Kindly Explain the No Cost EMI details

[lostwords]

I was trying to buy an appliance from LG. On the checkout page, the order total was ₹27540 but the No Cost EMI for 6 months showed ₹4016 for each month.

Can someone kindly explain to me what's the total amount that I have to pay?

 

[CMGCMG is verified member.]

You are getting some sort of extra discount/cashback for EMI.


See the below screenshot. Interest and Discount is equal.

 

[Lordkk]

No cost means you will get interest as upfront discount.

So the total payment you have to do is

• Total payment = price - interest discount + 18% GST on interest + processing fees + 18% gst on processing fee

 

[Deleted member 2540]

I was trying to buy an appliance from LG. On the checkout page, the order total was ₹27540 but the No Cost EMI for 6 months showed ₹4016 for each month.

Can someone kindly explain to me what's the total amount that I have to pay?

View attachment 46319


View attachment 46320

View attachment 46321

See Your Payable Price is Rs.27,540.

But you are getting Instant Bank discount of Rs.4463.

Now Amount charged to your Card will be
Rs.27,540-Rs.4463= Rs.23,077.

Now Bank will convert Rs.23,077 it into EMI with Interest @15% Per Annum.

Therefore you will Pay Rs.23,077 (Principal Amount)+ 1,020(Interest for 6 months @15% PA on Rs.23,077)+ 184(18% GST on 1020)+ Rs.236 Processing Fee charged by Most of the Banks

 

[lostwords]

See Your Payable Price is Rs.27,540.

But you are getting Instant Bank discount of Rs.4463.

Now Amount charged to your Card will be
Rs.27,540-Rs.4463= Rs.23,077.

Now Bank will convert Rs.23,077 it into EMI with Interest @15% Per Annum.

Therefore you will Pay Rs.23,077 (Principal Amount)+ 1,020(Interest for 6 months @15% PA on Rs.23,077)+ 184(18% GST on 1020)+ Rs.236 Processing Fee charged by Most of the Banks

Thank you for the explanation brother, it makes things easy.

 

[opaque]

Product cost - 40,990
No cost emi discount - 6,500
Interest - none

For 12 month, 2875 * 12 = 34,490

Does it mean, I will be paying only 34,490 over 12 months instead of 40,990?

Also, if there is no interest, will GST be charged?

 

[BeingIncogBeingIncog is verified member.]

Does it mean, I will be paying only 34,490 over 12 months instead of 40,990?

nope it maybe beyond 41K all charges included

 

[nsa]

Product cost - 40,990
No cost emi discount - 6,500
Interest - none

For 12 month, 2875 * 12 = 34,490

Does it mean, I will be paying only 34,490 over 12 months instead of 40,990?

Also, if there is no interest, will GST be charged?

Did you avail the EMI? How much did you finally pay?
What charges or fees were levied?

 

[opaque]

Did you avail the EMI? How much did you finally pay?
What charges or fees were levied?

I did not avail EMI