What is EMI?
EMI is payment in equal monthly instalments, usually arranged through a bank credit card. The seller receives settlement from the bank while the customer pays over the tenure.
EMI is payment in equal monthly instalments, usually arranged through a bank credit card. The seller receives settlement from the bank while the customer pays over the tenure.
In Bangladesh
Electronics and computer retail here runs heavily on bank EMI, each bank with its own tenures and charges. Working the instalment out by hand at the counter is where errors and disputes start.
An example
A laptop at BDT 96,000 on a 12 month bank EMI works out to BDT 8,000 a month before any bank charge. Applying the bank's own template at the counter means the figure on the invoice is the figure the bank will actually charge.
In SORS ERP
EMI templates in SORS ERP hold per bank tenures, so counter staff pick the bank and tenure, the instalment shows on the invoice, and the Mushak 6.3 comes from the same sale.
Also called
- In Bangla
- ইএমআই
- Also
- Equated monthly instalment
- Also
- bank EMI
Questions
Answered plainly, including where the answer is no.
Who bears the EMI charge?
That depends on your arrangement with the bank and whether you are offering an interest free scheme. It is a commercial decision per bank and per campaign, which is why the tenures and charges are configured per bank rather than assumed.
See SORS ERP running on your own numbers
A 30-minute demo in Bangla or English, with your products, your VAT setup and your questions.