1. What is EMI?

EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. For credit cards, EMI options allow you to convert large purchases into smaller monthly payments.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( R \) — Monthly interest rate (APR/12 as decimal)
• \( N \) — Loan tenure in months
• \( EMI \) — Equated monthly installment (INR)

Explanation: The formula calculates the fixed payment amount that includes both principal and interest components.

3. About Amazon Pay ICICI Credit Card

Details: The Amazon Pay ICICI credit card offers EMI conversion options on purchases. Interest rates typically range from 12% to 40% APR depending on the card variant and tenure chosen.

4. Using the Calculator

Tips: Enter the purchase amount, annual interest rate (check your card terms), and desired tenure. The calculator will show your EMI amount, total payment, and total interest.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical APR for Amazon Pay ICICI card?
A: APR ranges from 12% to 40% depending on card variant and customer profile. Check your card terms for exact rates.

Q2: Are there processing fees for EMI conversion?
A: Some EMI conversions may have processing fees (typically 0-3% of principal). Check with ICICI Bank for current charges.

Q3: Can I prepay my EMI?
A: Yes, but prepayment charges may apply (usually 2-5% of outstanding principal). Confirm with your bank before prepaying.

Q4: How does this differ from store EMI?
A: Store EMI often has lower interest rates subsidized by merchants. Card EMI uses your credit limit at standard rates.

Q5: Will EMI affect my credit score?
A: Timely EMI payments can help build credit history, but missed payments will negatively impact your score.