRs 60,0003 years16%-20%Rs 1,200Rs 2,109-2,230Rs 15,939-20,273Rs 75,939-80,273
Tata CapitalRs 51,0002 years12.99%-19%Rs 638-1,275Rs 2,424-2,571Rs 7,185-10,700Rs 58,185-61,700
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LG FH4U1JBSK4

The 10.5 kg fully automatic washing machine offers a frontal loading and comes in a size of 60 x 61 x 85 cm. The price of the product is Rs 64,000 (Estimated).

Table showing EMI interest payout on buying LG FH4U1JBSK4 washing machine on loan from select lenders (Assuming the monthly income to be Rs 20,000)

Bank NameMax Loan AmountMax TenureInterest RateProcessing FeeEMIInterest PayoutTotal Payout (Principal+Interest)
SBIRs 57,6003 years12.6%-15.1%Rs 582Rs 1,930-2,000Rs 11,869-14,384Rs 69,469-71,984
ICICI BankRs 64,0003 years11.49%-22%Rs 1,600Rs 2,110-2,444Rs 11,966-23,991Rs 75,966-87,991
HDFC BankRs 64,0003 years16%-20%Rs 1,280Rs 2,250-2,378Rs 17,002-21,625Rs 81,002-85,625
Tata CapitalRs 54,4002 years12.99%-19%Rs 680-1,360Rs 2,586-2,742Rs 7,664-11,413Rs 62,064-65,813

(Updated on:5 November,2016)