How long credit card company charge interest after stopping payment of EMI on attached personal loan

POSTED BY geo ON December 13, 2014 1:09 pm ONE COMMENT

Is there any fixed time they charge credit card interest rate usually 3.35% and service tax or it charge continuously as long as the loan outstanding is pending. And if the account is settled, will they charge any interest on outstanding balance after payment of settled amount?

can we show this settled amount in income tax and avoid tax for this particular payment done from the current FY income.

One reply on this article “How long credit card company charge interest after stopping payment of EMI on attached personal loan”

  1. Its charged on monthly basis on the outstanding for that month , so unless you pay it completely , you will be paying interest and it will also keep on growing .. this is lethal !

    Regarding income tax, there is no exemption on payment you make for credit card payment ..

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