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 Name | Max Loan Amount | Max Tenure | Interest Rate | Processing Fee | EMI | Interest Payout | Total Payout (Principal+Interest) |
|---|---|---|---|---|---|---|---|
| SBI | Rs 56,700 | 3 years | 12.6%-15.1% | Rs 573 | Rs 1,900-1,968 | Rs 11,683-14,159 | Rs 68,383-70,859 |
| ICICI Bank | Rs 63,000 | 3 years | 11.49%-22% | Rs 1,575 | Rs 2,077-2,406 | Rs 11,779-23,616 | Rs 74,779-86,616 |
| HDFC Bank | Rs 63,000 | 3 years | 16%-20% | Rs 1,260 | Rs 2,215-2,341 | Rs 16,736-21,287 | Rs 79,736-84,287 |
| Tata Capital | Rs 53,550 | 2 years | 12.99%-19% | Rs 700-1,575 | Rs 2,546-2,699 | Rs 7,545-11,235 | Rs 61,095-64,785 |
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 Name | Max Loan Amount | Max Tenure | Interest Rate | Processing Fee | EMI | Interest Payout | Total Payout (Principal+Interest) |
|---|---|---|---|---|---|---|---|
| SBI | Rs 46,800 | 3 years | 12.6%-15.1% | Rs 473 | Rs 1,568-1,625 | Rs 9,644-11,687 | Rs 56,444-58,487 |
| ICICI Bank | Rs 52,000 | 3 years | 11.49%-22% | Rs 1,300 | Rs 1,715-1,986 | Rs 9,722-19,493 | Rs 61,722-71,493 |
| HDFC Bank | Rs 52,000 | 3 years | 16%-20% | Rs 1,040 | Rs 1,828-1,933 | Rs 13,814-17,570 | Rs 65,814-69,570 |
| Tata Capital | Rs 44,200 | 2 years | 12.99%-19% | Rs 552-1,105 | Rs 2,101-2,228 | Rs 6,227-9,273 | Rs 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 Name | Max Loan Amount | Max Tenure | Interest Rate | Processing Fee | EMI | Interest Payout | Total Payout (Principal+Interest) |
|---|---|---|---|---|---|---|---|
| SBI | Rs 54,000 | 3 years | 12.6%-15.1% | Rs 545 | Rs 1,809-1,875 | Rs 11,127-13,485 | Rs 65,127-67,485 |
| ICICI Bank | Rs 60,000 | 3 years | 11.49%-22% | Rs 1,500 | Rs 1,978-2,291 | Rs 11,218-22,491 | Rs 71,218-82,491 |
| HDFC Bank | Rs 60,000 | 3 years | 16%-20% | Rs 1,200 | Rs 2,109-2,230 | Rs 15,939-20,273 | Rs 75,939-80,273 |
| Tata Capital | Rs 51,000 | 2 years | 12.99%-19% | Rs 638-1,275 | Rs 2,424-2,571 | Rs 7,185-10,700 | Rs 58,185-61,700 |
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 Name | Max Loan Amount | Max Tenure | Interest Rate | Processing Fee | EMI | Interest Payout | Total Payout (Principal+Interest) |
|---|---|---|---|---|---|---|---|
| SBI | Rs 57,600 | 3 years | 12.6%-15.1% | Rs 582 | Rs 1,930-2,000 | Rs 11,869-14,384 | Rs 69,469-71,984 |
| ICICI Bank | Rs 64,000 | 3 years | 11.49%-22% | Rs 1,600 | Rs 2,110-2,444 | Rs 11,966-23,991 | Rs 75,966-87,991 |
| HDFC Bank | Rs 64,000 | 3 years | 16%-20% | Rs 1,280 | Rs 2,250-2,378 | Rs 17,002-21,625 | Rs 81,002-85,625 |
| Tata Capital | Rs 54,400 | 2 years | 12.99%-19% | Rs 680-1,360 | Rs 2,586-2,742 | Rs 7,664-11,413 | Rs 62,064-65,813 |
(Updated on:5 November,2016)
