Credit card or consumer durable loan for budget refrigerators

Don’t have the cash to buy even the budget refrigerators? Get started with credit card or consumer durable loan to serve your purpose. At a time when cashless economy is on the upswing, banks and non-banking finance companies are coming up with attractive offers on both credit cards and consumer durable loan.  We, in this article, will let you know about the best refrigerators with the total ownership cost of around Rs 25,000 with credit card and consumer durable loan.

While buying via credit card, make sure you convert the purchase into Equated Monthly Installments (EMIs) so that the interest liability will get reduced to around 15% per annum. When you buy via credit card without the EMI option, then the interest rate could firm up to 30%-40% per annum, making your buy an expensive affair.

Consumer durable loan falls under the category of personal loan. So, you will have to pay charges like interest rate and others that accrue on personal loan while looking for consumer durable loan. consumer durable are financed 90%-100% of the cost of the product. You have a series of lenders like ICICI Bank, State Bank of India, HDFC Bank and others to choose from.

Top Budget Refrigerators and Ownership Cost

LG 190 L Direct Cool Single Door Refrigerator

The refrigerator has two shelves and a built-in stabilizer. Check out the options of credit card and consumer durable loan to buy the refrigerator.

Buy via Credit Card

Product Price- Rs 15,650

Minimum Interest Rate-13% per annum

Maximum Interest Rate-15% per annum

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Minimum EMI- Rs 693

Maximum EMI- Rs 4,990

Minimum Tenure-3 months

Maximum Tenure-2 years

Minimum Interest- Rs 311

Maximum Interest- Rs 2,339

Processing Fee- Rs 313

Minimum Payout- Rs 15650+Rs 311+Rs 313=Rs 16,274

Maximum Payout- Rs 15650+Rs 2,339+313=Rs 18,302
Buy via Consumer Durable Loan (Assuming 100% finance being given)

Bank NameLoan AmountMaximum Loan TenureInterest RateProcessing FeeEMIInterest PayoutTotal Payout (Principal +Interest) 
ICICI BankRs 15,6503 years11.49%- 22%p.a.Rs. 675Rs. 516-598Rs. 2,926-5,867Rs.18,576-21,517
SBIRs 15,6503 years11.49%- 22% p.a.Rs. 313-470 plus service taxRs. 524-543Rs. 3,225-3,908Rs.18,875-19,558
Axis BankRs 15,6503 years11.49%- 22% p.a.Rs. 313Rs. 546-614Rs. 4,019-6,454Rs.19,669-22,104

Kelvinator 245 L Direct Cool Single Door Refrigerator

The grey coloured refrigerator has four shelves and a toughened glass. Check out the options of credit card and consumer durable loan to buy the refrigerator.

Buy via Credit Card

Product Price- Rs 18,200

Minimum Interest Rate-13% per annum

Maximum Interest Rate-15% per annum

Minimum EMI- Rs 824

Maximum EMI- Rs 5,820

Minimum Tenure-3 months

Maximum Tenure-2 years

Minimum Interest- Rs 400

Maximum Interest- Rs 2,979

Processing Fee- Rs 364

Minimum Payout- Rs 18,200+400+364=Rs 18,964

Maximum Payout- Rs 18,200+2,979+364=Rs 22,298

Buy via Consumer Durable Loan (Assuming 100% finance being given)

Godrej 185 L Direct Cool Single Door Refrigerator

This berry boom coloured refrigerator has two shelves with a toughened glass. Check out the options of credit card and consumer durable loan to buy the refrigerator.

Buy via Credit Card

Product Price- Rs 15,000

Minimum Interest Rate-13% per annum

Maximum Interest Rate-15% per annum

Minimum EMI- Rs 695

Maximum EMI- Rs 4,620

Minimum Tenure-3 months

Maximum Tenure-2 years

Minimum Interest- Rs 313

Maximum Interest- Rs 2,240

Processing Fee- Rs 300

Minimum Payout- Rs 15,000+Rs 300+Rs 313=Rs 15,613

Maximum Payout- Rs 15,000+Rs 300+Rs 2,240=Rs 17,540

Buy via Consumer Durable Loan (Assuming 100% finance being given)

Bank NameLoan AmountMaximum Loan TenureInterest RateProcessing FeeEMIInterest PayoutTotal Payout (Principal +Interest) 
ICICI BankRs 15,0003 years11.49%- 22%p.a.Rs. 675Rs 495-573Rs 2,804-5,623Rs 17,804-20,623
SBIRs 15,0003 years12.60% - 15.10%Rs. 313-470 plus service taxRs 503-521Rs 3,091-3,746Rs 18,091-18,746
Axis BankRs 15,0003 years15.50%- 24%Rs. 313Rs 524-588Rs 3,852-6,186Rs 18,852-21,186

Whirlpool 190 L Direct Cool Single Door Refrigerator

The wine titanium coloured refrigerator contains two shelves and a built-in stabilizer. Check out the options of credit card and consumer durable loan to buy the refrigerator.

Buy via Credit Card

Product Price- Rs 13,275

Minimum Interest Rate-13% per annum

Maximum Interest Rate-15% per annum

Minimum EMI- Rs 625

Maximum EMI- Rs 4,345

Minimum Tenure-3 months

Maximum Tenure-2 years

Minimum Interest- Rs 290

Maximum Interest- Rs 2,105

Processing Fee- Rs 266

Minimum Payout- Rs 13,275+290+266=Rs 13,831

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Maximum Payout- Rs 13,275+Rs 2,105+Rs 290=15,670

Buy via Consumer Durable Loan (Assuming 100% finance being given)

Bank NameLoan AmountMaximum Loan TenureInterest RateProcessing FeeEMIInterest PayoutTotal Payout (Principal +Interest) 
ICICI BankRs 13,2753 years11.49%- 22%p.a.Rs. 675Rs 438-507Rs 2,482-4,976Rs 15,757-18,251
SBIRs 13,2753 years12.60% - 15.10%Rs. 313-470 plus service taxRs 445-461Rs 2,735-3,315Rs 16,010- 16,590
Axis BankRs 13,2753 years15.50%- 24%Rs. 313Rs 463-521Rs 3,409-5,474Rs 16,684-18,749

Now, you have got the details of the EMIs, interest payout and the overall payout on the budget refrigerators mentioned above on both credit card and consumer durable loan. Choose the option that leads to less outflow from your pocket. Check whether any discount is available or not. If it is the case, then the ownership cost can be reduced.

(Updated on:21st October,2016)

Personal Loan Interest Rates December 2017
Bajaj Finserv 10.99% - 16.00%
Fullerton India 14.00% - 33.00%
HDFC Bank 10.99% - 20.70%
ICICI Bank 10.99% - 18.40%
IndusInd Bank 12.99% - 20.00%
Kotak Bank 10.99% - 17.99%
RBL 14.00% - 18.00%
Standard Chartered Bank 10.99% - 14.49%
Tata Capital 11.49% - 18.00%
Home Loan Interest Rates December 2017
State Bank of India/SBI 8.30% - 8.60%
HDFC 8.35% - 8.95%
Bank of Baroda 8.30% - 9.30%
LIC Housing 8.35% - 8.70%
PNB Housing Finance 8.35% - 8.70%
ICICI Bank 8.35% - 8.85%
Axis Bank 8.35% - 8.75%
Citibank 8.60% - 9.35%
Indiabulls Housing Finance Limited 8.35% - 8.55%
Kotak Bank 8.35%
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