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.
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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.
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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
