Syndicate Bank is offering the Cheapest Credit Card with EMI option. Bank has introduced the EMI facility for their Credit Card holders with interest rate of just 14% per annum. Additionally, Interest will be charged on reduced balance.The EMI option would be available to all the customer with purchases more than Rs 2500/-. Customer can avail the EMI for 100% of their credit card limit from the bank.
Syndicate Bank is charging One Time EMI Processing Charges as 2% of the transaction amount with Min. Rs 100/- + taxes. Pre closure of EMI facility can also be availed with pre closure charges of 3% of the outstanding amount with minimum of Rs 100/-. The tenure of EMI for customer is 3/6/9/12 months.
Bank has made it very clear that, the EMI facility will automatically cancelled if cardholders fail to pay Minimum Payment Due (MPD) for two consecutive months.
Monthly Billing Calculation
Minimum Payment Due (MPD)
This is the minimum amount customer has to pay. The calculation of minimum amount will be :
For General Customer
MPD = EMI Payable + 10% of the other outstanding balance
e.g. If the EMI amount for earlier purchase is 1000/- per month and residual limit is 10,000, out of which full 10,000 is used for purchasing, the MPD payable will be Rs 1000+10% of 10000 i.e. Rs 2000/-
Total Payment Due (TPD)
The total amount customer has to pay. The calculation of TPD will be :
TPD = EMI Payable + Other Outstanding balance