Refrigerator on EMI

For example,

Let's consider a loan amount of Rs. 50,000 with a 12% interest rate, a tenure of 12 months. The EMI using the formula:

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

Where:

P = Loan Amount

R = Monthly Interest Rate

N = Loan Tenure in months

EMI = [50,000 x 0.01 x (1+0.01)^12] / [(1+0.01)^12 - 1]

EMI = [50,000 x 0.01 x (1.01)^12] / [(1.01)^12 - 1]

EMI = ₹4447/-

EMI for the given loan details would be approximately ₹4447/-

Documents Required to Apply for an Online Refrigerator Loan

You must provide the lender with certain documentation for application to be approved, in order to purchase the refrigerator on EMI. The following essential documents are required for loan approval:

Address Proof: a recent utility bill, rental agreement, or Aadhaar card can be provided.

Identity Proof: an Aadhaar card, passport, driver's license, or any official photo ID issued by the government.

Proof of Employment: this might include your employee ID card, appointment letter, or relevant business records.

Income Proof: display your income using salary slips, bank statements, or income tax returns.

Photographs: attach passport-sized photographs along with your application.

Loan Lender Comparison to Buy Fridge on EMI

Major banks and NBFCs (Non-Banking Financial Companies) offer refrigerator loans as consumer durable loans. It is important to compare the interest rates of different lenders and choose a suitable one based on your needs.

Features & Benefits of Refrigerator Loan

Buying a refrigerator on EMI via a personal loan comes with several benefits. Explore the various features of below:

Best Refrigerators in the Market at a Glance

With the market overflowing with options, choosing the right refrigerator to upgrade your kitchen might seem difficult. Here is a quick comparison of some of the top refrigerators available today, along with information on their costs and EMI options.

Different Ways to Buy Refrigerator on EMI

Buying a refrigerator upfront may not be feasible for everyone. Thanks to the EMI options, it has become easy for people to purchase their desired consumer products monthly installments. Check out the different options to buy refrigerators on EMI and choose the right one for you.

Refrigerator on EMI Without Credit Card

For the purchase of electronic products, such as refrigerators, banks and NBFCs expressly offer consumer durable loans. Refrigerator loan also falls under this category. This type of financing offers EMI choices, which makes it simple for people to buy mobile devices without using a credit card.

Buy Refrigerator on EMI with Debit Card

Certain banks offer debit card EMI, enabling you to buy items in installments. Activate this feature with your bank, select EMI during purchase, and the bank will convert the amount into monthly deductions from your debit card account.

Steps to Apply for a Refrigerator Loan

Check out the step-by-step process to apply for a refrigerator loan with 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.