# Often asked: How To Convert Emi In Citibank Credit Card?

## 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.

## How is Citibank Credit Card EMI calculated?

Your Citi bank credit card will be charged Rs L. This amount will be converted into EMIs. You will have to pay EMI for loan tenure. GST is charged on the interest amount. Monthly breakdown of EMI in Principal and Interest components.

Principal Interest Balance
1286 864 97440
1297 853 96143
1308 841 94835
1320 830 93516

56

## How does Citibank EMI work?

The moment your EMI scheme is in action, your bank will temporarily block an amount equal to the value of the purchase you made through the EMI option. Your bank will start increasing your credit limit by the amount equal to your monthly EMI as you start paying back.

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## How do I pre close EMI Citibank credit card?

In order to pre – close the loan agreement, you need to call Citibank customer care at 1860 210 2484 and select the loan options and personal loan option under it, as prescribed. Tell them you need to pre – close the loan and they will provide you with the estimate of the loan amount, you need to pay back.

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

Repaying all EMIs at once is known as pre-closing the 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.

## Which bank credit card is best for EMI?

Comparison of Credit Card EMI Facility of Different Banks

Banks Interest Rate Applicable (In Per Annum) Minimum Transaction Amount Needed for EMI Conversion (In ₹)
HDFC Bank Starts from 14%
ICICI Bank 13%-15% 3000
Axis Bank 18% 2500
Kotak Mahindra Bank 13.92%-20.04% 2500

## How can I pay my credit card bill?

Methods to Pay Credit Card Payment Online

1. Through internet banking.
2. NEFT/RTGS online funds transfer.
3. IMPS Method.
4. Through BillDesk.
5. Auto debit facility.
6. Mobile wallets and payment systems.

## How does a credit card EMI work?

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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## Can I buy something on EMI more than my credit limit?

If you convert the over- limit transaction to equated monthly installments (EMIs), your actual credit limit will get blocked. As and when you repay your EMIs by the due date, your credit limit will get released.”

## What is EMI processing fee?

Processing Fee Processing Fee charged on Click An EMI is 2.5% of the purchase conversion amount or Rs. 200 (whichever is higher). Preclosure Penalty Any Preclosure of Click An EMI shall attract penalty charge of 3% on the outstanding purchase amount. 6

## Can I close my credit card EMI early?

Banks or card issuers may charge you a pre-payment fee if you wish to clear your dues before the end of the loan EMI tenure. Moreover, you may also have to pay off the interest on a pro-rata basis. This means that you need to pay the accrued interest until the day on which the EMI ( loan ) account is closed.

## Can I pre close my credit card loan?

Most banks allow you to pre – close a personal loan by paying the outstanding amount, any time after six installments. However, pre -payment penalty is charged on doing so.

## How can I pre close EMI?

The Dial/Click an EMI product can be pre -closed by calling 24-Hour CitiPhone. Any payment made into the Credit Card account over and above the initial interest amount or EMI shall not be deemed to be payment towards the amount availed under Dial/Click an EMI and shall not be deemed as closure of the said facility.

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