CreditMantri Finserve Private Limited
4th Floor Sudhama, 36 Vijayaraghava Road,T Nagar, Chennai, Tamil Nadu 600017
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
Post your credit related queries and find answers from our experts
Advance EMI is a plan that is normally prevalent in auto credits.
Responded by:Responded on25th May 2015
By this plan, you would pay the EMI towards the start of the month.
Let us say you take a loan of INR 1 lac for an auto and your EMI is 10K for 10 months. By the ordinary EMI plan (additionally called EMI in arrears) 1 lac will be given to the auto merchant and EMI of 10K will begin from the end of the first month. By the advance EMI plan, the first month EMI would be deducted from the sum dispensed and the remaining will be paid to the merchant. So in the event that you take a credit of 1 lac, the first EMI will be deducted and only the balance will be paid to the merchant.
The benefit of advance EMI is that, the whole first EMI sum is taken for the principal. So the resultant EMI would be lesser, since the entire EMI goes towards principal repayment. From the second EMI, it will be interest and principal as usual.
Get loans starting from 11.25% interest rate
Know how to improve credit score
FREE credit analysis for 1 year
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.