What is Carmaonlineshop.com EMI payment option?

EMI scheme is available for American Express,Axis, Induslnd, HSBC, KotakMahindra,and ICICI bank credit card holders only. You may choose to pay in 3,6,9,or 12 month instalments. The minimum order value to avail the EMI payment option is Rs3,000.for Axis, Induslnd, HSBC, Kotak Mahindra, and ICICI Bank and Rs.5000/-for AMEX Credit Card.

There is NO processing fee charged for availing Carmaonlineshop.com EMI payment option.

The Bank charges interest rates (as shown below) according to the reducing monthly balance . In the monthly reducing cycle, the principal is reduced with every EMI and the interest is calculated on the balance outstanding.

EMI plans / Interest charge

Bank

3-Month

6-Month

9-Month

12-Month

18-Month

24-Month

AMEX

15%

15%

15%

15%

-

-

AXIS

12%

12%

13%

13%

-

-

INDUSLAND

14%

14%

14%

14%

-

-

HSBC

12.50%

12.50%

13.50%

13.50%

13.50%

13.50%

KOTAK

12%

12%

14%

14%

15%

15%

ICICI

13%

13%

13%

13%

-

-

Example and Calculations

The table below shows a representative rendering of EMI plans for a Rs 20,000 purchase on Carmaonlineshop.com paid using the EMI payment plan

Tenure (months)

Loan amount

Monthly installment

Bank interest rate

Total effective price you pay

Interest paid to Bank

3

Rs 20,000

Rs 6,800.44

12.00%

Rs. 20,401.33

Rs. 401.33

6

Rs 20,000

Rs 3,450.97

12.00%

Rs 20,705.80

Rs. 705.80

9

Rs 20,000

Rs 2,344.32

13.00%

Rs 21,098.89

Rs. 1,098.89

12

Rs 20,000

Rs 1,786.35

13.00%

Rs 21,436.15

Rs. 1,436.15

How do I make a payment using Carmaonlineshop.com credit card EMI option?

Once you've added the desired items to your cart, proceed to checkout and select the 1st option i.e. Online Payment/CC Avenue Payment Gateway/EMI .

When prompted to choose a 'Payment Option', select 'Credit Card (EMI)'. Choose the bank and plan (3, 6, 9 or 12-month) of your choice and enter your credit card details. Once the payment is authorized, your order will be processed and shipped. You will need to pay the total amount, in the pre-determined number of instalments, as per your credit card billing cycles.

The minimum order value to avail the EMI payment option is ₹3,000.for SBI, Axis, Induslnd, HSBC, Kotak Mahindra, and ICICI Bank and Rs.5000/-for AMEX Credit Card.

Please note that the full amount will be charged on your card the day of the transaction. Within 7 days, you will see a credit for the full amount. The first EMI charge will occur subsequently. If your card's billing date falls within those 7 working days, you need to pay only the EMI amount to the bank. Such EMI transactions are at the discretion of your credit card issuing bank. If you have any queries about the EMI plan, we suggest you get in touch with your bank.