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View AllFor all EMI payments, first the full order value on the credit card gets charged. This then later gets converted into EMIs (by the bank) and excess amount goes back to the card. This process usually takes 5-7 workings days.
Banks charge annual interest rates according to the reducing monthly balance. Here, the principal amount is reduced with every EMI and the interest is calculated on the outstanding balance.
The table below shows a representative rendering of EMI plans for a Rs. 20,000 purchase using the EMI payment plan of HDFC bank.
|
Tenure (Months) |
Purchase value |
Monthly instalment (EMI) |
Bank rate (%) |
Total amount payable to bank |
Interest paid to bank |
|
3 |
Rs. 20,000 |
Rs. 6,800.44 |
12 |
Rs. 20,401.33 |
Rs. 401.33 |
|
6 |
Rs. 20,000 |
Rs. 3,450.97 |
12 |
Rs. 20, 705.80 |
Rs. 705.80 |
|
9 |
Rs. 20,000 |
Rs. 2,344.32 |
13 |
Rs. 21,098.89 |
Rs. 1098. 89 |
|
12 |
Rs. 20,000 |
Rs. 1,786.35 |
13 |
Rs. 21,436.15 |
Rs. 1,436.15 |
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