Credit card or consumer durable loan for budget refrigerators
Last Updated : June 23, 2016, 11:32 a.m.
Don’t have the cash to buy even the budget refrigerators? Get started with credit card or c onsumer 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
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 Name | Loan Amount | Maximum Loan Tenure | Interest Rate | Processing Fee | EMI | Interest Payout | Total Payout (Principal +Interest) | |
|---|---|---|---|---|---|---|---|---|
| ICICI Bank | Rs 15,650 | 3 years | 11.49%- 22%p.a. | Rs. 675 | Rs. 516-598 | Rs. 2,926-5,867 | Rs.18,576-21,517 | |
| SBI | Rs 15,650 | 3 years | 11.49%- 22% p.a. | Rs. 313-470 plus service tax | Rs. 524-543 | Rs. 3,225-3,908 | Rs.18,875-19,558 | |
| Axis Bank | Rs 15,650 | 3 years | 11.49%- 22% p.a. | Rs. 313 | Rs. 546-614 | Rs. 4,019-6,454 | Rs.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)
| Bank Name | Loan Amount | Maximum Loan Tenure | Interest Rate | Processing Fee | EMI | Interest Payout | Total Payout (Principal +Interest) | |
|---|---|---|---|---|---|---|---|---|
| ICICI Bank | Rs 18,200 | 3 years | 11.49%- 22%p.a. | Rs. 675 | Rs. 600-695 | Rs. 3,403-6,822 | Rs 21,603- 25,022 | |
| SBI | Rs 18,200 | 3 years | 12.60% - 15.10% | Rs. 313-470 plus service tax | Rs 610-632 | Rs 3,750-4,545 | Rs 21,950- 22,745 | |
| Axis Bank | Rs 18,200 | 3 years | 15.50%- 24% | Rs. 313 | Rs 635-714 | Rs 4,673-7,505 | Rs 22,873- 25,705 |
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 Name | Loan Amount | Maximum Loan Tenure | Interest Rate | Processing Fee | EMI | Interest Payout | Total Payout (Principal +Interest) | |
|---|---|---|---|---|---|---|---|---|
| ICICI Bank | Rs 15,000 | 3 years | 11.49%- 22%p.a. | Rs. 675 | Rs 495-573 | Rs 2,804-5,623 | Rs 17,804-20,623 | |
| SBI | Rs 15,000 | 3 years | 12.60% - 15.10% | Rs. 313-470 plus service tax | Rs 503-521 | Rs 3,091-3,746 | Rs 18,091-18,746 | |
| Axis Bank | Rs 15,000 | 3 years | 15.50%- 24% | Rs. 313 | Rs 524-588 | Rs 3,852-6,186 | Rs 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
Maximum Payout- Rs 13,275+Rs 2,105+Rs 290=15,670
Buy via Consumer Durable Loan (Assuming 100% finance being given)
| Bank Name | Loan Amount | Maximum Loan Tenure | Interest Rate | Processing Fee | EMI | Interest Payout | Total Payout (Principal +Interest) | |
|---|---|---|---|---|---|---|---|---|
| ICICI Bank | Rs 13,275 | 3 years | 11.49%- 22%p.a. | Rs. 675 | Rs 438-507 | Rs 2,482-4,976 | Rs 15,757-18,251 | |
| SBI | Rs 13,275 | 3 years | 12.60% - 15.10% | Rs. 313-470 plus service tax | Rs 445-461 | Rs 2,735-3,315 | Rs 16,010- 16,590 | |
| Axis Bank | Rs 13,275 | 3 years | 15.50%- 24% | Rs. 313 | Rs 463-521 | Rs 3,409-5,474 | Rs 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)