Why IndusInd is so desperate for EMI Conversion?

[Chaitanya-a]

I literally get atleast 10 messages daily via SMS and Email from IndusInd to convert my purchase into EMIs.

Never seen any other bank being so desperate for EMIs. Frequency is so much so that it is sufficient to irritate even a patient person.

 

[Chaitanya-a]

Offline never saw more than 7.5% EMI discount (very very rarely I saw 10%, correct me if I'm wrong).

View attachment 12665

In this example (can apply same to offline too), bank providing 7.5% instant discount + no cost EMI.

But, customer paying extra as

= 130rs. (GST on EMI amount)
+ 235rs. (processing fee + GST)

= 365rs.

Effective discount = 5.3% (net loss 2.2% on marketing discount)

EMIs good for those who wants to split because of their financial status but it also introduce minimum 6 months (never heard of any offline store below that, correct me if I'm wrong) of tension to make sure it pays within time otherwise bank will introduce their famous 40%+ interest rate.

Not to mention, even if one has money and to be sleep peacefully they can't foreclose because that will even drag to -ve returns.

Not against your shops but banks shouldn't rely only on EMI discounts, sometimes people prefer flat discount rather these headaches.

Very well put forth the points I want to convey. Thanks!

Mental peace is what we lose when doing EMIs.

 

[AsB]

Offline never saw more than 7.5% EMI discount (very very rarely I saw 10%, correct me if I'm wrong).

View attachment 12665

In this example (can apply same to offline too), bank providing 7.5% instant discount + no cost EMI.

But, customer paying extra as

= 130rs. (GST on EMI amount)
+ 235rs. (processing fee + GST)

= 365rs.

Effective discount = 5.3% (net loss 2.2% on marketing discount)

EMIs good for those who wants to split because of their financial status but it also introduce minimum 6 months (never heard of any offline store below that, correct me if I'm wrong) of tension to make sure it pays within time otherwise bank will introduce their famous 40%+ interest rate.

Not to mention, even if one has money and to be sleep peacefully they can't foreclose because that will even drag to -ve returns.

Not against your shops but banks shouldn't rely only on EMI discounts, sometimes people prefer flat discount rather these headaches.

Sometimes and for some people piece of mind is very important and EMI is one of the reason which takes away that option.

Banks earn way more money on EMI , than Instant discounts, even with No cost EMI.
And I have seen people, who find EMI as a way to better finance their management than paying full price.
The problem comes, when people dont have the money in their bank, but still buy stuff on EMI.

 

[RaviAglRaviAgl is verified member.]

Offline never saw more than 7.5% EMI discount (very very rarely I saw 10%, correct me if I'm wrong).

View attachment 12665

In this example (can apply same to offline too), bank providing 7.5% instant discount + no cost EMI.

But, customer paying extra as

= 130rs. (GST on EMI amount)
+ 235rs. (processing fee + GST)

= 365rs.

Effective discount = 5.3% (net loss 2.2% on marketing discount)

EMIs good for those who wants to split because of their financial status but it also introduce minimum 6 months (never heard of any offline store below that, correct me if I'm wrong) of tension to make sure it pays within time otherwise bank will introduce their famous 40%+ interest rate.

Not to mention, even if one has money and to be sleep peacefully they can't foreclose because that will even drag to -ve returns.

Not against your shops but banks shouldn't rely only on EMI discounts, sometimes people prefer flat discount rather these headaches.

Sometimes and for some people piece of mind is very important and EMI is one of the reason which takes away that option.

I have attached scheme screenshots for the forum members' reference.

Here, I am myself giving this discount on 11 kg washing machine. Earlier, it was 22.50% when I sold one such unit to our end customer some 15 days ago. Now, it is 17.50% unfortunately.

All costs which customer bears comes to around 1200.00

So, if sales price is 55000 * 17.5% cashback = 9625 less 1200 customer cost, therefore 8425.00 nett benefit.

Hope you all agree.

 

[meetprj]

Cons of taking too many credit cards.

Ab bhugato 🤣 .

For me,

IndusInd, IDFC, Kotak getting calls and sms, emails.

RBL: there apps push notification.

Bajaj wale to alag level pe he 🤣

I actually got a call from DBS Bajaj card directly asking "Sir apka card kahan bhejna hai?".
I got angry and asked how are you issuing me the card when i have not even applied and how did you get my PAN details without ever applying?
The executive got scared and transferred the call the Floor Manager who explained that they have not issued any card and have not done cibil query nor do they have my PAN details.
After that he still insisted that i listen to his offer

 

[Patil007]

I actually got a call from DBS Bajaj card directly asking "Sir apka card kahan bhejna hai?".
I got angry and asked how are you issuing me the card when i have not even applied and how did you get my PAN details without ever applying?
The executive got scared and transferred the call the Floor Manager who explained that they have not issued any card and have not done cibil query nor do they have my PAN details.
After that he still insisted that i listen to his offer

Today also I got call from Bajaj and other banks.

 

[SoggypastA]

I remember axis employee literally crying/begging asking me to convert my laptop purchase transaction to emi.

 

[pprakash11]

Lena padta he bhai, kabhi kabhi 🤣 . Paisa nahi hota to.

I brought laptop in 2019, 54K ka on Kotak EMI. Due to that record Kotak is not allowing me to open 811 account.😀

My first CC was Kotak 811 Secured, which I closed within 6 months of usage as I got unsecured from ICICI.

Since then it's been 3 years, Kotak never gives unsecured cc to me.
I apply online everytime, they reject the application (Though they never did CIBIL hit ).

 

[Patil007]

My first CC was Kotak 811 Secured, which I closed within 6 months of usage as I got unsecured from ICICI.

Since then it's been 3 years, Kotak never gives unsecured cc to me.
I apply online everytime, they reject the application (Though they never did CIBIL hit ).

They rejected mine cc application without cibil hit 😅 . I don't have account with them but has CRN.

 

[pprakash11]

They rejected mine cc application without cibil hit 😅 . I don't have account with them but has CRN.

Exactly same I have CRN.
They never approve always decline, and also no cibil hit.

Thinking to apply via branch, this is the only option (and just for offers, Kotak CC range is trash🤣 🗑️)

 

[Chaitanya-a]

Exactly same I have CRN.
They never approve always decline, and also no cibil hit.

Thinking to apply via branch, this is the only option (and just for offers, Kotak CC range is trash🤣 🗑️)

They rejected mine cc application without cibil hit 😅 . I don't have account with them but has CRN.

I opened 811 account for just fun and then found no use of it. So left it without kyc. Account will be auto closed in few months due to 1 year policy.

Maybe that's the reason two of my applications got rejected🤣 kotak cards are useless though

 

[Patil007]

I opened 811 account for just fun and then found no use of it. So left it without kyc. Account will be auto closed in few months due to 1 year policy.

Maybe that's the reason two of my applications got rejected🤣 kotak cards are useless though

Still I want if LTF 🤣

 

[pprakash11]

I opened 811 account for just fun and then found no use of it. So left it without kyc. Account will be auto closed in few months due to 1 year policy.

Maybe that's the reason two of my applications got rejected🤣 kotak cards are useless though

Yes. Trash bank rejecting trash cc's 🤣

 

[pprakash11]

Still I want if LTF 🤣

Me too in the league!! 🤣

 

[Chaitanya-a]

Still I want if LTF 🤣

Bhai LTF to mne Duet card ko ni chhoda 😂

 

[pprakash11]

@Chaitanya-a

RBL Cares !! 🤣🤣🤣🤣🤣🤣

 

[Chaitanya-a]

@Chaitanya-a

RBL Cares !! 🤣🤣🤣🤣🤣🤣

 

[akshayhs]

I opened 811 account for just fun and then found no use of it. So left it without kyc. Account will be auto closed in few months due to 1 year policy.

Maybe that's the reason two of my applications got rejected🤣 kotak cards are useless though

Better to keep it open because not many banks might offer 0 MAB accounts in the future. Sure you may get IDFC now but whenever there is a 0MAB account, it's better to keep it even if you have no intention to make it your primary account.

 

[meetprj]

I remember axis employee literally crying/begging asking me to convert my laptop purchase transaction to emi.

But why do they want the transaction to be converted to emi. Recently i also purchased a refrigerator and on emi they gave extra 6k discount when they were not giving if I did upfront payment. Can anyone explain why they insist on emi and how do they make money out of it?

 

[Chaitanya-a]

But why do they want the transaction to be converted to emi. Recently i also purchased a refrigerator and on emi they gave extra 6k discount when they were not giving if I did upfront payment. Can anyone explain why they insist on emi and how do they make money out of it?

Interest+Processing fee which they don't tell while luring you for EMI conversion.

And hefty interest if you miss the payment which is their main motive coz atleast 10% would fall in this category.

 

[meetprj]

Interest+Processing fee which they don't tell while luring you for EMI conversion.

And hefty interest if you miss the payment which is their main motive coz atleast 10% would fall in this category.

But on no cost emi where interest amount is refunded by the company? Processing fee is also not that huge that would make money from them.
Infact they charge gst on the interest component which is an unnecessary expense for customers. For me processing fee and gst on interest costed me 1500 which eventually got my 6000 cash back as 4500 which is still not a bad deal
Are you sure there are 10% people who miss their payments