Re: Nokia Lumia Series Smartphones Discussions and Experiences
Dude it monthly interest not yearly interest. so 2.5% per month would calculate to 15% interest for 6 months. Also if i convert to emi using flipkart i incur charges of 200-300rs only but calling a bank and converting to emi will incur charges between 1500-2000 in interest.
Regards,
Sankar
I know dear. No CC will give 3% interest for an year. it is 36% for the balance amount (if you pay the minimum due).
I said, I just paid interest of 1300 for 6 months. That is for 61000Rs. That is done by calling bank.
What my question was, if you are charged 3% monthly interest for EMIs, why people will call up the bank and ask for EMIs? Even if you dont convert to EMIs, they charge the same amount 3% (36% annual interest) right ?
Normally they charge lesser interest if you convert to EMIs. Flipkart EMI may be cheaper as there is only processing fee and no interest !
When you call your bank , please ask "What is the benefit if i convert to emi's if you are charging the same interest"
And, In my case - the total interest paid for 6 months are 1300 ! Approximately 220RS per month came extra for 6 months
Sorry for going Off Topic