Frequently Asked Questions (FAQs)

Find answers to the frequently asked questions about EMI as the payment method supported at Razorpay Checkout.


1. Can my customers avail Offers for EMI payments at Checkout?🔗

Yes, they can. Know more about creating EMI Offers.

2. Can I enable No-Cost EMIs at the Checkout?🔗

Yes. Razorpay lets you to display No Cost EMIs at the Checkout. Know more about No Cost EMIs.

3. What are the standard credit card interest rates charged by the banks for EMI?🔗

The interest rates charged by various banks for each of the tenures are provided for your reference. The minimum transaction amount for which EMIs are applicable can vary for each bank. The maximum amount is dependent on the card limit set by the issuing bank.

Bank Code

Issuer Bank

Minimum Amount (in INR)

3 months

6 months

9 months

12 months

18 months

24 months

AMEX

American Express

5000

14%

14%

14%

14%

14%

14%

BARB

Bank of Baroda

2500

13%

13%

13%

13%

15%

15%

CITI

Citibank

2500

13%

13%

15%

15%

15%

15%

HDFC

HDFC Bank

3000

15%

15%

15%

15%

15%

15%

HSBC

HSBC Bank

2000

12.5%

12.5%

13.5%

13.5%

13.5%

13.5%

ICIC

ICICI Bank

1500

12.99%

13.99%

13.99%

13.99%

14.99%

14.99%

INDB

IndusInd Bank

2000

13%

13%

14%

14%

15%

15%

KKBK

Kotak Mahindra Bank

3000

12%

12%

14%

14%

15%

15%

RATN

RBL Bank

1000

13%

14%

15%

15%

15%

15%

SBIN

State Bank of India

2500

14%

14%

14%

14%

NA

NA

SCBL

Standard Chartered

2500

11.88%

13%

14%

14%

15%

15%

UTIB

Axis Bank

3000

13%

13%

14%

14%

15%

15%

YESB

Yes Bank

1500

13%

13%

14%

14%

15%

15%

4. What are the standard debit card interest rates charged by the banks for EMI?🔗

The interest rates applied by each bank for Debit Card EMIs is provided below. The minimum transaction amount for which EMIs are applicable can vary for each bank. The maximum transaction amount depends upon the available pre-approved limit for the customer. As of now, customers can avail EMIs on HDFC debit cards only.

Bank Code

Issuer Bank

Minimum Amount (in INR)

3 months

6 months

9 months

12 months

18 months

HDFC

HDFC Bank

5000

16%

16%

16%

16%

16%

5. What are the interest rates charged by other cards for EMI?🔗

The interest rates charged by other cards for EMI is given below.

Code

Card Network Name

Minimum Amount (in INR)

3 months

6 months

9 months

12 months

Bajaj Finserv

Bajaj Finserv

4999

5%

7%

10%

12%+

6. What are the standard interest rates charged by the banks for cardless EMI?🔗

The standard interest rates charged by various banks for cardless EMI are provided for your reference.

Cardless EMI

Issuer Bank

3 months

6 months

9 months

12 months

18 months

Flexmoney

Home Credit

24%

24%

24%

24%

NA

Flexmoney

Federal Bank

15%

15%

15%

15%

NA

Flexmoney

HDFC Bank

16%

16%

16%

16%

16%

Flexmoney

Bank of Baroda

16%

16%

16%

16%

16%

Flexmoney

ICICI Bank

16%

16%

16%

16%

NA

Flexmoney

IDFC First

24%

24%

24%

24%

NA

Flexmoney

Kotak Mahindra Bank

20%

20%

20%

20%

NA

Zestmoney

NA

22%

24%

24%

NA

NA

Axio

NA

24%

24%

24%

NA

NA

Earlysalary

NA

30%

30%

30%

NA

NA


7. What are the standard interest rates charged by Paylater providers for cardless EMI?🔗

The standard interest rates charged by the providers for paylater providers are given below:

Paylater

15 days

30 days

45 days

60 days

90 days

Simpl

Interest free

NA

NA

NA

NA

ICIC Paylater

NA

NA

Interest free

NA

NA

HDFC Flexipay

Interest free

28%

NA

28%

28%

LazyPay

Interest free

NA

NA

NA

NA

Handy Tips
All interest rates mentioned above are per annum.

8. If a customer chooses EMI as the payment method, do I get the full amount upfront?🔗

Yes, you receive the full amount at once and the provider/bank converts it into EMI for the customer.

9. What happens when the customer fails to pay the EMI?🔗

The loss is borne by the provider/bank. You would have already gotten the full amount.


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