Summers are getting hotter every year, making AC a much needed home appliance. But, air conditioners are also quite expensive. To overcome this financial hurdle, opting to buy an AC on EMI can be a wiser decision. With easy financing options and attractive EMI options you can now afford an Air Conditioner on EMI.

The option to buy AC on EMI without the need of a credit card and with no cost EMI options, owning an AC has become much easier. Besides, there are also a variety of options to choose from to make a right choice.

With flexible EMI options you can now buy an air conditioner with Buddy Loan!

Interest Rates & Charges to Buy AC on EMI

Most banks and NBFCs offer no cost EMI AC. However, that depends on your credit history, the price of the AC, loan amount you are eligible for and more. There are also other charges such as processing fee, late payment fee and more. Below is a general table on the interest rates and charges set by lenders for an AC purchase on EMI:

Interest Rates 11.99%* p.a.
Tenure Up to 60 months
Loan amount Up to 15 lakhs
Processing fee Up to 4% (Can vary depending on lenders)
*Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

Eligibility Criteria to Buy AC on EMI

Every lender will set certain eligibility requirements that you should meet. These criteria will determine whether you are eligible to get an AC on EMI. Here are the general requirements asked by lenders:

Citizenship Indian
Age 21 - 60 years of age.
Employment status Must be salaried or self-employed.
Minimum salary requirement ₹ 15,000
Credit score ₹ 15,000

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Calculate EMI for Your AC Purchase

It is important to calculate your EMI before you buy an AC on EMI as it helps you evaluate your budget and manage your finances. EMI calculation is easy and convenient using the EMI calculator given here. All you need to do is input your loan amount, interest rate and tenure to get your estimated instalment amount.

Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Another method that you can use is by manually calculating using the formula given below:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]


P stands for the Principal Amount.

R stands for the Interest Rate.

N stands for Tenure.

Documents Required to Buy AC on EMI

Certain documents are required to apply for an EMI AC purchase. These documents act as proof of your identity, address and employment. Some of the documents that lenders usually ask for are given in the table below:

Identity Proof Aadhaar card and PAN card
Age Proof Birth certificate or Voter’s ID
Address Proof Rental agreement or Utility bills
Salary Proof 3 months salary slips and 6 months bank statements.

Loan Lender Options for AC Purchase

Various lenders provide air conditioners on EMI to customers. These lenders offer competitive interest rates and flexible tenures for you to choose from. Comparing different lenders and their rates will help you get the best loan terms.

Below is a list of the best banks and NBFCs that offers EMI AC purchase:

Bank / NBFCs Interest Rate
Bajaj Finserv 11.00% p.a.
Kotak Mahindra Bank 10.00% p.a.
ICICI Bank 9.32% p.a.
Fibe 12.00% p.a.
IDFC First Bank 10.00% p.a.

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Note- The interest rates mentioned are subject to change. Do visit the website for more information.

Features & Benefits of AC Loan

Getting a new AC on EMI helps break down the cost of the air conditioner into more affordable monthly instalments. Besides that, opting for a personal loan for AC purchase has many benefits and features that you can use while availing one. These are:

Tailored Credit Amount

Enjoy loan amounts of up to 15 lakhs.

Customisable Tenure

Customisable loan tenure ranging from 3 months to 2 years.

Budget Friendly Interest

Lenders offer interest rates starting at just 11.99% p.a.

No Cost EMIs

Most banks and NBFCs offer 0% interest or no cost EMIs.

Basic Documentation

Very minimal documentation is required for identification.

Instant Approvals

Get your AC loan approved in just minutes.

Steps to Apply for a AC Loan with Buddy Loan

To purchase an AC on EMI without a credit card, you can opt for Buddy Loan. Here are the simple steps that you can follow to get an air conditioner on EMI from Buddy Loan:

Step 1: - Visit or Download & install the Buddy Loan app (Android or iOS).

Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.

Step 3: specify the desired loan amount & personal email. Next, choose the Personal Loan option

Step 4: choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).

Step 5: enter your work details (Including company name, years of service and Designation)

Step 6: enter your personal details (Including Full Name, PAN, address DOB & Gender)

Step 7: provide your communication address, and income details and Click the ‘Submit’ button.

Ready to take next step ?

Frequently Asked Questions

AC on EMI is a specified loan offered by lenders for the purchase of air conditioners. With an AC on EMI, the price of the air conditioner is broken down into smaller equal monthly instalments. This makes the purchase of a brand new AC more affordable.

An AC on EMI helps to minimise the immediate financial burden of an AC. It also helps to spread the costs at an affordable tenure making it more affordable.

To buy an AC on EMI, you will need to provide your PAN card, Aadhaar card, Rental agreement, Voter’s ID or Birth certificate, Utility bills, 6 months bank statements and 3 months salary slip as a part of the document verification procedure.

All banks that are providing consumer durable loans like HDFC, SBI, ICICI and more offer AC on EMI. Banks that are in collaboration with the retailers will offer AC on EMI.

Lenders offer interest rates starting from 11.99% p.a. onwards. However, the interest rate will depend on various factors such as your credit score, history, tenure and more.

The repayment tenure for an AC on EMI will be anywhere between 6 months to 60 months.

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