New Delhi, Sept. 16 -- Converting an eligible purchase into monthly instalments using a credit card eliminates the need to apply for a separate loan. It is commonly used for buying gadgets or home appliances.

Credit card EMI can be a convenient option when a card issuer allows an eligible purchase to be converted into monthly instalments. It does not require the borrower to apply separately for a loan, making the process relatively straightforward.

It can be useful for purchases such as televisions, laptops, smartphones, furniture and home appliances.

Banks and merchants often promote "no-cost EMI" offers. However, borrowers should check the terms before accepting such an offer. Processing fees and GST may apply, while some deals may a...