1. What is No Cost EMI?

No Cost EMI is a financing option where you can purchase products by paying in monthly installments without any additional interest charges. The total amount paid equals the product price divided over the tenure.

2. How Does the Calculator Work?

The calculator uses the simple EMI formula:

Where:

• \( P \) — Principal amount (MYR)
• \( N \) — Loan tenure in months
• \( EMI \) — Equated monthly installment (MYR)

Explanation: For no-cost EMI, the total amount is simply divided equally over the selected tenure without any interest charges.

3. Importance of EMI Calculation

Details: Calculating EMI helps you plan your monthly budget and understand your repayment obligations before making a purchase on EMI.

4. Using the Calculator

Tips: Enter the principal amount in MYR and select your preferred tenure in months (typically 3-24 months for no-cost EMI).

5. Frequently Asked Questions (FAQ)

Q1: Are there really no costs with no-cost EMI?
A: While there's no interest, some merchants may include processing fees. Always check the final amount before proceeding.

Q2: What is the maximum tenure for no-cost EMI?
A: Typically 3-24 months, depending on the merchant and ICICI Bank's current offers.

Q3: Can I prepay my no-cost EMI?
A: Yes, but check if there are any prepayment charges. Some banks may charge a small fee for early closure.

Q4: Is my credit limit affected by EMI purchases?
A: Yes, your available credit limit is reduced by the principal amount until the EMI is fully paid.

Q5: Can I convert any purchase to no-cost EMI?
A: Only eligible purchases from participating merchants can be converted to no-cost EMI.