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 |
Don’t know your credit score? You can find out for free!
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.
Your Amortization Schedule (Yearly/Monthly)
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. |
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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. |
| ICICI Bank | 9.32% p.a. |
| IDFC First Bank | 10.00% p.a. |
| Bajaj Finserv | 11.00% p.a. |
| Fibe | 12.00% p.a. |
| Tata Capital | 16.00% p.a. |
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:
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 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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