Any body know Interest on No Cost EMI ?
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I bought the mobile on installments from flipkart on no cost emi but when i checked on netbanking it shows 16% Interest is it normal ?
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https://www.desidime.com/comments/permalink/10382291
Yes that's standard rate by almost all banks.
https://www.desidime.com/comments/permalink/10384299
I bought a mobile which cost me Rs. 40,205/- rupees and I paid installments but when I looked in the bank app I was being charged around Rs 43,000/- in installments.
https://www.desidime.com/comments/permalink/10383001
If it's no cost emi, the interest will be paid automatically and will be showed to u as discount, but in first statement u will probably get 1% charge, processing fee or something, and in later months u will be charged 18% gst value on the interest (already paid by the company), let's say 16% interest was 1600rs, these 1600 would be paid by bank, but 18% of this would be charged as gst to you split into months
https://www.desidime.com/comments/permalink/10384298
I bought a mobile which cost me Rs. 40,205/- rupees and I paid installments but when I looked in the bank app I was being charged around Rs 43,000/- in installments.
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What does it matter when it's no cost emi! You already got the discount of the interest charged by the bank..