How to Convert Credit Card Payment to EMI?: Remarkable 5 Ways
India is moving towards becoming a super-power, and in the current scenario, the Indian economy boosts the GDP and PPP. According to the IMF, India is the sixth-largest economy globally by its nominal GDP and third-largest economy by its Purchasing Power Parity.
Today we will discuss plastic money, which we also called the credit card; before start to our main topic, How to Convert Credit Card Payment to EMI? We will like to share some more information to improve your knowledge.
Many banks in India are now going to offer their customer the option to make a big purchase through their credit card on an Equal Monthly Installment (EMI) basis. The credit card offers nothing but a loan to their users, which they pay in the form of EMI.
After the purchase, the bank or the financial institute gives the credit cardholder the option to convert credit card payments to EMI. In this article, you will understand how to Convert Credit Card Payment to EMI? so please stay with us till the end.
Also read: DOP Bank
Credit Card EMI Calculator:
The bank which provides you the credit card there is many banks viz. HDFC, SBI, ICICI, RBL, AXIS, YES, KOTAK, and many more will see every bank procedure for How to Convert Credit Card Payment to EMI?
The bank offers the credit card to the customers, and then the credit cardholder can purchase anything with their credit card, of course as per the credit card limit; after that, the customer is supposed to repay the loan in the form of installment, which we called Equal Monthly installment or EMI.
The bank offers two types of EMI’s to there the credit card holder first is normal EMI in which you need to pay the EMI with the interest rate and the interest rate depends on the tenure of your installments on the other side the bank also offers no-cost EMI option in which no interest rate is charged on EMI.
Every bank gives their credit cardholder the option to convert their loan balance into EMI to be paid monthly over a period of time. Many online websites provide the Credit card EMI calculator, to find out how much EMI you are supposed to pay for the loan.
Go to the merchant website enter the amount you wish to convert into EMI, followed by the tenure you wish to make payment. The calculator calculates the EMI by adding the interest and the bank also adds additional charges as the fee to convert credit card payment to EMI. The calculator helps you choose and compare the best EMI plan for you, and then you can then select the right plan and tenure for yourself.
EMI conversion of credit card bills by banks:
Every bank provides the credit cardholder the facility to convert credit card payment to EMI, converting your bill amount into a loan that you will be paid over a period of time that you choose. These installments are calculated based on the principle amount and the interest rate that the bank charges on EMI. The range of interest rate is 13 to 18 percent per annum.
The interest rate is usually higher if the tenure of the loan is higher, which means that the interest on the loan will be much lower than the interest if you choose a three or six, or 12 months EMI.
There is one clause that you can only convert only the lowest price as per your credit card limits; for example, if you have Rs. 80000 credit card limit and you purchase Rs. 2500 product and you want to convert these amounts into EMI, and then you can’t do that because the bank set some rules here; according to these rules, you can only convert credit card payment to EMI when the bill amount must be 8 to 10 percent of your credit card in some bank credit card these percentage is lower which is depends on your credit card limit.
Now we are going to understand and discuss the procedure for how to convert credit card payment to EMI? with different banks.
How to convert credit card payment to EMI in HDFC bank?
There are two popular methods for HDFC bank to convert credit card payment to EMI before apply for the EMI scheme you must first check that you are eligible for that EMI scheme or not. There is two gateway for converting the credit card payment into EMI first is Net Banking second is Phone Banking.
- Net Banking:
- Log in to your HDFC Bank NetBanking account
- Click the Cards tab
- Next, under Credit Card, select the Transact, then the SmartEMI option
- An unbilled transactions page will appear. Choose your specific card.
- Select Debit as your transaction type. Select view.
- An inventory of your Credit Card transactions entitled SmartEMI will appear, with an option of ‘click’ to know your eligibility.
- Select the ‘click’ option to convert a particular transaction.
- Confirm the terms and conditions by selecting submit. A final overview of loan details will be displayed.
- On confirming the transaction, an acknowledgment message and reference loan number are sent via SMS.
Your loan is processed and approved. You have successfully managed to convert the HDFC Credit Card bill into EMI online.
- Phone Banking:
- Call the HDFC bank credit card customer care
- Inform the customer care executive about the interest rate, available amount, and tenure for repayment.
- After confirmation, your loan is instantly approved without documentation.
- This facility effortlessly lets you convert HDFC Credit Card bills to EMI.
Now that you know the ways on how to convert Credit Card bills to EMI with HDFC. You can enjoy all your shopping splurges without the hassle of paying hefty bills. To convert your HDFC Bank Credit Card payment to SmartEMI.
|HDFC Bank Customer Care Phone Banking Numbers in India|
|Delhi and NCR||011 61606161|
HDFC credit card:
There are nine different categories and types of credit cards that the HDFC bank offers to their customer lets see one by one:
- Super Premium: Step into an exclusive world of premium pleasures and global experiences that are ready for the customer.
- Lifestyle: Enjoy life more rewarding with inspired choices and luxurious indulgences that are ready for the customer.
- Entertainment: Wherever you choose to spend great times, they are ready for you.
- Travel: Convert spends into air miles and take off on exciting new journeys that are ready for you
- Fuel: Go the distance and even further with fuel benefits that are ready for you
- EMI: Experience life the way you want because everything you need to live better every day is ready for you.
- Business: You can dream big and achieve bigger when your ambitions soar high and every opportunity for success is ready for you
- Corporate Credit Cards: A complete solution to managing corporate travel & entertainment expenses
How HDFC credit card EMI works?
Let’s see how it works. There are three parties involved in this transaction:
- You (the customer)
- The merchant (the seller)
- The bank (credit card issuer)
Let’s assume you purchase a phone and opt for no-cost EMI. Your bank pays the entire amount at once at the time of purchase. This amount is deducted from the overall credit limit on your credit card. When you make payments through no-cost EMIs, the EMI amount each month is restored to your credit limit.
So, if your credit limit is Rs 2 lakh, and you make a purchase of Rs 72,000, your credit limit will reduce to Rs 1,28,000 after the purchase.
Assume you opt for a six-month EMI of Rs 12,000 towards your credit card. Through regular payments of Rs 12,000 each month, your credit limit increases by that much. At the end of the three months, that is after you pay another Rs 36,000, your credit limit is restored to the original Rs 2 lakh.
How to convert credit card payment to EMI in SBI?
You can convert your big purchases made through SBI credit cards to EMI through the following ways:
- Net Banking:
- Log in to the official website of SBI Card using your credentials. You can choose the big purchase that needs to be converted to Flexipay.
- Once you are approved, you can start paying in easy monthly installments.
- Phone Banking:
- You can send an SMS of FP to 56767
- You can also call up the customer care executives of SBI at 1860 180 1290/ 39 02 02 02 and get guidance to convert your big purchase to EMI.
You must convert the transactions into Flexipay within 30 days of the purchase. The EMI chosen will be added to your Minimum Due Amount every month. For example, if you have a minimum due amount of Rs. 500 and EMI of Rs. 2000. Your total bill payment will be Rs. 2500.
How to convert credit card payment to EMI in ICICI bank?
The ICICI bank provides the four methods to convert credit card payment to EMI through many ways to raise a request for converting their credit card bill into simple EMI.
- Call Customer Care: Visit ICICI’s customer care numbers page to find your city/state-specific helpline number. Have your credit card handy while calling, as you may be asked for the card details. You can clear all your doubts as well as apply for the conversion through the same call.
- Send an SMS: If your attempts to approach customer care fails, send an SMS ‘EMI’ to 5676766. You’re likely to receive a call on the registered mobile number. Once you receive the call, you can raise a request to convert credit card transactions into EMI.
- iMobile app: By using the iMobile application, you can convert your purchase amount into the EMI; to use it, you must log in to Mobile, select the credit card options, click on the manage button then select the Convert to EMI option that’s all select the tenure that you wants to pay the bill amount.
- Internet banking: Using ICICI net banking makes your job even easier. Suppose you have an existing net banking account, log in with your ICICI credit card net banking credentials. Click the ‘Convert to EMI’ option listed under the Credit Cards section.
How to convert credit card payment to EMI in AXIS bank?
You can convert your existing transaction to an EMI transaction using the below options:
- Internet Banking: Login > Accounts > My Credit Cards > Convert to EMI > Select statement type from current / unbilled > select from eligible transactions > Enter EMI details > Agree to the Terms & Conditions & Enter the NetSecure Code
- Axis Mobile App: Login > Credit Cards > Convert to EMI > Select the transaction through Statement / Unbilled Transactions > Enter EMI details > Agree to the Terms & Conditions > Enter mPIN
- Phone: Call us on the numbers using the call tab to the right
You will receive an SMS on the submission of your EMI conversion request. This request will get processed immediately & you will get an SMS confirmation on EMI conversion.
How to convert credit card payments to EMI in RBL bank?
Flexibility of Conversion
- You can choose to convert your eligible transaction into 3,6,9,12,18 or 24 months EMI as per your choice
Convert from Anywhere
- You can easily convert your transactions into EMI via MyCard Mobile App, MoBank Mobile App, or by calling the customer service (Contact details available at the back of your credit card)
Low Rate of Interest
- You can enjoy the low rate of interest on your EMI and also get a processing fee discount with EMI Infinity Pass
- All transactions are greater than Rs. 3,000 are eligible for EMI conversion except for specific exclusions such as jewelry transactions
- To check the eligibility of your transaction, go to MyCard Mobile App and look for the EMI symbol on your transaction
You can avail of this pre-approved facility by:
- Logging into the RBL MyCard mobile App
- Sending ‘EMI’ to 5607011 – RBL Bank Credit Card
- Sending ‘EMI’ to 5607033 – Bajaj Finserv RBL Bank SuperCard
- Calling customer care (Number available at the back of your credit card)
How to Convert Credit Card Payment to EMI in Canara bank?
This option enables users to convert any of the eligible transactions into Easy installments/EMI [Equated monthly installment] for convenient payback. The user has to follow the below-mentioned steps:
- Click on the “Purchase to EMI” option available under credit cards.
- Click on the Convert option to initiate Purchase to EMI for any specific eligible transaction.
- After clicking on the Convert option, the page is navigated to the second Screen of Purchase to EMI, where users can choose the Easy Payment Plan from the given list.
- Different Easy Payment Plans are displayed along with Interest rates, Tenure, and the monthly Installment Amount for easy Payback.
- View Purchase details such as Merchant Name, Invoice Number for EMI plan, City of Purchase, and Branch/Location of Purchase.
- After clicking on the icon, Purchase to EMI is initiated for the transaction, and the screen is navigated to Purchase to EMI Summary View.
- Purchase to EMI Summary view displays complete information on a transaction converted to EMI, such as Transaction Date, Request Date, Merchant Name, EMI Amount, Tenor in Months, Interest % charged, Fees Amount Charged, Total amount, and Invoice No.
No, the EMI facility is not available for Corporate cards.
How to Convert Credit Card Payment to EMI in Kotak?
There is four easy way to avail for convert credit card payment to EMI which we explain below please read carefully:
- Net Banking- Click Here
- Login to www.kotak.com
- Click on the Net Banking option
- Enter CRN in User ID
- Enter Password or Click on “Get Net Banking Password Online”
- Click on Credit Card Tab
- Choose the Convert to EMI option under the Credit Cards tab.
- Mobile Banking-
- Download Kotak Mobile Banking application from Play Store or App Store
- Log in to Mobile Banking app by entering CRN &MPIN
- Click on the Credit Card tab
- Choose Convert to EMI
- Phone Banking-
Call Kotak Customer Contact Center – 1860 266 2666 (local call rates apply)
- SMS Banking-
SMS < EMI > To 5676788
How to Convert Credit Card Payment to EMI in YES bank?
Instant EMI service on your YES BANK Credit Card. Take your dream holiday, or the long-awaited widescreen television or the latest mobile phone, and simply repay the amount in Equated Monthly Installments (EMIs) with your YES BANK Credit Cards.
The process to avail:
To check eligibility and avail, please call at 24*7 YES TOUCH Customer Care on the below numbers:
- YES FIRST Credit Cards:
- 1800 103 6000 (Toll-Free for Mobile & Landlines in India)
- +91 22 4935 0000 (When Calling from Outside India)
- YES Prosperity Credit Cards
- 1800 103 1212 (Toll-Free for Mobile & Landlines in India)
- +91 22 4935 0000 (When Calling from Outside India)
By calling the Yes bank customer care you can simply avail for Convert Credit Card Payment to EMI in YES bank.
How to Convert Credit Card Payment to EMI in Indusind bank?
IndusInd Bank credit card purchases can be converted into EMI in the following ways:
- Purchase on IndusInd credit card could be converted with 45 days of purchase
- One can call the IndusInd Phone banking team for purchase conversion to EMI
- Phone Banking at 1860-500-5004 or 91-22-44066666
- EMI conversion could be done by sending an e-mail to [email protected]
How to Convert Credit Card Payment to EMI in Citi bank?
Firstly you need to download the Citi Mobile App from Google Play Store or App Store then follow the following procedure:
- Choose ‘Convert credit card transactions into EMI’ to check eligible transactions
- Select purchase for EMI conversion
- Choose your tenure
- Congratulations! You have successfully converted your purchase to easy installments
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