Don’t have cash to buy microwave of Rs 20K-35K? Take consumer durable loan
Last Updated : July 20, 2016, 5:10 a.m.
Nothing is impossible in this world and it applies to financial services space as well. There were times when taking products like refrigerators, televisions, microwave and other durables on loan was nearly impossible. But with the change, banks and non-banking finance companies (NBFCs) are increasingly offering consumer durable loan to the customers for purchasing products like refrigerators, washing machines, LED television, microwave, air conditioners and others. The loan tenure, which ranges for a period of 6 months-3 years, differs from lender to lender. Based on your monthly income and repayment capacity, the lender will set the loan amount eligibility. So if you do not have the cash, you can take consumer durable loan to get your favourite durable at home. With the increased loan offerings, you also have got a chance to compare them and choose the one that fits into your budget. We, in this article, will look at the option of buying microwave, priced between Rs 20K-35K, on consumer durable loan from banks in India.
LG MJ3283BCG Convection 32 Litres Microwave
This 32 litre microwave incorporates Intellowave Technology, Lightwave Technology, and has a stainless steel construction. The product has a power level of 5 convection grill solo combination, and the frequency of 2450 Mhz. The price of the product comes to be an estimated Rs 30,000.
Table showing the EMI and interest on loan taken to buy LG MJ3283BCG Convection 32 Litres Microwave Oven (Assuming the monthly income to be Rs 15,000)
| Bank Name | Loan Amount | Max Loan Tenure | Interest Rate | Processing Fee | EMI | Interest Payout | Total Amount (Principal + Interest) |
|---|---|---|---|---|---|---|---|
| SBI | Rs 30,000 | 3 | 12.6%-15.1% | Rs.303 | Rs 1,005-1,041 | Rs 6,182-7,491 | Rs 36,182-37,491 |
| ICICI | Rs 30,000 | 3 | 11.49%-22% | Rs.750 | Rs 989-1,146 | Rs 5,609-11,246 | Rs 35,609-41,246 |
| Tata Capital | Rs 30,000 | 2 | 12.5%-19.5% | Rs.750 | Rs 1,419-1,520 | Rs 4,061-6,469 | Rs 34,061-36,469 |
| Axis Bank | Rs 30,000 | 3 | 15.5%-24% | Rs.300 | Rs 1,047-1,177 | Rs 7,704-12,371 | Rs 37,704-42,371 |
Samsung MC35J8085PT Convection 35 Litres Microwave Oven
The 35-litre microwave oven features ceramic enamel offers pre-heating and defrost properties. The convection oven weighs 28.5 kg and has a power level of 7. The product is available at an estimated price of Rs 33,000.
Table showing the EMI and interest on loan taken to buy Samsung MC35J8085PT Convection 35 Litres Microwave Oven (Assuming the monthly income to be Rs 15,000)
| Bank Name | Loan Amount | Max Loan Tenure | Interest Rate | Processing Fee | EMI | Interest Payout | Total Amount (Principal + Interest) |
|---|---|---|---|---|---|---|---|
| SBI | Rs 33,000 | 3 | 12.6%-15.1% | Rs 333 | Rs 1,106-1,146 | Rs 6,800-8,241 | Rs 39,800-41,241 |
| ICICI | Rs 33,000 | 3 | 11.49%-22% | Rs 825 | Rs 1,088-1,260 | Rs 6,170-12,370 | Rs 39,170-45,370 |
| Tata Capital | Rs 33,000 | 2 | 12.5%-19.5% | Rs 825 | Rs 1,561-1,672 | Rs 4,467-7,116 | Rs 37,467-45,370 |
| Axis Bank | Rs 33,000 | 3 | 15.5%-24% | Rs 330 | Rs 1,152-1,295 | Rs 8,474-13,609 | Rs 41,474-46,609 |
Whirlpool JQ 2801 Convection 29 Litres Microwave Oven
The 29 litre microwave oven makes use of 6th sense technology, 6th sense weight sensor, 3D crisp technology and features Ilafon cavity. The 25-kg microwave, which offers properties of pre-heating and defrost, is available at an estimated price of Rs 27,000.
Table showing the EMI and interest on loan taken to buy Whirlpool JQ 2801 Convection 29 Litres Microwave Oven (Assuming the monthly income to be Rs 15,000)
| Bank Name | Loan Amount | Max Loan Tenure | Interest Rate | Processing Fee | EMI | Interest Payout | Total Amount (Principal + Interest) |
|---|---|---|---|---|---|---|---|
| SBI | Rs 27,000 | 3 | 12.6%-15.1% | Rs 273 | Rs 905-937 | Rs 5,564-6,742 | Rs 32,564-33,742 |
| ICICI | Rs 27,000 | 3 | 11.49%-22% | Rs 675 | Rs 890-1,031 | Rs 5,048-10,121 | Rs 32,048-37,121 |
| Tata Capital | Rs 27,000 | 2 | 12.5%-19.5% | Rs 675 | Rs 1,277-1,368 | Rs 3,655-5,822 | Rs 30,655-32,822 |
| Axis Bank | Rs 27,000 | 3 | 15.5%-24% | Rs 270 | Rs 943-1,059 | Rs 6,933-11,134 | Rs 33,933-38,134 |
Whirlpool Jet Nutritech 29L Microwave Oven
The 29-litre microwave oven has a black facia and silver body with ilafon cavity. Weighing 25 kg, the microwave offers pre-heating and defrost properties. With a power level of 8, the product is available at an estimated price of Rs 25,000.
Table showing the EMI and interest on loan taken to buy SWhirlpool Jet Nutritech 29L Microwave Oven (Assuming the monthly income to be Rs 15,000)
Note-Loan amount eligibility, interest payout and total amount payable will differ according to different income levels.
| Bank Name | Loan Amount | Max Loan Tenure | Interest Rate | Processing Fee | EMI | Interest Payout | Total Amount (Principal + Interest) |
|---|---|---|---|---|---|---|---|
| SBI | Rs 25,000 | 3 | 12.6%-15.1% | Rs 253 | Rs 838-868 | Rs 5,151-6,243 | Rs 30,151-31,243 |
| ICICI | Rs 25,000 | 3 | 11.49%-22% | Rs 625 | Rs 824-955 | Rs 4,674-9,371 | Rs 29,674-34,371 |
| Tata Capital | Rs 25,000 | 2 | 12.5%-19.5% | Rs 625 | Rs 1,183-1,266 | Rs 3,384-5,391 | Rs 28,384-30,391 |
| Axis Bank | Rs 25,000 | 3 | 15.5%-24% | Rs 250 | Rs 873-981 | Rs 6,420-10,310 | Rs 31,420-35,310 |
(Updated on:3 November,2016)