Advice
Hi guys I bought some thing in Amazon with amazon icici credit card. the issue is they have mentioned product cost is 13970₹ with no cost emi it costs 13600₹ + 200₹ processing fee with no interest. No I am paying 14256₹ the issue here with bank icici is they are charging intrest in the emi transactions and gst (obviously) but my concern is they are "charging intrest here " So any thoughts on this because this is my first time buying like this And any advice next time when buying like this to see these hidden transactions before buying.?
Anise Carmden
Stealth
8 months ago
In terms of No Cost EMI, the interest part is given to you as discount by the brand. Bank will always charge interest and GST on EMIs be it No Cost or normal EMIs. Apart from it, they will also charge processing fees.
In your case, you should look at the transaction receipt wherein you will find upfront discount from the brand, which is nothing but the interest component discounted off.
Here, the product cost is ₹13,970 and the brand is offering (₹13,970-13,600) as discount(₹370). Your EMI should be calculated on 13,600 as principal amount.
Your English is difficult for me to understand. What are you trying to say?
If you are saying you were charged interest for no cost EMI, you need to check with the bank on why this was the case. They can help you out with the same.
Also, while paying via CC, always pay in Full. Almost Always! Else you don't get reward points on it.
To keep it simple and short. Govt charge gst of 18% on interest rate which is not discounted by banks.
Dezi Lee
Stealth
8 months ago
a) Product cost: 13970
b) No Cost EMI: 13600 + 200 (i.e 13800)
Why (a) and (b) is different? WHAT is 14256??
GST charges will be there. Processing fee is always somewhere ~10% of principle amount ig or 200 not sure.
