What is the meaning of no cost EMI?

No cost EMI means the seller gives you a discount equal to the interest the bank charges, so your instalments add up to about the product price. The bank still charges interest, and you usually pay 18% GST on that interest plus any processing fee.

Is no cost EMI really free?

Not completely. In our ₹30,000, 6-month example at 17% a year, you repay about ₹30,311, which is ₹311 more than the price because of GST on interest and a small processing fee.

When is the first EMI deducted on a credit card?

Usually on the first statement date after the purchase, and you pay it by that statement’s due date. Conversion takes a few working days, so purchases made just before the statement date may show in full on that bill first.

Why is my first EMI different from the others?

Some banks, including SBI Card, calculate first-EMI interest for the actual days between EMI booking and the first due date. If that period is longer than 30 days, the first EMI is slightly higher; if shorter, slightly lower.

Do I earn reward points on EMI purchases?

It depends on the card. SBI Card’s terms say reward points do not apply to purchases converted to merchant EMI. Check your own card’s terms.

No cost EMI meaning: your first EMI purchase, fully explained before checkout (Hindi, Tamil, Telugu & more)

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No cost EMI meaning: your first EMI purchase, fully explained before checkout (Hindi, Tamil, Telugu & more) | Spendzie