Should You Rent or Buy Home Appliances in India? Cost, EMI & Convenience Compared

Renting or buying home appliances each has its own advantages and disadvantages. Renting is a good option if you are living somewhere temporarily or moving frequently. On the other hand, purchasing appliances on EMI is a better choice for the long term. With a loan, you can pay in easy EMIs, allowing you to own appliances without any high upfront costs.

Whether you want a refrigerator, an AC, a washing machine, or a smart TV, it’s important to compare the costs of renting vs. buying. Let’s take a closer look to understand which option might be better.

Renting vs Buying Appliances on EMI: Quick Comparison Table
 

Renting vs Buying Home Appliances: A Practical Cost Comparison

Note:- Prices vary by brand, city, and season. Always check current listings before deciding..

Example: 2‑Year Cost of an Inverter AC

• Renting for 24 months: ₹1,709 × 24 = ₹41,016 (no ownership)
• Buying on EMI:
  • Year 1: ₹36,564
  • Year 2: ₹0 (ownership achieved)

Break‑even point: Buying becomes cheaper after ~20–22 months.
Therefore, renting initially appears affordable; however, buying home appliances on EMI is more cost-efficient in the long term.

When to Rent Home Appliances?

• Ideal for frequent relocations.
• Good for “trying out” a product before committing.
• Suitable for those without a stable income.

Read Also :- Top 5 Smart Gadgets and Appliances to Buy on EMI

When to Buy Home Appliances on EMI? 

• Best if you plan to stay long‑term.
• Suitable for families who want warranty coverage and brand‑new products.
• Let's you choose preferred specifications and brands.
• No‑cost EMI schemes are often available, making ownership even more affordable.

Tips to Choose Between Renting and Buying Home Appliances

Before deciding, it’s essential to carefully weigh the pros and cons of renting vs buying:

• Determine the length of time you expect to stay at a place before deciding whether to rent or buy.
• Calculate the total rent you would pay over your stay and compare it with the EMI payments for buying.
• Decide if you prefer brand-new appliances or are comfortable with used ones.
• Check the terms of maintenance, warranty, and any additional charges before making a choice.
• Evaluate the total value of the product over its expected life cycle. This will help you decide whether to buy on EMI.

By following these tips, you can make a well-informed decision that balances cost, convenience, and long-term value.

Buying Home Appliances on EMI with a Consumer Durable Loan

A Consumer Durable Loan will allow you to buy the best home appliances on EMI without having to worry about the price. A Consumer Durable Loan is issued by banks and financial organisations that help you purchase high-value products. It can be any household appliance, allowing you to pay in manageable monthly instalments over a predetermined period.

EMI Calculation Example

Note: Many lenders now offer subsidized or no‑cost EMI schemes.

Apply today for an easy EMI through a Consumer Durable Loan and bring home essential appliances without any delay.

Read Also: 6 Benefits of a Consumer Durable Loan You Probably Didn’t Know

How to Apply for a Consumer Durable Loan?

Follow these simple steps to apply for a loan easily:

1.    Check Eligibility: Check your eligibility with the lender to get qualified for the loan.
2.    Choose Your Product: Visit any partnered dealer or online platform associated with the lender and select your desired product.
3.    Prepare for Documents: Provide your digital Aadhaar-based KYC documents and repayment mandate setup details as required by the lender.
4.    Apply for the Loan: Fill out the loan application form, either online or through the dealer’s offline channel, and submit your documents.
5.    Loan Approval and Disbursement: Once your application and KYC details are verified, the loan amount is approved and directly disbursed to the dealer for your product purchase.

To Conclude 

The decision to rent an appliance or buy it on EMI depends on your living arrangements, expected usage period, and overall budget. Renting typically provides more flexibility and ease of use during relatively short periods. On the other hand, buying on EMI will give you greater financial stability and security over an extended period. 

Apply now for a Poonawalla Fincorp Consumer Durable Loan and bring home essential appliances with affordable EMIs, zero stress, and complete ownership confidence.

FAQs

Is it more cost-effective to rent vs. buy over time?
Renting can be more expensive for longer-term use because you do not acquire ownership of an asset through renting.

What can you buy with a Consumer Durable Loan?
Consumer Durable Loan allows you to purchase a wide range of home appliances and electronic products while paying for them through easy EMIs.

Can I apply for multiple appliances under one EMI?
Yes, you can consolidate your purchases into a single Consumer Durable Loan, subject to your eligibility.

Does paying EMIs on time affect my credit profile?
Making payments on time will improve your credit score and allow you to borrow more money in the future.

Is it a good idea for newly married couples to use EMIs?
Yes, EMI makes it easier for newlyweds to establish their own home right away without incurring a heavy debt load.