Credit Card: If you have a credit card, then you are being given the facility of EMI for payment.
The ‘buy now pay later (BNPL)’ model is becoming increasingly popular in this era of corona pandemic, as people do not have much cash and are preferring to pay in installments. If you have a credit card, then you are being given the facility of EMI for payment. Money9 is telling you about the banks that give EMI on credit cards.Also Read: Skin care tips sugar remedies know how to exfoliate face scrub
SBI
There is an EMI facility on SBI’s credit card for an amount above Rs 500. In this, 2% processing fee is charged and the maximum limit is Rs 199. The bank charges an annual interest of 22 per cent on such EMIs. During this the installment period varies between 6 months to 24 months. For premature closure, a fee of 3 per cent of the outstanding amount is charged.Also Read: How paytm users can make payments from a fixed deposit
HDFC
Interest is charged on the monthly installment of HDFC from 14 percent to 34 percent. It depends on the amount and other things. Here the installment period ranging from 9 months to 36 months can be taken. In this also, 3% of the outstanding amount is charged for premature repayment.
ICICI
To get the facility of monthly installment in this bank, a minimum purchase of 3 thousand is necessary. It charges an interest of 13 to 16 percent. The bank does not charge processing fees. Also there is no pre-payment charge.Also Read: Bank Holidays: Banks will be closed for 4 days this week, settle the work quickly, see the complete list of holidays here
American Express
To get the monthly installment here, a purchase of 5 thousand is necessary. Interest is charged on the installment ranging from 14.05 percent to 30 percent. The processing fee is 2%, but the pre-payment charge is nil. There is no fixed installment period.
Axis Bank
To get the installment here, a credit card purchase of 2.5 thousand is necessary. The interest rates range from 18 to 30 percent. The processing fee is 1.5 per cent which should be a minimum of Rs 150. The pre-payment charge is 3%. The installment tenure ranges from 6 to 24 months.Also Read: NPS can give higher returns than PPF or FD you have to invest in equity corporate bond or alternative asset
Bank of Baroda
The interest rate in BoB is 14% to 28% per cent, the minimum transaction amount should be Rs 2.5 thousand. Processing fee is 2% or minimum Rs.100. The installment period ranges from 3 to 24 months. The pre-payment charge is 2%.
Kotak Mahindra Bank
This bank has the facility of EMI of 3 to 48 months at 14 to 20 percent interest. Pre-payment charges are not charged. However, a processing fee of Rs 35 is charged per thousand transactions.Also Read: Jio vs Airtel vs Vi: Who is the cheapest in the annual prepaid plan, 24GB data will be available for a monthly cost of…
IndusInd Bank
This bank charges an annual interest of a minimum of 13 percent on monthly installments, which can be up to a maximum of 30 percent. Processing fees and pre-payment charges are charged in this bank. The installment period can be from 6 to 24 months.
Yes Bank
In Yes Bank, purchases above Rs 2,500 can be converted on EMI. The interest rates in this range from 12% to 15%. There is no need to pay processing fee here but a pre-payment charge of 2% is to be paid.
