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EMI credit card

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EMI Credit Card means Paying equal monthly installments is a matter of Principal! In financial terminology EMI means Easy / Equal Monthly Installments- a payment towards a loan or product purchase. The total amount is broken down in easy installment - interest plus principal amount = EMI. As basic necessities are met with easy, there is an intense desire for luxury, comfort and convenience and all these have a price.

The struggle for increased income begins- more income more comfort or more comfort more income. The struggle continues. Latest gizmos, hi-tech mobiles, laptops, micro oven, play station, new homes, cars and the list goes on. The monthly income is at a constant stake! The EMI becomes a dreaded figure, how would you manage to pay is everyone’s concern. With a dream product in mind walk in a sales outlet that lets you purchase on easy installations. Choose the product and simply ask for an EMI offer, the cashier informs you about the processing fee, could be one time or in advance EMIs. Check for details.

The difference between ordinary EMIs and Credit Card installations is the differed rate of interest- high interest rate at 3 % p.m normally and lower interest rate of 1.5% to 2% p.m on credit card installments. It is an advantage making purchases on credit card installments. For availing personal loans, a documentation process has to be completed, which is a stringent one. Where as when applying for a personal loan via credit card EMI option, one escapes the documentation, paperwork and approvals. Even an existing card gets you a loan. When seeking a personal loan, the credit card EMI option is an easy out of the rut of documentation, paperwork, down-payment or post-dated cheques are demanded on applying. The credit card’s monthly statement contains minimum amount plus EMI and therefore easy to keep track of payments. The credit limit is locked till the EMI amount is cleared and released upon clearance. The EMI preclosure is possible at no charge.

When seeking a personal loan for a smaller amount of Rs.20, 000, the credit card EMI option is the best as it considers smaller amounts. The banks do not grant loans for small amounts and has a lengthy processing process. EMI credit card is hassle-free and EMI preclosure is possible at no charge. The rate of interest on EMI card is 2 %, the ordinary credit card rate of interest is higher and chargeable on the entire outstanding balance. There is an option when one is unable to pay the total EMI, pay minimum balance and carry over incurring a rate of interest 2.95%. Interest payment is a part of EMI and charged based on Principal outstanding. EMI=Interest payment + Principal repayment.

As the tenure matures the principal amount increases and interest decreases, All these benefits make EMI Credit Card the best option-
• When in need of loans, especially smaller amounts,
• Avoid documentation, paper work , down-payments,
• Lower 1.5% to 2% rate of interest.
EMI credit card is every commoner’s proffered card.

*See the online application for details about terms and conditions Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. When you click on the offer you desire you will have an opportunity to review the credit card terms and conditions on the credit card issuer's web site.
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