Life is getting easier these days when you talk about the consumer durable space. There were days when we couldn’t think of buying the product without paying its whole price upfront. But in today’s times of growing customerisation, banks and non-banking finance companies (NBFCs) have catered in to the requirements of customers by offering them suitable finances for the durable goods. All you have to do is to choose a loan offering that fits into your pocket.
Consumer durable loan can be availed for buying laptops, washing machine, mobile phones, refrigerators, camera, LED television, etc. Depending upon your monthly income and your repayment capacity, you can get loan upto 80%-100% of the cost price of the durable products for a period of 1-3 years. The loan amount eligibility differs from individual to individual and lender to lender. You have a series of lenders like State Bank of India, HDFC Bank, Bajaj Finserv, Kotak Bank and others to choose from. We, in this article, will pick five refrigerators that cost in the range of Rs 50,000-80,000. Also, we will check the liability that you will have on the ownership of those refrigerators if wish to buy them on loan.
Refrigerators
1 Samsung RS21HSTPN1/XTL
The 5-star rated refrigerator, with a capacity of 600 litres, has two side-by-side doors. The frost-free refrigerator, which comes with a size of 912x789x734 mm, costs Rs 70,000.
Table showing interest, EMIs on loan to buy Samsung RS21HSTPN1/XTL Refrigerator on minimum monthly income of Rs 15,000
| Bank Name | Loan Amount | Tenure | Interest Rate | EMI | Interest Payout | Total Payout (Principal+Interest) |
|---|---|---|---|---|---|---|
| HDFC Bank | Rs 70,000 | 3 years | 16%-20% | Rs 2,461-2,601 | Rs 18,596-23,652 | Rs 88,596-93,652 |
| SBI | Rs 60,000 | 3 years | 12.60% - 15.10% | Rs 2,010-2,083 | Rs 12,363-14,983 | Rs 72,363-74,983 |
| Axis Bank | Rs 60,000 | 3 years | 11.50%-24% | Rs 1,979-2,354 | Rs 11,228-24,743 | Rs 71,228-84,743 |
Read to know more about Axis Bank Personal loan
2 Samsung RT47H567ESL Double-door Refrigerator
The 4-star rated Samsung RT47H567ESL Double-door Refrigerator comes with a size of 700 x 1785 x 776 mm. The frost-free refrigerator, with a capacity of 462 litre, is offered at a price of Rs 54,100.
Table showing interest, EMIs on loan to buy Samsung RT47H567ESL Double-door Refrigerator on minimum monthly income of Rs 15,000
| Bank Name | Loan Amount | Tenure | Interest Rate | EMI | Interest Payout | Total Payout (Principal+Interest) |
|---|---|---|---|---|---|---|
| HDFC Bank | Rs 54,100 | 3 years | 16%-20% | Rs 1,902-2,011 | Rs 14,372-18,280 | Rs 68,472-72,380 |
| SBI | Rs 45,985 | 3 years | 12.60% - 15.10% | Rs 1,541-1,596 | Rs 9,476-11,483 | Rs 55,461-57,468 |
| Axis Bank | Rs 45,985 | 3 years | 11.50%-24% | Rs 1,516-1,804 | Rs 8,605-18,963 | Rs 54,590-64,948 |
3 Hitachi R-V660PND3KX Refrigerator
The 4-star rated refrigerator has two doors and come in a size of 855 x 1835 x 745 mm. The cost price of this frost-free refrigerator is Rs 76,000.
Table showing interest, EMIs on loan to buy Hitachi R-V660PND3KX Refrigerator on minimum monthly income of Rs 15,000
| Bank Name | Loan Amount | Tenure | Interest Rate | EMI | Interest Payout | Total Payout (Principal+Interest) |
|---|---|---|---|---|---|---|
| HDFC Bank | Rs 76,000 | 3 years | 16%-20% | Rs 2,672-2,824 | Rs 20,190-25,680 | Rs 96,190-1,01,680 |
| SBI | Rs 64,600 | 3 years | 12.60% - 15.10% | Rs 2,164-2,243 | Rs 13,311-16,132 | Rs 77,911-80,732 |
| Axis Bank | Rs 64,600 | 3 years | 11.50%-24% | Rs 2,130-2,534 | Rs 12,089-26,640 | Rs 76,689-91,240 |
4 LG GC-B207GPQV Refrigerator
The 2-door, 4-star rated LG GC-B207GPQV refrigerator is available in a size of 894 x 1753 x 731 mm. The frost-free refrigerator is offered at a price of Rs 73,000.
Table showing interest, EMIs on loan to buy LG GC-B207GPQV Refrigerator on minimum monthly income of Rs 15,000
| Bank Name | Loan Amount | Tenure | Interest Rate | EMI | Interest Payout | Total Payout (Principal+Interest) |
|---|---|---|---|---|---|---|
| HDFC Bank | Rs 73,000 | 3 years | 16%-20% | Rs 2,566-2,713 | Rs 19,393-24,666 | Rs 92,393-97,666 |
| SBI | Rs 62,050 | 3 years | 12.60% - 15.10% | Rs 2,079-2,154 | Rs 12,786-15,495 | Rs 74,836-77,545 |
| Axis Bank | Rs 62,050 | 3 years | 11.50%-24% | Rs 2,046-2,434 | Rs 11,612-25,588 | Rs 73,662-87,638 |
So, you have got the details of EMIs and interest that you will have to pay while taking loan to buy these four refrigerators. See your repayment capacity and choose the suitable loan option.
(Updated on:7 November,2016)
