Amazon No cost Emi - Additional Cashback - Any hidden charges?

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Deal Cadet
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Hi Friends.
I do lot of online shopping for years but I have never used EMI option for any purchase.

In the Big Diwali sale I see amazon is offering 10% off on Axis and Citi cards + 250 additional cashback on EMI transactions. I have Citi credit card.
If I chose the 3 or 6 month No cost EMI option of Citi, Will there is any other kind of hidden charges or something or is truly no cost EMI?

Also, this EMI amount gets added to every month statement and I have to pay it? or after making the EMI purchase I can choose the settle the whole amount upfront?

I don’t need EMI, just for that 250 cashback I may use it.

Plz suggest

13 Comments  |  
9 Dimers
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Deal Cadet
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Also can you get emi on normal axis bank debit card

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Deal Subedar
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You will be slapped GST 18% on the interest. Assume your interest is 1000 rupees, your GST will be 180 rupees.

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Deal Newbie
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F7-Dimer-Primer wrote:

You will be slapped GST 18% on the interest. Assume your interest is 1000 rupees, your GST will be 180 rupees.

I bought m40 on 6 Emi scheme,they are charging EMI conversion charges +GST on every month ,help me how to get ride out of emi conversion charges

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Deal Cadet
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More details and inputs here plz.
If there is no interest or charge then there should not be any interest charged on it as well?

Also, what is emi conversion charge?

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Deal Cadet
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dealsbuster wrote:

More details and inputs here plz.
If there is no interest or charge then there should not be any interest charged on it as well?

Also, what is emi conversion charge?

Yes please anyone explain in detail I thought no cost means no cost extra in EMI mode of payment

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Deal Major
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looter_no1 wrote:

Yes please anyone explain in detail I thought no cost means no cost extra in EMI mode of payment

Everything will be there (For No-cost EMI)
Except that the e-tailers will give upfront discount for the interest you will get charged (GST Extra & there won’t be any conversion charges)
I think those conversion charges the other guy was referring to..were for converting a normal purchase to a EMI one post transaction

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Super Moderator
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dealsbuster wrote:

More details and inputs here plz.
If there is no interest or charge then there should not be any interest charged on it as well?

Also, what is emi conversion charge?

Let us assume that the product costs 6000.
So in no cost EMI, you should be paying 1000 per month x 6 months.
But it is not so.

Assume that with Normal EMI, the installment would be 1060 per month x 6 months (i.e. 6000 principal and 360 interest).
So if you buy it with no cost EMI, amazon will give you a 360 discount upfront on the product price. Hence, you pay amazon 1060 × 6, with an upfront discount of 360.

Now, over the 360 interest which you bear, your bank will charge 18% GST.

Hence total cost in non EMI option = 6000
Total cost in normal EMI option = 6360
Total cost in no cost EMI option = 6000 + 18% of 360 = 6065

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Deal Cadet
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getready wrote:

Everything will be there (For No-cost EMI)
Except that the e-tailers will give upfront discount for the interest you will get charged (GST Extra & there won’t be any conversion charges)
I think those conversion charges the other guy was referring to..were for converting a normal purchase to a EMI one post transaction

Thanks

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Deal Subedar
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aanji119678 wrote:

I bought m40 on 6 Emi scheme,they are charging EMI conversion charges +GST on every month ,help me how to get ride out of emi conversion charges

You converted to EMI after purchase? or from Amazon itself. No charges should be applicable except GST

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Deal Newbie
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igen wrote:

You converted to EMI after purchase? or from Amazon itself. No charges should be applicable except GST

Emi on Amazon order only,

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Deal Subedar
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aanji119678 wrote:

Emi on Amazon order only,

No processing charges or EMI conversion charges should apply. Only interest and GST with Principal. Contact card issuer.

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Deal Newbie
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igen wrote:

No processing charges or EMI conversion charges should apply. Only interest and GST with Principal. Contact card issuer.

Okay,tnq 4 info

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Deal Cadet
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No conversion charges. Only 18% GST on the interest component will be applied.

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