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How to pay Flipkart EMI?
- Thread starter steiner03
- Start date
You have to pay it yourself. The amount has been blocked on your card, so you can't use that specific amount. In the first month, you will pay the processing fees, principal, interest, and GST. From the second month onwards, you will only pay the principal, interest, and GST. As you continue to pay off the principal, your credit limit gradually becomes available again. Also, please do a quick Google search about No Cost EMI and how it works?
steiner03
TF Select
Do i have to pay it myself or will it get deducted from my credit card on its own every month?
Yes, you have to make monthly payments according to your EMI schedule. I mentioned this in my previous statement as well. These payments will be made towards your credit card.
It is not like Bajaj Finance emi, but you can enable autopay. please search google or call Axis Bank customer care if you got Flipkart Axis bank credit card
steiner03
TF Select
How and where to make these payments?
When your credit card statement generates, you will have to make the payment within the due date.
steiner03
TF Select
So i just i have to pay my credit card bill like i usually do?
Finally you got it 😂👍
steiner03
TF Select
Dude i knew this. I was asking if i have to pay manually anywhere every month or will it get debited on it's own from my "Credit Card".
Dude, it's absolutely amazing how I've been tirelessly enlightening you in every single post within this thread, using various explanations just to cater to your needs. Who would have guessed that I possess such a remarkable talent for explaining things poorly? I am forever grateful to you for pointing out this hidden gift of mine. 🤣 Oh, and let's not forget how both I and another esteemed member of this forum went out of our way to suggest that you consult the vast knowledge of Google regarding the concept of No Cost EMI. But you, my dear friend, you decided to take the path less traveled and continue asking the same question repeatedly. 😂
steiner03
TF Select
Okay, so i purchased a phone on Flipkart no cost EMI using my credit card. The money got blocked. Let's say the emi is 5k. Do i have to go to Flipkart or any bank site to pay 5k using my credit card every month? And than pay my cc bill as usual like i always do. Or Will it get debited from my credit card every month on its own automatically? And than pay my cc bill like i always do?
Sorry if you feel i am not getting what you are saying. I appreciate your time and effort you are putting to help a fellow curious person. But i feel i have failed to express my query properly.
steiner03
TF Select
The EMI will be added to my credit card bill on its own?
Let's imagine you bought a phone on Flipkart worth 5k. Using your credit card, you purchased it and converted it into a No Cost EMI plan for 6 months. Here's how it works:
When you choose the No Cost EMI option, your credit card issuing bank (in this case, Axis) pays the full amount of 5k to Flipkart on your behalf. This payment happens a few days after the purchase.
After a few days, the bank completes the settlement process with Flipkart and converts the purchase into EMIs. This means the total cost is divided into 6 parts, as you chose a 6-month plan.
When your credit card statement is generated, you will see the first installment amount on it. You need to pay this installment to the bank, not to Flipkart. This payment goes towards your credit card bill.
Over the next 6 months, you will continue paying the EMI amount each month until you complete the full payment of 5k to your credit card.
So, with No Cost EMI, you buy something using your credit card, and the bank pays the merchant (in this case, Flipkart) the full amount. Then, you pay the EMI amounts to your credit card over the chosen duration.
I hope this explanation clarifies how "No Cost EMI" works. Let me know if you have any further questions!
When you choose the No Cost EMI option, your credit card issuing bank (in this case, Axis) pays the full amount of 5k to Flipkart on your behalf. This payment happens a few days after the purchase.
After a few days, the bank completes the settlement process with Flipkart and converts the purchase into EMIs. This means the total cost is divided into 6 parts, as you chose a 6-month plan.
When your credit card statement is generated, you will see the first installment amount on it. You need to pay this installment to the bank, not to Flipkart. This payment goes towards your credit card bill.
Over the next 6 months, you will continue paying the EMI amount each month until you complete the full payment of 5k to your credit card.
So, with No Cost EMI, you buy something using your credit card, and the bank pays the merchant (in this case, Flipkart) the full amount. Then, you pay the EMI amounts to your credit card over the chosen duration.
I hope this explanation clarifies how "No Cost EMI" works. Let me know if you have any further questions!
It's all an automated process, so you don't have to do anything apart from selecting the tenure of your loan. Once you choose the "No Cost EMI" option and decide on the duration or tenure of your loan (in this case, the 6-month plan), the rest of the process happens automatically. Your credit card issuing bank takes care of the payment to the merchant and converts it into EMIs. All you need to do is make the monthly payments according to the EMI schedule specified in your credit card statement.
steiner03
TF Select
I do understand how a transaction is converted in an EMI works. All i wanted to know was if i have to pay it monthly anywhere or does it get added to my credit bill every month automatically. And you cleared this query on your later response. Still i appreciate you writing a long detailed explanation of how things work.
Thank you for your patience with my query. Hope you had a good day.
