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Frequently Asked Questions (FAQs)

Find answers to some Frequently Asked Questions (FAQs) about EMIs.

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  1. What is EMI?

    An EMI, or Equated Monthly Installment, is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.​

  2. How are EMI amounts calculated?

    EMI amounts are calculated based on the principal loan amount, the interest rate, and the tenure of the loan.

  3. Can users select their EMI tenure?

    Yes, users can select from available tenure options as defined by the enterprise or aggregator, providing repayment flexibility.​

  4. Is it possible to prepay EMIs?

    Prepayment policies depend on the enterprise's terms. Falcon supports configurations that allow or restrict prepayments based on business rules.​

  5. Are there any charges associated with EMI conversions?

    Charges, if any, are determined by the enterprise or aggregator. Falcon allows for these fees to be configured and disclosed transparently to users.​

  6. How are interest rates determined for EMIs?

    Interest rates can be fixed or variable, set by the enterprise based on credit assessments, promotional offers, or regulatory guidelines.​

  7. Can users view their EMI schedules?

    Yes, users can access their EMI schedules through the enterprise's platform, which integrates Falcon's APIs to display detailed repayment information.​

  8. What happens if a user misses an EMI payment?

    Missed payments are handled according to the enterprise's policies, which may include penalties or rescheduling options.

  9. Is there a minimum purchase amount for EMI eligibility?

    Eligibility criteria, including minimum purchase amounts, are defined by the enterprise or aggregator
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Updated 4 months ago

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