Credit cards are not a luxury anymore, but a necessity. They allow you to experience financial freedom while having your back in situations of emergency. So whether it is financing your child’s higher education or attending to a medical emergency, a credit card can be your best bet for financial help. EMI or Equated Monthly Installments are an important feature of credit cards and it helps you plan your installments in a much better way. EMI helps you divide your outstanding amount into smaller payments. However, with ease comes a risk. So, it becomes important that you regularly monitor your payments and set a reminder for the due dates. To do this you can use Credit Card Interest Calculator.
So, the next obvious question is, how to use a credit card loan calculator? How to plan monthly installments with the help of this extremely useful tool?
Credit Card EMI Calculator is designed to keep a tab on your interest rates and loan. Thereby, helping you to determine your monthly credit card payout. It can be used by following these simple steps:
What you need to keep in mind however is, only using a credit card loan calculator will not guarantee you the EMI allotment that you’re looking forward to. Every bank has a certain procedure in place for this and here’s what they usually follow:
Credit Card EMI is an extremely useful service, especially when there is a shortfall of funds in your account, but the expenses are unavoidable. All you need to do at such times is choose the EMI option
1. While making your purchase (Instant EMI)
2. After making the purchase (Transaction to EMI)
3. Convert your bill to EMI (Outstanding to EMI)
What’s more, you can even plan your purchase with the help of the credit card loan calculator. A credit card interest calculator helps you understand the breakup of funds into various heads like principal, interest and so on.
The Credit Card EMI facility is not just easy, but has many other benefits. Here’s what Kotak Credit Card Instant EMI offers to you:
While Credit Card EMI takes your financial freedom to an all new level, opting for a Credit Card EMI can be tricky business. To ensure smooth processing that leaves your financial health unharmed, you must keep in mind a few important things:
Like any other bank, Kotak Mahindra Bank also charges an interest whenever you opt for a Credit Card EMI. However:
Whenever you opt for a Credit Card EMI, the bank scrutinizes various factors to ascertain your eligibility and to decide on the amount of EMI and the interest rate.
You can avail the facility of Credit Card EMI before swiping or making an online transaction. Another way to convert your in-store and online purchases is by asking the cashier, who can turn it to EMI through a simple process. In case of an online purchase you can select the EMI option on the payment page.
When you decide to convert your dues into EMIs, you bring convenience to the repayment of your loan. However, it is advisable that before converting your debt into EMI, you must understand the interest rate and other charges that come with the respective card to avoid a strain on your finances.
If you return the item you purchased on EMI then the refunding process can depend on two scenarios. If you have cancelled the order before the EMI is created, then you will get an immediate full refund, but if the EMI is already created then you have to pay an extra charge.
Repaying your dues in a single go is a healthy and sound habit, but it is possible that certain situations may arise where you have to spend a lot of money because of some financial emergency. It can be burdensome, especially if you are under a budget constraint. By opting for Credit Card EMI, you can reduce this burden.