Kindly Explain the No Cost EMI details

[lostwords]

I was trying to buy an appliance from LG. On the checkout page, the order total was ₹27540 but the No Cost EMI for 6 months showed ₹4016 for each month.

Can someone kindly explain to me what's the total amount that I have to pay?

 

[CMG]

You are getting some sort of extra discount/cashback for EMI.


See the below screenshot. Interest and Discount is equal.

 

[Lordkk]

No cost means you will get interest as upfront discount.

So the total payment you have to do is

• Total payment = price - interest discount + 18% GST on interest + processing fees + 18% gst on processing fee

 

[VISHESH_BANSAL]

I was trying to buy an appliance from LG. On the checkout page, the order total was ₹27540 but the No Cost EMI for 6 months showed ₹4016 for each month.

Can someone kindly explain to me what's the total amount that I have to pay?

See Your Payable Price is Rs.27,540.

But you are getting Instant Bank discount of Rs.4463.

Now Amount charged to your Card will be
Rs.27,540-Rs.4463= Rs.23,077.

Now Bank will convert Rs.23,077 it into EMI with Interest @15% Per Annum.

Therefore you will Pay Rs.23,077 (Principal Amount)+ 1,020(Interest for 6 months @15% PA on Rs.23,077)+ 184(18% GST on 1020)+ Rs.236 Processing Fee charged by Most of the Banks

 

[lostwords]

See Your Payable Price is Rs.27,540.

But you are getting Instant Bank discount of Rs.4463.

Now Amount charged to your Card will be
Rs.27,540-Rs.4463= Rs.23,077.

Now Bank will convert Rs.23,077 it into EMI with Interest @15% Per Annum.

Therefore you will Pay Rs.23,077 (Principal Amount)+ 1,020(Interest for 6 months @15% PA on Rs.23,077)+ 184(18% GST on 1020)+ Rs.236 Processing Fee charged by Most of the Banks

Thank you for the explanation brother, it makes things easy.