Hello maam , i wanted to ask is there any sort of EMI on credit transactions ?
Dear student,
Whenever you purchase something on credit, you convert the transaction amount into Equated monthly instalment (EMI). It means you have converted the transaction amount into a loan and have opted to pay it by EMIs. It means you have to pay these EMI monthly. EMI includes a portion of the principal outstanding and interest component which you need to pay every month until the full amount is paid.
Regards.
Whenever you purchase something on credit, you convert the transaction amount into Equated monthly instalment (EMI). It means you have converted the transaction amount into a loan and have opted to pay it by EMIs. It means you have to pay these EMI monthly. EMI includes a portion of the principal outstanding and interest component which you need to pay every month until the full amount is paid.
Regards.