Loans For Washing Machine In India

Owning a washing machine is a smart choice in this day and age. However, it comes with a very expensive price tag. The solution is simple, as you can now buy a brand new washing machine on EMI.

A washing machine purchase on EMI is a specialized loan provided by banks, NBFCs, or retailers in collaboration with financial institutions. They offer flexibility in repayment terms at low-interest rates, with some even offering washing machines at no-cost EMIs. So, get your own washing machine today with a loan from Buddy Loan.

Interest Rates & Charges to Buy Washing Machine on EMI

The interest rates and charges for washing machines purchase will depend from one lender to another. Some lenders offer zero or no-cost EMIs, while some offer low interest.

Interest Rates 11.99%* p.a.
Tenure 6 - 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 Washing Machine on EMI

Lenders will look into your eligibility criteria to determine whether you qualify to purchase a washing machine on EMI online. These criteria will differ from one financial institution to another.

Below are the general criteria that you must meet:

Citizenship Indian
Age 21 - 60 years of age.
Employment status Must be salaried or self-employed.
Minimum salary requirement ₹ 15,000
Credit score 600 above

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EMI Calculation for Washing Machine Loan

Before making a washing machine purchase on EMI, it is best to calculate how much you will actually need to repay monthly. Understanding your EMI amount will help you manage your finances better.

You can calculate the equated monthly installment with a online EMI calculator. It is an easy and hassle-free online tool that you can benefit from. All you need to do is input your loan amount, interest rate, and tenure to check your EMI.

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 (%)

If you want to manually calculate your EMI amount, you can use the formula:

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

P = Principal amount

R = Interest rate

N = Tenure

Documents Required for Washing Machine Loan

Minimal documents are required to purchase a no-cost EMI washing machine. These documents help lenders determine your credibility and provide favorable terms for your consumer loan. Some of the documents needed are:

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.

Washing Machine Loan Lenders

Finding the right lenders is crucial when getting a washing machine on EMI, as it will get you the best repayment terms. Below is a list of banks and NBFCs that are providing washing machine EMI offers:

Bank / NBFCs Interest Rate
State Bank of India 18.35% p.a.
HDFC Bank 11.78% p.a.
Kotak Mahindra Bank 10.00% p.a.
ICICI Bank 9.32% 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 Washing Machine Loan

Getting a washing machine purchase on EMI helps as it breaks down the expense in small equal monthly installments instead of paying a huge amount upfront. It also has several other features and benefits such as:

High Limit Amount

You can get a consumer lone for up to 15 lakhs.

Flexible repayment Options

You can enjoy a repayment period of up to 60 months.

Low Interest Rates

Some lenders offer 0% interest rate.while most offer 11.99% p.a.

No Cost EMIs

Most lenders offer no cost EMIs on consumer loans.

Minimal Documentation

Get your washing machine on EMI approved with just PAN or Aadhar card.

Quick Approvals

Get instant and hassle-free approvals.

Steps to Apply for a Washing Machine Loan With Buddy Loan

Pay comfortably for your washing machine purchase through the lenders of Buddy Loan. You can follow these following simple steps to get a brand new washing machine on EMI:

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

A washing machine loan is a specified loan that you can take to buy a washing machine on EMI instead of paying the full amount up front.

To get a washing machine on EMI online you need to be an Indian citizen of 21 - 60 years of age, and should be employed or self-employed with a minimum salary of ₹ 15,000. You should also have a credit score of 600 or above.

The maximum amount that can be borrowed for a washing machine on EMI without a credit card is 15 lakhs.

The repayment period can be between 6 months to 36 or 60 months depending on the lender.

The interest rate will depend on different lenders and your credit history. Some lenders offer washing machine loans at the interest rate of 11.99% p.a.

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

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