HDFC No Cost EMI Calculator Credit Card

EMI Calculation Formula:

\[ EMI = \frac{P}{N} \]

Where P is Principal amount (Rs) and N is Loan tenure (months)

EMI Amount:

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1. What is No Cost EMI?

No Cost EMI allows you to convert your purchase into monthly installments without paying any interest. The interest is covered by discounts offered by the merchant or bank.

2. How No Cost EMI Works

The calculation is simple:

\[ EMI = \frac{Principal\ Amount}{Loan\ Tenure} \]

Where:

Principal Amount — Total purchase amount (Rs)
Loan Tenure — Number of months for repayment

Explanation: Unlike regular EMI, no interest is added to the principal amount in no-cost EMI.

3. Benefits of HDFC No Cost EMI

Details: HDFC Bank offers no cost EMI on thousands of products across categories like electronics, appliances, furniture etc. with tenures ranging from 3-24 months.

4. Using the Calculator

Tips: Enter the total purchase amount in Rs and select your preferred repayment tenure in months. The calculator will show your monthly installment amount.

5. Frequently Asked Questions (FAQ)

Q1: Is there really no interest in no-cost EMI?
A: The interest is waived by the bank or covered by the merchant through discounts.

Q2: What is the minimum purchase amount for no-cost EMI?
A: Typically Rs. 5,000 or more depending on the merchant and product category.

Q3: Are there any hidden charges?
A: Some banks may charge GST on the interest component (even though you don't pay the interest).

Q4: Can I prepay my no-cost EMI?
A: Yes, but prepayment charges may apply in some cases.

Q5: Does this affect my credit score?
A: Like any credit facility, timely payments help build good credit history.