Regarding QIK EMI on TATA NEU App

[tuhin]

Hi,

I am planning to buy one Home Appliance from Croma via TataNeu & found one offer QIK EMI. I didn't find any charge/interest details further on this product from Tata Capital. Hence, if anyone has availed of this facility on TaTaNeu App please let me know:

1. Is there any hidden charges like issuance/annual fees of this card?
2. If I apply for this card will they do a hard enquiry on my CIBIL?
3. Can I repay through Credit Card?

Thanks

 

[pxg]

I have used Qik EMI on Tata Neu app for an order of 5500 on Croma. It was the best EMI option for me, it was truly no cost.

Principal: 5500
Interest: 2
Effective interest rate: 0.17%
EMI per month: 1834
Total repayment amount: 5502
Loan period: (From account opening till last EMI date) - 53+30+30 days = almost 4 months.

So, I got a true "no cost" EMI without having to pay GST on interest.

However, this can be an introductory offer and it can differ based on product. So, you might not have the same terms as my loan.
And I have noticed, even if it says Qik EMI is available for a product, it will not appear in payment options - you can only pay by Qik EMI Card if the product and your account both satisfy their criteria.

1. Is there any hidden charges like issuance/annual fees of this card?

I have not found any charges related to this card so far. TATA Capital's website is antiquated and the welcome letter they send does mention a 199 rupees annual fee however I think that is outdated for people applying thorough Tata Neu.

2. If I apply for this card will they do a hard enquiry on my CIBIL?

Yes, there will be a hard enquiry from TCFSL (Tata Capital Financial Services Limited). For me they did A Consumer Loan enquiry for 1,49,999 and gave a limit of 40,000

3. Can I repay through Credit Card?

The ONLY way to repay is through the NACH mandate. There is no facility for repaying manually unless you have bounced on your payment and your account is overdue.