EMI or equated monthly installment, as the name suggests, is one part of the equally divided monthly outgoes to clear off an outstanding loan within a stipulated time frame.
Description: The EMI is dependent on multiple factors, such as:
1) Principal borrowed
2) Rate of interest
3) Tenure of the loan
4) Monthly/annual resting period
For a fixed interest rate loan, the EMI remains fixed for the entire tenure of the loan, provided there is no default or part-payment in between. The EMI is used to pay off both the principal and interest components of an outstanding loan. The first EMI has the highest interest component and the lowest principal component. With every subsequent EMI, the interest component keeps on reducing while the principal component keeps rising. Thus, the last EMI has the highest principal component and the lower interest component.
Bajaj EMI
Bajaj Finserv EMI Network is a payment system, with instant financing options. It is the way to pay for your favourite electronics & home appliances like smartphone, tv, washing machine, air conditioner, laptop, air cooler etc, furniture, lifecare service, groceries, clothes, accessories and more. No hidden charges, simply divide the cost of the purchase into easy instalments.
With an EMI Network Card:
Step 1: Walk into our partner store
Step 2: Swipe your EMI Network Card
Step 3: Walk out with your purchase
On the Bajaj Finserv EMI Store
Step 1: Visit the EMI Store and select your city
Step 2: Select the product you want to buy
Step 3: Login via Experia and select a suitable EMI option
Step 4: Your product will be delivered to you within 24 hours
Without an EMI Network Card:
Step 1: Apply for instant approval by filling up a form online or visit our partner store for availing a loan
Step 2: Show the SMS of your pre-approved loan amount at our partner store
Step 3: Walk out with your purchase
HDFC EMI
Get everything you want, from the latest gadgets to gym memberships and everything in between with the HDFC Bank EasyEMI Card. It’s for when you want to own something you desire, without pushing it for tomorrow.
With the HDFC Bank EasyEMI Card, you get to own what you desire – with the feature of Automatic EMI conversion at 9 months on spends above ₹10,000. You also earn CashBacks on every online and offline spend made using the HDFC Bank EasyEMI Card.
With the HDFC Bank EasyEMI Card choose to Live Better Every Day.
Benefits of the EasyEMI Card
Automatic EMI conversion:
Get every purchase above ₹10,000 converted automatically into EMI for 9 months
Nominal EMI charges:
For transactions that are converted into EMI, a processing fee of ₹99 and rate of interest of 20% per annum will be levied. Taxes as applicable.
Minimum Documentation:
With HDFC Bank EasyEMI Card, just go ahead and own, because there is no paperwork at all once you hold the card!
Online and Offline:
HDFC Bank EasyEMI Card can be used as a regular credit card for both purchases (online and offline) for all transactions that are below ₹10,000
EMI Tenure:
The HDFC Bank EasyEMI card comes with the tenure of 9 months.
Secure:
Similar to any Debit or Credit Card, the HDFC Bank EasyEMI Card requires an additional layer of authentication with a One Time Password triggered to the registered mobile number.
Assured Rewards:
Get up to 5% CashBack on all transactions (offline, online and even EasyEMI). Also get access to exclusive EasyEMI offers across 10,000 + merchants