What is EMI?

EMI is Equated Monthly Installments. Furnishturf provides EMI facility to all its customers on the purchases above Rs. 3000 to make the payment process easy and hassle free.

 

Who can avail the EMI payment facility?

The EMI payment option is available for AXIS, ICICI, INDUSIND and KOTAK card holders. You can opt for the 3, 6 , 9 or 12 monthly installments. 

 

What is the processing fee to avail the EMI?

No, there is no processing fee to avail the EMI option on Furnishturf. However,The bank will charge annual rate of interest as shown in below table.

 

What if refund happens after EMI paid to Bank?

The purchase amount will be refunded by Furnishturf. In some cases, cancellation charges may apply. Interest on the EMI paid to the bank will not be refunded by Furnishturf under any circumstances. You may contact your respective bank for the same.

 

Can I Use Debit Card to Opt EMI?

During check out, if Debit card details are entered after choosing the Credit Card option then it will be considered a non EMI transaction.

 

How long does it takes for transaction to convert into EMI?

An EMI transaction takes 7-10 days to reflect in your statement. If your bank statement is generated during this period, we urge you to co-ordinate with your bank and inform about the transaction to resolve any conversion issues. If your bank denies or does not approve of EMI, this transaction will be considered a non EMI transaction.

 

How can I choose this option?

Once the order is placed, the shopper will have to choose the payment method. While choosing the payment method, the EMI option has to be selected which will lead the shopper to the installment option (3, 6, 9 or 12 months) accordingly.

 

How will I know the exact amount of my EMI?

Once you choose EMI as the payment option, the EMI amount will be calculated and displayed automatically on the payment gateway screen.

 

Why should I opt for the EMI payment option?

An EMI gives you the freedom to purchase a product above Rs.3000 and make equal monthly payments. You can buy now and make the payment in the next 3 months, 6 months , 9 months or 12 months by paying a nominal annual rate of interest to bank. Get smart and opt for the hassle free EMI payment mode and let not the costs stop you from buying your favorite products.

 

What is the Rate of Interest charged by various banks?

The Annual Rate of Interest depends on your bank and the chosen EMI plan. The below table shows bank-wise Rate of Interest. 

Bank

3 month

6 Month

9 Month

12 Month

Axis Bank

12%

12%

13%

13%

ICICI bank

13%

13%

13%

13%

Indusind bank

14%

14%

14%

14%

Kotak Mahindra bank

14%

14%

15%

15%

 

After each EMI payment, the principal amount is reduced and interest will be calculated on remaining outstanding amount. Some banks may charge service tax on the interest paid.

 

Example of EMI purchase calculation:

If your purchase amount is Rs.10000 and you are using, say ICICI Bank

Transaction Amount

10000

Annual Interest Rate

13%

Tenure(Month)

6

EMI to Pay

1730.43

Total Interest Payable

383

Initial Principal

10000

Total Payout

10383

EMI Pay Details.

         

EMI No.

EMI Amount

Principal

Interest

Outstanding Amount

0

 0

 0

 0

 10000

1

 1730.43

 1622.10

 108.33

 8377.90

2

 1730.43

 1639.67

 90.76

 6738.24

3

 1730.43

 1657.43

 73.00

 5080.81

4

 1730.43

 1675.39

 55.04

 3405.42

5

 1730.43

 1693.54

 36.89

 1711.88

6

 1730.43

 1711.88

 18.55

 0.00

 

 

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