How To Convert Purchase To Emi In Hdfc Credit Card?

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How can I convert my purchase to EMI?

Process of Converting Purchases to EMIs

  1. Make a purchase.
  2. Once you’ve made the purchase, contact our bank or place a request to have the same converted into EMI.
  3. The bank will calculate the interest which is payable by you on your EMI (if any).
  4. Choose the tenure that you’re comfortable with, to pay for your purchase.

How can I convert credit card to EMI?

You can either log in two your online account and under the credit cards’ section choose an EMI option, or you could visit the nearest branch of the bank and make a request for converting your credit card bill into EMIs.

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).

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.

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How long does it take to convert to EMI?

Banks usually take 2-4 days to process the EMI. It will initially deduct the whole amount from your credit/debit card and within 2-4 days, the entire amount excluding any down payment amount will be credited back to your card and converted into EMI.

Can we convert to EMI after bill generation?

To convert your billed amount into EMIs, follow the PhoneBanking process. You can convert billed Credit Card amount to EMI with HDFC Bank through PhoneBanking.

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 can I pay all EMI in HDFC credit card?

Visit the loan officer at your nearest HDFC bank branch. Enquire the current balance in your loan account. The loan officer will also intimate you of any pre-closure charges or penalties. Pay the entire balance amount (sum of all pending EMIs + preclosure charges, if any ) using a cheque or DD.

How is EMI amount 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 is HDFC EMI calculated?

To calculate your EMI, just enter the loan amount, rate of interest and loan tenure, and your EMI is instantly displayed. You can enter loan amounts from 50,000 to 4,000,000 and term from 1 to 5 years.

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What is smart EMI on HDFC credit card?

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.

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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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.

Does no cost EMI affect cibil score?

After August 31, non-payment of EMIs can affect your credit score as outlined below: 30 days delay in paying EMIs – While you can get a lot of phone calls from the lender to clear your dues, there will be no change in your CIBIL score.

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