# Quick Answer: How To Pay Credit Card Bill In Emi?

## How is EMI deducted from 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.

## How can I convert my entire credit card bill 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 does EMI payment work?

An equated monthly installment ( EMI ) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are applied to both interest and principal each month so that over a specified number of years, the loan is paid off in full.

You might be interested:  Quick Answer: How To Add Sbi Credit Card As Beneficiary In Sbi?

## Is EMI good or bad?

Is an EMI scheme good or bad? Although a good EMI scheme is easy on your wallet, you must try to avoid it as the first option. You may not only be spending more than the actual worth of the product, but also splurging first and then relying on EMI payments is not healthy for your finances.

## Can we pay credit card EMI 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.

## 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 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

## 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.

You might be interested:  Readers ask: How To Know Hdfc Credit Card Bill By Sms?
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

## Can I pay EMI in advance?

Yes, you can opt for EMI in advance even if the interest rate is a floating rate. If I don’t have enough funds for a down- payment on my loan, which kind of EMI will be better? For those who don’t have sufficient funds to make a down- payment on a loan, EMI in arrears would be the ideal option.

## How can I check my EMI on debit card?

If you are eligible for a debit card EMI facility, you will find the option of ‘NO COST EMI ‘ or ‘Pay using debit card EMI ‘. To know SBI Debit Card EMI eligibility through SMS, type DCEMI to 567676 from your registered mobile number.

## 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 EMI deducted automatically?

EMI’s or Equated Monthly Instalments are the best way to pay for all your expensive purchases over a reasonable tenure. Once your Savings or Current Account which is linked with your Debit Card is linked with the portal, your monthly payments will be deducted automatically.

You might be interested:  Often asked: How To Block Citibank Credit Card Online?

## Should I buy TV EMI?

Purchasing a TV on EMI helps defer the payments and allows borrowers to distribute the price of the product across a convenient repayment tenure. Tata Capital’s consumer durable loans also come with the advantage of instant, on-the-spot approval. You can buy TVs on EMIs at 0% interest rates.

## Often asked: How To Block Hdfc Credit Card By Call?Often asked: How To Block Hdfc Credit Card By Call?

Contents1 How can I block my HDFC credit card?2 How can I block HDFC credit card by SMS?3 How can I close my HDFC credit card permanently?4 How can I