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 ENBD credit cards, EMI allows you to convert large purchases into manageable monthly payments.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

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

Example: For a purchase of AED 10,000 at 36% APR for 12 months, the monthly EMI would be approximately AED 1,004.62.

3. Understanding Credit Card EMI

Details: ENBD credit card EMI converts your purchase into a fixed-term loan with equal monthly payments. The interest rate is typically higher than personal loans but offers convenience.

4. Using the Calculator

Tips: Enter the purchase amount in AED, the annual percentage rate (APR), and the repayment period in months. The calculator will show your monthly EMI, total repayment amount, and total interest paid.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical APR for ENBD credit card EMI?
A: ENBD credit card EMI APR typically ranges from 24% to 36% per annum, depending on the offer and customer profile.

Q2: Are there any processing fees for EMI conversion?
A: ENBD may charge a one-time processing fee (usually 1-2% of the principal) for converting purchases to EMI.

Q3: Can I prepay my EMI?
A: Yes, but prepayment charges may apply. Check with ENBD for current prepayment policies.

Q4: How does EMI affect my credit limit?
A: The EMI amount will block a portion of your credit limit, which gets released as you make payments.

Q5: Can I convert existing purchases to EMI?
A: Yes, ENBD often allows conversion of recent purchases to EMI within a specific timeframe (usually 30-90 days).