Common questions

How can I buy online by EMI?

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How can I buy online by EMI?

For online purchases on major shopping websites like Amazon and Flipkart, you can choose ‘Easy Instalments’?from the payments method and then select your debit card EMI of your bank. If your card issuing bank offers the debit card EMI facility on that product, you would see it on the screen.

How does EMI work on ecommerce?

Under this EMI facility, consumers are given an upfront discount equivalent to the interest that they have to pay. The discount cost is borne by the manufacturer or seller or both. These EMIs are being offered by independent credit card companies as well as banks, NBFCs and even Amazon —through its wallet, Amazon Pay.

Is it good to buy things on EMI?

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It is advisable not to buy consumer durables on EMI, as the interest rate is higher. It is better to save first and then buy. In most cases, the cost of electronic items, especially phones, decline over a period of time. If you can’t afford it, it is better not to buy it.

How does EMI transactions work?

The moment your EMI scheme is in action, your bank will temporarily block an amount equal to the value of the purchase you made through the EMI option. Your bank will start increasing your credit limit by the amount equal to your monthly EMI as you start paying back.

Can I use Bajaj EMI card online?

You can use the Bajaj Finserv EMI Network Card to shop for a range of products both online and offline. The EMI Network Card can also be used to shop online from the Bajaj Finserv EMI Store and other e-commerce websites like Flipkart, Amazon and many more.

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How can I clear my Bajaj EMI online?

Missed an EMI? Pay it online in 3 simple steps:

  1. Enter your registered mobile number.
  2. Enter the OTP sent to your number.
  3. You will receive an SMS with a set of payment options within. Select your payment mode and complete your EMI payment online.

Does EMI include GST?

GST is not applicable on your EMI payments. Before the introduction of GST, service taxes were levied on loans. The rate of service taxes were 15\%, whereas the rate of GST is 18\%.

Is GST applicable on EMI interest?

With respect to credit card EMIs, GST will be applicable on EMI processing fee and also on the interest component of your EMI. Apart from this, GST rate of 18\% is also applicable on all fees and charges that the bank levies.

What is the disadvantage of EMI?

no prepayment: even if you have the ready cash to pay off the loan before the tenure ends, most emi schemes will charge you a prepayment penalty ranging between 2-3\% of the principal amount. 4. charges on skipping emis: for a customer, missing the emi or defaulting on payments may have significant implications.

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What are the disadvantages of installments?

Installment payments can trap a borrower just like credit cards can. While it’s possible to borrow money at 0 percent under certain conditions, even paying the principal will become difficult past a certain point. Installment loans that aren’t subsidized by the merchant could get a borrower into trouble very quickly.

Can I pay my EMI at once?

Whether you have taken a personal loan, home loan, car loan, or any other loan product from HDFC, the bank allows you to repay the remaining EMIs at one go. Repaying all EMIs at once is known as pre-closing the loan account.

What is EMI processing fee?

In case of regular EMIs, the seller charges you a processing fee which ranges between 0.5\% to 3\% and an interest rate that can vary from 8\% to 15\%.