How to convert credit card payment to EMI in hdfc

Convert Credit score Card Funds into EMIs: What, Why, How

You’ve made a big-ticket buy along with your bank card and now you’re fearful that you simply don’t have enough funds to pay for the acquisition when your bank card invoice is due subsequent month.  What do you do?  Right here’s a simple method out—pay in elements.

​​​​​​​Why pay in EMIs

If you make a high-value buy along with your bank card, it’s good to pay for it to the cardboard issuing financial institution by the subsequent due date. When you miss the fee deadline, it’s good to pay a late fee charge, together with an excessive rate of interest on the unpaid quantity.

However, if you happen to break up your fee into EMIs, you don’t have to pay the whole buy quantity in a single go, however over a time frame that fits your price range.

The rate of interest charged for this bank card “mortgage” can be decreased in comparison with curiosity on a late fee, and the curiosity is calculated on month-to-month decreasing steadiness.

Eligibility

Whereas most banks provide EMI fees on bank cards, you have to test along with your financial institution whether or not your card is eligible for this feature.

Additionally, solely transactions above a sure worth are eligible for conversion into EMIs. This minimal worth varies from a financial institution to a financial institution.

EMI choices

The tenure of your EMIs could be mounted as per your comfort, and the tenure can vary from three to forty-eight months, relying on the financial institution’s coverage.

Charges and expenses

Fees for EMI conversion differ by the financial institution. Whereas some might cost a minimal one-time processing charge, different banks might give you this feature free. There can also be a pre-closure cost if you happen to select to repay the mortgage sooner than scheduled.

How you can go for EMIs in your bank card

You’ll be able to log in to your bank card account via your issuing financial institution’s online banking or cell banking to view and choose eligible transactions for EMI conversion.

This course often converts your buy right into a “mortgage” immediately. Or you’ll be able to SMS or name your financial institution to provoke the method.

John C. Crawford

I am John C. Crawford. I am the founder of EnjoyWiki.com. I am a professional freelancer, blogger and content writer. I have several blogs and EnjoyWiki.com is one of them. I always love to share my experience on my blogs.