# Question: How To Convert Credit Card Payment To Emi In Hdfc Bank?

## 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.

## 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.

## 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.
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## Can I pay EMI before due date?

Yes, you can pre – pay the loan amount at any time in full or part without any additional charges. Please ensure EMIs are paid on time and pay only additional payment above EMI if your ECS mandate is active when you are paying close to the due date.

## 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.

## 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.

## Will my EMI be deducted?

So unless you have specific approval from your bank, your EMIs will still be deducted from your bank account. The RBI has stated in its guidelines that lending institutions should frame board-approved policies for providing reliefs on loans and credit card dues to all eligible borrowers.

## 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.

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## How can I convert credit card to EMI?

How to avail the ‘ EMI on Call’ facility?

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’.

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