Apply for a Credit Card

    How to Apply?

    At MAKS Finserv, with our digital and paperless process, getting a credit card is just a few clicks away.

    Enter Details

    Fill up the form given above with all the necessary details and click on APPLY NOW

    Get in Touch

    Soon after you apply for a MAKS Finserv Credit card, our customer representative will get in touch with you

    Get your Card

    Hurray! You are now a proud holder of a MAKS Finserv credit card.

    Eligibility Criteria

    Nationality

    Indian

    Age

    25 to 65 years

    Employment

    Must have a regular income source

    CIBIL score

    Must have a regular income source

    Documents Required

    You need the following documents to apply for a MAKS Finserv Credit Card

    • Government ID Proof
    • Passport size photograph
    • Address Proof

    Credit Card Interest Rates

    The interest rate on a credit card is the rate charged by credit card issuers on the amount that has been borrowed. It is applicable only to those cardholders who don’t pay their outstanding in full. For instance, if your credit card bill amount for a previous billing cycle is Rs.10,000 and you wish you make a partial payment, either minimum amount due or even lesser than that, then the bank will levy finance charges as per its policy.

    How are Credit Card Interest Rates Calculated?

    Credit card interest rate is calculated as the Annual Percentage Rate (APR) of charge. It is the interest rate for the whole year rather than a monthly rate. However, while calculating interest rate for monthly dues, the monthly percentage rate (MPR) will be applied to the transactions.

    Types of personal loan interest rates

    Personal loans come with two types of rates of interest: Fixed interest rate and floating interest rate.

    1. Fixed interest rate
    As the name suggests, the interest rate remains the same throughout the loan tenor. Thus. the loan E Ils will also remain constant.

    2. Floating interest rate
    A floating, adjustable, or variable interest rate is linked to an internal benchmark of a financial institution. Changes to this benchmark will affect the rates. Hence, floating rates vary throughout the loan tenor.

    Both of these rates have advantages and disadvantages. Fixed rates keep ENls constant, which helps in budgeting. On the other hand, floating rates go up or come down along with the internal benchmark rate.

    Methods for Interest Calculation on Personal Loan

    1. Flat rate method
    In this method, the applicable rate of interest is charged on the entire principal throughout the tenor.

    2. Reducing balance method
    In the diminishing balance or reducing balance method, the applicable rate of interest is chargeable on the outstanding principal after each EMI is paid off. Thus, the interest is calculated every month on the loan balance. Borrowers pay lower interest on the loan compared to the flat rate method.

    Interest rate calculation formula

    The interest rate for a personal loan through the flat rate method and the reducing balance method is calculated using the following formula:

    1. Flat rate method
    The rate of interest is chargeable on the entire loan principal. The formula for this method is — ENI = (principal + total interest payable) / loan tenor in months Wherein, total interest payable = P x r x n/100

    Contact Maks Finserv Customer Care

    If you are a new customer who is looking for information about the
    MAKS Finserv Credit Card

      Frequently Asked Questions

      The rate of interest for various credit cards may change at the discretion of the bank with notice given by the bank.
      No, various credit cards belonging to the same bank can have different interest rates depending on the annual fee, joining fee and other facilities offered by the bank.
      No, an interest-free period will be given at the discretion of the bank.
      If you make the payment after the interest-free period or the due date, you will have to pay an interest that the bank will levy finance charges as per its policy.
      Yes, when you pay only the minimum amount due, you incur an interest charge on the amount from day one and also lose out on the benefit of the credit-free period. Keep in mind that your available credit limit will be deducted to the extent of the amount you have not paid.

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      For Assistance

      Contact us today to learn more about MAKS Finserv or to seek any financial assistance related to loans, insurance, investment and credit cards.

      +91 9717708810

      [email protected]

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