Bangalore: There is no doubt that Equated Monthly Installment (EMIs) has made our life much easier. With the festival season at the door step, many Indian and international brands have come up with attractive EMI schemes to woe their customers.

Products that are bought on EMIs give you the freedom to repay the money after certain days of purchase. On the face of it, EMI schemes look attractive but you must not forget that there is no free lunch.

However, before you go out to buy your favorite phone or a laptop this festive season, you have to keep a watch on few extra things that you are likely to pay for, as listed by bankbazaar.com.

1. Additional Costs

When you buy something on EMI, it’s clear that you will be charged with interest rates. Apart from that, your credit card company will also levy some additional charges on you like processing and transaction fees. These extra fees differ from one bank to another.

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