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Yes, banks charge GST to end consumers on the interest paid over and above this amount.

Calculations on the cost incurred by the merchant at all standard plan and tenures are listed below:

Yes, the customers’ banks will continue to charge them interest. However, this interest charge has been provided to the customer as an upfront discount at the time of purchase, effectively giving them the benefit of a No-Cost EMI.

No-Cost EMI is available on credit cards from all major banks such as Kotak, HDFC, Axis, Indusind, RBL, ICICI, Standard Chartered, YesBank and American Express.

SOHO would bear the cost of No Cost EMI. It will be given as an upfront discount on the product cost to the end consumer. The discount percentage will vary by the bank and period of EMI.