Login to Internet banking
A brand-new experience - smarter, faster, and secured
Introducing the First-in-industry IDFC FIRST Bank's Super Account
Request a Callback
You gain a dedicated partner committed to helping you reach your full potential and achieve new heights
Know More- Account with Auto-Sweep FD
- Account for all Domestic businesses
- Account for Importers & Exporters
- Account for Start-ups
- Accounts for Trusts/Associations/Societies/Clubs
- Account for Merchants
- Account for Agri Traders
- Account for Self-employed professionals
- Special Purpose Accounts e.g. SNRR, RERA, EEFC
BRAVO (Auto Sweep)
Convert the idle funds in your current account into a fixed deposit with the BRAVO feature.
Know More
Zero Forex Markup Current Account
Maximise your savings and boost profitability with our Zero Forex Markup current accounts
Know More
Make more than one online payment in just a few clicks with IDFC FIRST Bank Bulk Payments
Know More
A Card that Powers your Savings & Lifestyle
IDFC FIRST Bank HPCL Credit Card
Most Searched
Earn up to 6.50% interest on your Savings Account
Open Account Now
Download our app
Get instant help for all your queries in one place
Explore Personal
- Accounts
Tools & Calculators
Privilege Program
- Privilege Program
Unlock features, exclusively available
only on the IDFC FIRST Bank app
FinFIRST Blogs
Personal Loan
Refrigerator on EMI without credit card: How to buy a fridge easily in India
Key Takeaways
You can purchase a refrigerator on EMI without a credit card by applying for a personal loan.
- Personal loans let you convert the refrigerator cost into fixed monthly instalments with a structured repayment plan.
- FIRSTmoney personal loans from IDFC FIRST Bank offer loan amounts from ₹50,000 to ₹15 lakh with flexible tenures ranging from 9 to 60 months.
A refrigerator is an essential household appliance but purchasing one can be a significant expense. While a credit card can be a suitable option for converting purchases into EMIs, it may not always be the best one for you, especially if you do not have one.
If you do not have a credit card and still want a structured repayment plan, a personal loan can be a practical alternative. It allows you to buy your refrigerator immediately and repay the amount in fixed monthly instalments, without needing a credit card. This blog explains how you can buy a refrigerator on EMI without a credit card.
READ MORE
How a personal loan can help finance your refrigerator
A personal loan offers several advantages when purchasing high-value appliances like refrigerators.
No end-use restrictions
Personal loans are unsecured and come with no restrictions on usage. You can use the funds for a multitude of expenses, including purchasing a refrigerator, without needing to justify the end use.
No collateral required
You are not required to pledge any asset as security. Personal loan approval is based on your credit profile and income eligibility.
Structured repayment plan
A personal loan comes with a defined tenure and a fixed EMI schedule. This can help you budget easier and reduce repayment uncertainty.
Flexible tenure options
You can choose a tenure that aligns with your repayment capacity. A longer tenure reduces your EMI but increases total interest paid. On the other hand, a shorter tenure increases EMI but lowers overall interest outgo.
Quick access to funds
Many lenders offer instant or same-day disbursal upon approval. This is particularly helpful if your refrigerator has stopped working and needs urgent replacement.
Works even without a credit card
A personal loan lets you to convert the cost of your purchase into fixed EMIs even if you do not have a credit card. This makes it easier to finance the purchase while keeping your savings intact.
How to buy a refrigerator on EMI without a credit card
Once you have identified the model you want to purchase, here’s how the personal loan process typically works:
Step 1: Assess your eligibility for personal loan
Check your eligibility for a personal loan with your chosen lender. This usually depends on your income, employment profile and credit score. For example, to apply for a FIRSTmoney personal loan from IDFC FIRST Bank, you typically need to be either salaried or self-employed, aged between 21 and 60 years, and have a CIBIL score of 710 or above.
Step 2: Use an EMI calculator
A personal loan EMI calculator can help you determine your monthly outgo towards EMIs before you apply for a personal loan. It can help you assess affordability and support effective repayment planning.
Step 3: Apply for personal loan online
Banks typically offer a completely digital application process. You can apply using basic KYC documents such as PAN and Aadhaar. The process is quick and paperless.
Step 4: Await loan approval
Upon approval, the loan amount is disbursed directly to your bank account. Banks, like IDFC FIRST Bank, offer a 10-minute disbursal with FIRSTmoney personal loans. This way, you can make the purchase immediately.
Step 5: Select a suitable repayment plan
Typically, a longer tenure means your loan amount may be lower, and vice versa. You ought to select a plan that works best for you. For instance, FIRSTmoney personal loan by IDFC FIRST Bank offers a flexible tenure from 9 to 60 months.
Access hassle-free personal loans from IDFC FIRST Bank
With IDFC FIRST Bank’s FIRSTmoney personal loan, you can benefit from the following features:
Higher loan amounts: IDFC FIRST Bank offers loans from ₹ 50,000 to ₹15 lakhs based on your eligibility. This way, you have the option to explore a wide range of refrigerator models.
Interest rate: Get a FIRSTmoney personal loan starting from 9.99%* per annum.
Instant disbursal: Upon approval, the loan amount is disbursed within 10 minutes.
Multiple on-demand loans: You can make multiple on-demand loan starting at ₹ 10,000 the from approved loan amount without reapplying from scratch
Zero-foreclosure fees: Want to close your loan early? Do it at zero cost with FIRSTmoney personal loans by IDFC FIRST Bank, offering zero foreclosure charges.
Things to consider before you buy a refrigerator with a personal loan
While a personal loan can be convenient for funding a wide range of expenses, it is important to consider certain factors before applying:
Loan amount: Borrow only what you need. Avoid inflating the loan amount beyond the actual cost of the refrigerator since higher principal leads to higher EMIs and more interest paid over time.
Interest rate: Personal loan interest rates may vary depending on your credit profile and the bank’s policy. Compare rates across lenders to ensure you get competitive terms.
Processing fees and charges: Beyond interest rates, the true cost of borrowing includes processing fees, late payment charges and foreclosure or prepayment charges.
Credit score impact: When you take a personal loan, it becomes part of your credit exposure. Ensure that the EMI comfortably fits within your monthly income so you avoid missed payments, which may negatively affect your credit score.
To help you choose a suitable repayment plan, here is an example EMI calculation for a ₹50,000 personal loan at 9.99% p.a. across different tenures.
| Tenure | EMI (Approx.) |
| 1 year (12 months) | ₹4,396 |
| 2 years (24 months) | ₹2,307 |
| 3 years (36 months) | ₹1,613 |
| 4 years (48 months) | ₹1,270 |
| 5 years (60 months) | ₹1,062 |
Note: The above values are indicative and may vary depending on the final loan terms offered.
Conclusion
You can buy a refrigerator on EMI without a credit card. One of the ways you can do so is with a personal loan. With quick digital applications, fast disbursal and flexible tenures, you can purchase your refrigerator without straining your savings. However, it is essential to borrow responsibly, compare lenders and choose a tenure that aligns with your financial capacity.
Frequently Asked Questions
What documents are needed for buying a fridge on EMI without credit card?
You can purchase a fridge on EMI without a credit card by applying for the FIRSTmoney personal loan without uploading any documents. Simply use your PAN and Aadhaar number to apply and show original PAN card during video KYC.
Is a personal loan better than store EMI for appliances?
A personal loan is a viable financing option for appliance purchases due to significant loan amounts, competitive interest rates, a wide range of tenures and instant disbursement.
Can I get an instant loan for buying a refrigerator?
Yes, you can get an instant loan from FIRSTmoney by IDFC FIRST Bank to buy a refrigerator. Simply enter your PAN and Aadhaar number to initiate the process, show original PAN card during video KYC, wait for approval and have your loan disbursed in 10 minutes.
How can I apply for an instant personal loan for purchasing a refrigerator on EMI?
Here’s how you can apply for a personal loan with IDFC FIRST Bank:
Step 1: Click on ‘Apply Now’
Step 2: Register using your basic details.
Step 3: Choose your loan preferences, including amount and EMI plan.
Step 4: Link your bank account where you want to receive the funds.
Step 5: Complete video KYC by showing your PAN card.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
Summarize with AI
