Buying any goods and services with the help of EMI can reduce the overall strain on the finances. It can help you to buy the product without compromising a lot on your budget. Whenever you purchase something of a big amount, the whole amount gets deducted from your account. It can somehow leave you in a difficult state. But if you can convert the purchase into an easy and small EMI, you can pay off the purchase easily. However, if you convert the purchase into EMI, it has its charges. In this article all information about credit card EMI interest rates.
EMI option in case of Gold and Fuel
Moreover, you must understand that not every purchase that you make can be converted into easy EMI. Before you make any transaction, ensure that the financier you are dealing with offers you an EMI option for the same purchase. According to the RBI (Reserve Bank of India) guidelines, EMI financing with the help of a credit card cannot be taken as an option whenever you buy gold. Similarly, in the case of buying fuel, you cannot split up your transaction.
Card specific EMI conversion
Some of the credit card companies offer you the opportunity to convert the card purchases into EMI conversion. For instance, you can choose a credit card that offers you no-cost EMI options. Various financial banking institutions or non-banking financial institutions offer you a credit card that allows the user to make payments with EMI conversion. You must understand that every purchase you make might not provide you with the opportunities to convert your purchase with EMI schemes. Also, the credit card EMI interest rate varies from one card company to another. Hence you must look for various credit card companies and take the service.
Lower down the EMI
The EMI installment that you pay every month is inversely proportional to the total tenure period of repaying the principal amount. The issuer would generally allow you to choose your preferable tenure period. The EMI amount will equal the price of the product and the charges of EMI divided by the total number of months. While a cardholder is spacing out the purchase, it can lighten the financial burden of the cardholder. Moreover, if you choose the shortest tenure, you can bring the EMI charges minimum.
Reduction of repayment charges along with processing fees
While converting the transaction into EMI, the issuer might charge a one-time conversion fee. If any cardholder has a strong potential profile along with a spotless repayment history, then you can speak to your issuer to get a rate deduction on the prepayment charges.
Make a timely payment for affordable purchases.
With the help of EMI financing, you can reduce your financial burden. However, to ensure that the finances remain stable, you must pay the credit card bill on time. In that way, you need not have to incur any additional interest. Moreover, you should choose a credit card that helps you pay your bills on time effectively with the help of EMI categorization. You need to call the customer care of the concerned credit card company and request them to provide this facility.
With the help of the RBL credit card pay online method, you can convert your purchase into EMI. It also offers interest-free cash withdrawal as a loan amount. If you want to get hold of this powerful card as soon as possible, you can visit RBL official website and apply for the same. If you are eligible for this credit card, then it will provide you with instant approval.
