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About EMI

Equal Monthly Installments

EMI is one of the most favourite payment methods available on It allows you to subscribe the services in simple monthly instalments.

EMI as a payment method is only available for customers using credit cards issued by:

Sr. No. CCAvenue Payment Gateway
1 Axis Bank
2 Central Bank of India
3 Corporation Bank
4 HSBC Bank
5 ICICI Bank
6 Indusind Bank
7 Kotak Mahindra Bank
8 Standard Chartered Bank
9 Ratnakar Bank Limited

After submitting your billing detail and selecting the CCAvenue payment gateway, while making payment, you will see the EMI options for each of your eligible cards. A table with the EMI rates and amounts for that item across different EMI tenures and banks will be displayed. If you have a credit card from any of the eligible banks mentioned above, and wish to avail the EMI option, you can simply use this payment method.

To use EMI Payment:

On 'Select a payment method page, choose the bank and plan (3, 6, 9, 12, 18 or 24-month) of your choice and enter your credit card details and submit.

For EMI payments, initially, customers will be charged the full amount on their credit card. This will later be converted to an EMI transaction by their bank. This normally takes 5-7 working days.

The following transactions can appear on the credit card bill depending on your billing cycle:

Debit entry of the entire product amount
Credit entry of the entire product amount
Debit entry of the EMI amount

The interest rate charged varies from bank to bank. Here is a summary of the interest rates:

CCAvenue Payment Gateway

  3-months 6-months 9-months 12-months 18-months 24-months
ICICI Bank 13% 13% 13% 13%    
Axis Bank 12% 12% 13% 13%    
HSBC Bank 12.50% 12.50% 13.50% 13.50% 13.50%  
Standard Chartered Bank 13% 13% 14% 14% 15% 15%
Indusind Bank 14% 14% 14% 14%    
Kotak Mahindra Bank 12% 12% 14% 14% 15% 15%
Central Bank of India 13% 13% 14% 14%    
Corporation Bank   16% 18% 18%    

The rates shown above are annualized interest rates charged on a monthly reducing balance. This means that the principal amount is reduced with every EMI and the interest is calculated on the outstanding balance.

EMI purchases need to be made on a single credit card and cannot be split across multiple cards.

EMI monthly schedules begin from the next card billing statement post the transaction date as determined by your bank.

Credit Limit
Your bank will block the credit limit on your card to the extent of your billing amount and release it in a phased manner as and when you pay back your EMIs.

Example: If you have made a 3-month EMI purchase of Rs 25,000 and your credit limit is Rs 1,00,000 then your bank will block your credit limit by Rs 25,000 and thus your effective, available credit limit after the purchase will only be Rs. 75,000. As and when you pay your EMI every month, your credit limit will be released by that equivalent amount.

Sample EMI calculation

EMI Duration Subscribed Amount
(at StockAxis)
(payable monthly to bank)
Interest rate
(charged by bank)
Total Cost
(payable to bank)
Total Interest
(payable to bank)
3-months Rs. 20,000 Rs. 6,811.63 13% Rs. 26,811.63 Rs. 434.89
6-months Rs. 20,000 Rs. 3,460.86 13% Rs. 23,460.86 Rs. 765.14
9-months Rs. 20,000 Rs. 2,344.32 13% Rs. 22,344.32 Rs. 1,098.89
12-months Rs. 20,000 Rs. 1,786.35 13% Rs. 21,786.35 Rs. 1,436.15
18-months Rs. 20,000 Rs. 1,247.70 15% Rs. 21,247.70 Rs. 2,458.52

EMI on ICICI Debit Card

This facility allows ICICI Bank Debit Card customers who have a linked fixed or recurring deposit with their bank account to convert their high value transactions into easy installments.

  • Tenure option of 3, 6 ,9,12,18 and 24 months.
  • Low interest rate of 13%(on reducing basis) for 3, 6, 9 and 12 month tenures.15%(on reducing basis) for 18 and 24 month tenures.
  • Currently facility available for all ICICI Bank Savings and select Current account category customers having a linked fixed deposit or recurring deposit other than tax saver fixed deposits and PPF.
  • EMI conversion without the hassles of any paperwork.
  • The decision of conversion of EMI as per customer request lies at the discretion of ICICI Bank.
  • To provide this facility ICICI Bank will lien mark the linked fixed or recurring deposit.
  • The card member authorizes ICICI Bank to debit the account of the card member on a monthly basis for the amount of EMI due for that particular month.
  • We will not be responsible for any dispute arrive due to the services of payment gateway provider. We will help you out to co-ordinate with the payment gateway provider in those cases.
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