FAQ: How To Convert Emi Hdfc Credit Card?

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How does EMI work on HDFC credit card?

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. Assume you opt for a six-month EMI of Rs 12,000 towards your credit card.

Can I pay all EMI of credit card at once HDFC?

Can I Pay All The EMI at Once at HDFC? Whether you have taken a personal loan, home loan, car loan, or any other loan product from HDFC, the bank allows you to repay the remaining EMIs at one go. Repaying all EMIs at once is known as pre-closing the loan account.

How does HDFC smart EMI works?

It allows you to convert your outstanding credit card bill into easy instalments payable every month. HDFC offers EMI conversion on credit card purchases through its Smart EMI feature. The Smart EMI option allows the eligible HDFC credit card holders to convert most of the credit card payments into EMI schemes.

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Why is no EMI bad?

It is advisable not to opt for a loan to buy a product you don’t need, due to the temptation of zero – cost EMI. Also, if you get a loan to buy a product, don’t default on your EMI. Defaulting on EMIs will damage your credit score, which will make it difficult for you to get a loan or credit card in the future.

What are the hidden charges in no cost EMI?

Under the three-month EMI plan, the interest rate charged is 15 per cent and you would have to pay an interest amount of Rs 2,250. Interest is added to product cost.

Actual Cost of the product Rs 15,000
Offer Price under Zero Cost EMI Scheme Rs 17,250
Total Cost to be paid by you via EMI Rs 17,250

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How can I convert credit card to EMI?

How to avail the ‘ EMI on Call’ facility?

  1. Step 1: Log in to ICICI Bank iMobile app.
  2. Step 2: Go to the ‘ Cards ‘ section.
  3. Step 3: Select your Credit Card.
  4. Step 4: Click on ‘ Convert to EMI ‘ on the eligible transactions in the ‘Recent Transactions’ section.
  5. Step 5: Choose a convenient tenure for the EMIs and click on ‘Submit’.

Can I close my credit card EMI?

EMI transaction requests, once submitted, cannot be cancelled/modified/reversed until the same have been approved/rejected by the issuing banks of the credit card holders.

What is the interest rate for HDFC Credit Card EMI?

The rate of interest for EMI on HDFC credit cards is 1.5% per month (9 months to 3 years).

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How can I get smart EMI for HDFC credit card?

Do note that you need to hold an HDFC Bank Credit Card currently.

  1. NetBanking: Login to your NetBanking account and check your SMART EMI eligibility under Cards – Credit Cards – Transact – SMART EMI.
  2. PhoneBanking: our 24×7 PhoneBanking service will assist you towards the process to verify your eligibility.

How is EMI calculated?

The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate, n=tenure in number of months.

How do I convert my monthly outstanding to EMI?

In case you want to convert your outstanding into EMIs, you can do so by logging on to your account through net banking and opting for smart EMI options for credit cards. Alternately, you can visit the nearest branch and ask your bank executive to help convert you’re outstanding into EMIs.

What is HDFC smart EMI?

Convert large purchases on your HDFC Bank credit card into SmartEMI and enjoy stress-free repayment. Enjoy attractive interest rates, among the lowest in the market. Get credit into your HDFC Bank account in seconds and repay conveniently over 9 to 36 months. The loan is pre-approved so no documentation is required.

How can I pay HDFC EMI?

How to Make HDFC Loan Payment Online at Paytm?

  1. Go to HDFC loan payment page on Paytm.
  2. Enter your Loan Account Number.
  3. Click on ‘Get Payable Amount’
  4. Check the payable amount and choose the payment method of your preference Proceed to make the payment.
  5. You are done with it.

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