What is Mer EMI?

What is Mer EMI?

What is loan type Mer? The Mortgage Electronic Registration System (MERS) is a database created by the mortgage banking industry. It is used by the real estate finance industry for residential and commercial mortgage loan recording trading.

How does HDFC no cost EMI work? ‘No-cost EMI’ offers on the online retailers

Essentially, you pay the original price of the phone in instalments: the retailer gets the discounted price and the balance (i.e., the ‘discount amount’) goes to pay the interest on the loan.

How is EMI deducted from credit card? Banks usually take 2-4 days to process the EMI. It will initially deduct the whole amount from your credit/debit card and within 2-4 days, the entire amount excluding any down payment amount will be credited back to your card and converted into EMI.

What is Mer EMI? – Related Questions

What is loan type off in HDFC?

HDFC Bank offers three types of loans on Credit Card – Insta Loan (a loan within your Credit Card limit) and Insta Jumbo Loan (loan beyond your Credit Card limit) and SmartEMI (convert purchases into EMI loans). Follow these steps, if you opt for Insta Loan or Insta Jumbo Loan: Choose the card you want the loan against.

What are consumer durable loans?

A consumer durable loan is a finance option for purchase of household items like washing machines, refrigerators, air-conditioner, LED TVs, microwaves, furniture, clothes or grocery. What’s more, you can avail them easily on zero or low interest rates and get financing for up to 100% of your purchases.

What is no cost EMI and how it works?

In case of no cost EMI on credit cards, the amount payable is deducted from the credit limit of your card. And with each EMI you pay, the credit limit is restored gradually. For example, you bought a smartphone worth Rs 30,000 using a credit card with a Rs 1 lakh limit with a 3-month no cost EMI.

Does bank charge interest on no cost EMI?

While availing the no-cost EMI facility, you will not have to pay any down payment, processing fee, or an interest. Will my bank charge an interest? Yes, the bank will charge you an interest. However, the interest that they charge will be given to you upfront as a discount at the time of buying the product.

Is no cost EMI is a payment mode?

No Cost is EMI is an offer when you pay for product in installments without any interest cost. The monthly installments are paid to the EMI provider which are equally divided over your repayment timeline. For example: if you buy a smartphone for Rs 15000 at a 3 month tenure.

Can I foreclose my credit card EMI?

Ans : The EMI amount is billed to you each month as per EMI scheme tenure, and will always be a part of Minimum Amount Due ( MAD). Ans : There is no foreclosure fees which will be charged, if you want to foreclose a running EMI.

How do I cancel my CC loan?

Fill a credit card closure form as prescribed by the credit card company, mentioning the name of the card holder, credit card number, and reason for closure. The bank account number, which was linked for auto-payments of card dues, should also be mentioned for delinking.

Can I pay all EMI of credit card at once HDFC Bank?

Can I Pay All The EMI at Once at HDFC? Whether you have taken a personal loan, home loan, car loan, or any other loan product from HDFC, the bank allows you to repay the remaining EMIs at one go. Repaying all EMIs at once is known as pre-closing the loan account.

How can I pay EMI bill by credit card?

To convert your bill into EMIs you need to log on to your net banking account and opt for the available option(s). Alternatively, you can also call the customer helpline or visit the branch of the credit card issuer to pay the bill via EMIs.

How does EMI payment work?

An equated monthly installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are applied to both interest and principal each month so that over a specified number of years, the loan is paid off in full.

Can we close EMI on credit card early?

Prepayment charges

Banks or card issuers may charge you a pre-payment fee if you wish to clear your dues before the end of the loan EMI tenure. Moreover, you may also have to pay off the interest on a pro-rata basis.

How can I close my HDFC personal loan online?

No, you cannot close the personal loans online for HDFC Bank. Individuals are required to visit the HDFC Bank Branch to close the personal loan. Below are the steps to close the HDFC Bank personal loan: Visit the nearest HDFC Bank branch.

What is the foreclosure charges in personal loans in HDFC Bank?

4% of the outstanding principal amount for 13 to 24 months. 5% of the outstanding principal amount for 25 to 36 months. 2% of the outstanding principal amount for more than 36 months.

How do I cancel my HDFC SmartPay?

Deactivating thorough a phone call

You can contact HDFC regarding this by calling them to this number for Delhi and NCR – 011 61606161. Other states’ numbers are mentioned on this HDFC website. You can ask the executive to delete or request to deactivate the SmartPay feature for your billers.

What is loan and its types?

A loan is a sum of money that an individual or company borrows from a lender. It can be classified into three main categories, namely, unsecured and secured, conventional, and open-end and closed-end loans.

What is loan type off?

But what is a loan write-off? A loan write-off is a tool used by banks to clean up their balance-sheets. It is applied in the cases of bad loans or non-performing assets (NPA). If a loan turns bad on the account of the repayment defaults for at least three consecutive quarters, the exposure (loan) can be written off.

What is personal loan and types of loans?

Personal loans are unsecured loans in which the bank loans you money on your creditworthiness and no security is required for the money borrowed. However, the interest rates of personal loans are higher than any other loan like home loan or education loan considering the amount of risk involved in lending the sum.

What’s difference between secured and unsecured loan?

There are two different types of loans: secured loans and unsecured loans. Basically, a secured loan requires borrowers to offer collateral, while an unsecured loan does not. This difference affects your interest rate, borrowing limit, and repayment terms.

What is the key benefits of consumer durable loan?

The best thing about a consumer durable loan is that, you do not require any collateral. You do not have to mortgage your personal asset while you avail the loan. So, you do not lose anything even if you fail to pay the EMIs on time. However, this might affect adversely on your CIBIL score.

What is no cost EMI offer?

No Cost EMI is an offer by which you pay your EMI provider only the product price, equally divided over your repayment timeline. For example, if you buy a Rs. 18,000 item at a 6 month tenure, you will pay your EMI provider Rs. 3,000 every month for 6 months, amounting to a total of Rs. 18,000*.

What is difference between EMI and no cost EMI?

The major difference is when you choose to pay for a product through regular EMIs, your EMI amount consists of the interest component and the processing fees. Simply put, regular EMI = Amount + Interest whereas No cost EMI = Only the amount.