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 manageable monthly payments.

2. How Does the EMI Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (MYR)
• \( R \) — Monthly interest rate (annual rate divided by 12, in decimal)
• \( N \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment that would pay off the loan over the specified period with interest.

3. About Flipkart Axis Bank Credit Card

Details: The Flipkart Axis Bank Credit Card offers special EMI options for purchases in Malaysia, with competitive interest rates and flexible tenures from 3 to 48 months.

4. Using the Calculator

Tips: Enter the principal amount in MYR, annual interest rate (without the % sign), and loan tenure in months. The calculator will show your monthly EMI, total repayment amount, and total interest payable.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for Flipkart Axis Bank Credit Card EMI?
A: Interest rates typically range from 12% to 24% per annum depending on the cardholder's credit profile and tenure.

Q2: Are there any processing fees for EMI conversion?
A: Yes, there's usually a one-time processing fee of 1-3% of the principal amount.

Q3: Can I prepay my EMI?
A: Yes, but prepayment charges may apply (typically 2-5% of the outstanding principal).

Q4: How does this compare to personal loan EMIs?
A: Credit card EMIs often have higher interest rates but quicker approval and minimal documentation.

Q5: Is GST included in the calculation?
A: This calculator shows pre-tax amounts. GST may apply to the interest component of your EMI.