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ICICI Bank launches EMI Card
The ICICI Bank EMI Card is a unique credit facility, where your monthly EMI Amount Due (EAD) is fixed. This EMI amount due per month is inclusive of all charges. Incremental purchases will not increase the EMI amount due paid by you. Only the tenure will increase proportionately. You can make any purchase up to his purchase limit and pay a fixed EAD, as applicable.
To attract more credit card spending, ICICI Bank has launched an EMI Card that provides people convenience to payback their dues on a credit card purchase in equated monthly instalments on zero per cent interest.
A report in Economic Times quoted ICICI Bank Head Cards Product Group Sachin Khandelwal saying that with credit card potential as low as eight per cent in India, the bank sees plenty of potential for EMI card especially for couples who are newly married and are planning to set up their homes.
The EMI card enables customers to purchase household appliance and convert the full or partial amount in EMIs of three or six months and pay back without having to shell out any interest.
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EMI card is a unique installment concept, wherein you have the option of paying a fixed amount every month subject to the purchase limit you enjoy. "Multiple purchases on this card will not increase the EMI amount to be paid by the customer. It is only the tenure that would be proportionately increased. The EMI card is a form of credit card, but the customer pays a fixed amount called EMI amount due and there is no grace period and interest gets levied such as the cash withdrawal tax. "In case of personal loan, the tenor and transaction amount is fixed and the EMI can vary as per the loan taken. But its not so in case of the EMI card," said Sachin Khandelwal, head cards product group, ICICI Bank. "We are currently offering this card to existing ICICI Bank customers. Open market sourcing has recently begun, but it is based on standard credit card process and credit criterion,'' added Khandelwal. All transactions on the EMI credit card are automatically converted into EMI payments. The EMI amount due (EAD) would be Rs 1,000, Rs 2,000 and Rs 4,000 per month based on the purchase limit pre-approved by the bank. Purchase limit on the EMI card ranges from Rs 24,000 to Rs 36,000, Rs 48,000 to Rs 72,000 and Rs 96,000 to Rs 1,44,000 based on the credit eligibility. Based on the purchase limit, the rate of interest will vary from zero per cent, 1.49 per cent and 1.99 per cent. On the interest rate front, there is no difference between the EMI card and EMI on call. However, as far as the mode of repayment is concerned, the EMI amount remains fixed and the tenure is flexible for the EMI card, whereas the tenure is fixed and the EMI amount is flexible for EMI on call. |
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