[harry10]

@Amtak- If you need cash you can also ask someone in your known who has a swipe card machine,swipe your crefit card on his machine and take cash from him and then make the Emi's of it. I had done it myself a couple of times. Will save you the trouble if you have to purchase multiple products and all are not under one roof.

[GTO]

Originally Posted by harry10

swipe your crefit card on his machine and take cash from him and then make the Emi's of it.

@ 3 - 5% monthly (or 36+% interest p.a.)! Please don't!

[NetfreakBombay]

Originally Posted by GTO

or 36+% interest p.a.

Though its not a good idea to go this route, Interest will be closer to 12 - 18%.

Originally Posted by harry10

then make the Emi's of it.

That (conversion to fix term loan) brings down interest a LOT.

[harry10]

Originally Posted by GTO

@ 3 - 5% monthly (or 36+% interest p.a.)! Please don't!

I think it will be less that 36+ p.a if he gets the EMI made out of it for say around 1lac for 12 months will be around 15k interest as i have done it myself once on a Citibank Platinum card.
I meant this solution if he doesnt have any other choice and needs cash desperately.

[mobike008]

Originally Posted by GTO

@ 3 - 5% monthly (or 36+% interest p.a.)! Please don't!

Not really !

I have done it a couple of times and HDFC is very customer friendly on this subject. ICICI as usual fleeces

Giving an example:

Purchase Amount : Rs.15,000
HDFC one time charge : Rs.1200 ( Not sure the exact amount, i think it was lower than this amount)
6 Month EMI = 15000/6 = Rs.2500/month

So it is makes sense once in a while and only when their is an urgency

[bblost]

I converted a 22,700 purchase to a 3 month EMI on my ICICI Platinum card.

Purchase was in the month of 13 October.
Processing Fee + Service Tax in my November Bill for Rs 701.41
EMI starts from the December Bill at (22,700 / 3) = 7,566.67.


So my last payment will be in the February Bill.

Also I generally dont pay the entire amount on the pay by date.
I however pay it in full before the billing date.
So I pay after Salary received and not at the end of the month.
Effectively means that I pay before the 5 of the next month for the bill of this month.
Always avoid carrying forward your balance.

If I use Simple Interest formulae I get an ROI of 12.35%.

[harry10]

Originally Posted by bblost

.

Always avoid carrying forward your balance.

If I use Simple Interest formulae I get an ROI of 12.35%.

As far as i am aware we dont pay any interest for 3 months EMI on ICICI Platinum card and 6 months EMI on Citibank Platinum card. As i use both and have availed this previously so am aware of this.

[bblost]

Originally Posted by harry10

As far as i am aware we dont pay any interest for 3 months EMI on ICICI Platinum card and 6 months EMI on Citibank Platinum card. As i use both and have availed this previously so am aware of this.

The banks may call it as Processing Fee + Service Tax
I simply call it as interest.

[amtak]

Submitted my docs at HDFC bank and bargaining for interest rate and the loan tenure period. Keeping my fingers crossed.

[BenjiRoss]

Originally Posted by amtak

Submitted my docs at HDFC bank and bargaining for interest rate and the loan tenure period. Keeping my fingers crossed.

How much is the loan amount and what is the interest rate you are being offered.

[amtak]

Hi BR, Please check your PM. Thanks!

[mobike008]

Originally Posted by mobike008

Not really !

I have done it a couple of times and HDFC is very customer friendly on this subject. ICICI as usual fleeces

Giving an example:

Purchase Amount : Rs.15,000
HDFC one time charge : Rs.1200 ( Not sure the exact amount, i think it was lower than this amount)
6 Month EMI = 15000/6 = Rs.2500/month

So it is makes sense once in a while and only when their is an urgency

My bad, actually its the otherway round. I availed this on ICICI Credit Card and not HDFC.

For EMI, i find ICICI more customer friendly than HDFC. And, yes its processing charge and ST but, even i think of it as interest. A measly amount for a 6 month convenient re-payment mechanism

[amtak]

I have a query, If a person's name is reflecting in the CIBIL list, won't all banks be rejecting his loan application? Or one bank will lend and other won't.

[ntomer]

A bit off-topic, but relevant:

I have a Deutsche Bank credit card, which previous had credit limit of 1.75 lakhs. My average monthly spend on this card was 15-20K and I always paid bills on time. About a week back I received a SMS from DB saying that my limit has been reduced to 29K. Looks like banks are playing at very safe right now.

\N

[sam003]

Originally Posted by ntomer

A bit off-topic, but relevant:

I have a Deutsche Bank credit card, which previous had credit limit of 1.75 lakhs. My average monthly spend on this card was 15-20K and I always paid bills on time. About a week back I received a SMS from DB saying that my limit has been reduced to 29K. Looks like banks are playing at very safe right now.

\N

Strange, but check with your bank why they did that. Generally they do this if you are not using your card for long, then only they reduce your credit limit but in in situation like yours where you are regularly using it. It can be mistake too, check with your Bank.