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 |
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.
Your Amortization Schedule (Yearly/Monthly)
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]
Here,
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. |
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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. |
| ICICI Bank | 9.32% p.a. |
| Fibe | 12.00% p.a. |
| IDFC First Bank | 10.00% p.a. |
| Tata Capital | 16.00% p.a. |
| HDFC Bank | 11.78% p.a. |
| State Bank of India | 18.35% p.a. |
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:
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 buddyloan.com 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 ?
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