1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month. For Flipkart purchases using Axis Bank credit card, EMI allows you to pay for your purchase in monthly installments rather than one lump sum.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal amount (loan amount in Rs)
• \( R \) — 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 the given interest rate.

3. Importance of EMI Calculation

Details: Calculating EMI helps you plan your finances better by knowing exactly how much you need to pay each month for your Flipkart purchase using Axis Bank credit card EMI option.

4. Using the Calculator

Tips: Enter the principal amount (purchase price), annual interest rate offered by Axis Bank for EMI conversion, and the tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for Flipkart Axis Bank credit card EMI?
A: Interest rates vary but typically range between 10% to 24% per annum depending on the offer and tenure.

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

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

Q4: What is the minimum purchase amount for EMI?
A: Typically Rs. 2,500 or more, but this may vary based on current offers.

Q5: How does EMI affect my credit score?
A: Timely EMI payments can help build a good credit history, while missed payments can negatively impact your score.