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Are 0% interest EMI's really legit?
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<blockquote data-quote="rdst_1" data-source="post: 2149587" data-attributes="member: 25986"><p>There are no processing charges for merchant EMIs AFAIK.</p><p>The processing charges are generally only if one converts an amount to EMI via the banks portal. Even then, there are offers when banks waive off these processing charges.</p><p></p><p>As for merchant EMIs, it is wrong to say they are not based on reducing interest.</p><p>I bought Honor View 10 worth 30k from Amazon. I have to pay an EMI of 2500 for 12 months which means it is 30k which I am paying.</p><p>For Feb - Principal was 2200 and Interest was 299.</p><p>For March - Principal was 2226 and Interest 273.</p><p></p><p>So EMI calculations are definitely based on reducing interest like any other loan.</p><p></p><p>However like everyone has said the GST component is the hidden charge and seems to be a bit on the higher side at 18%.</p><p></p><p>The other issue is that this cost seems to be built-in with the cost of the device and if you are offering this discount for EMIs, same discount should be available to people who are willing to pay the whole amount upfront.</p></blockquote><p></p>
[QUOTE="rdst_1, post: 2149587, member: 25986"] There are no processing charges for merchant EMIs AFAIK. The processing charges are generally only if one converts an amount to EMI via the banks portal. Even then, there are offers when banks waive off these processing charges. As for merchant EMIs, it is wrong to say they are not based on reducing interest. I bought Honor View 10 worth 30k from Amazon. I have to pay an EMI of 2500 for 12 months which means it is 30k which I am paying. For Feb - Principal was 2200 and Interest was 299. For March - Principal was 2226 and Interest 273. So EMI calculations are definitely based on reducing interest like any other loan. However like everyone has said the GST component is the hidden charge and seems to be a bit on the higher side at 18%. The other issue is that this cost seems to be built-in with the cost of the device and if you are offering this discount for EMIs, same discount should be available to people who are willing to pay the whole amount upfront. [/QUOTE]
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Are 0% interest EMI's really legit?
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