- 1 How can I pay all EMI in HDFC credit card?
- 2 How does EMI work on HDFC credit card?
- 3 What is the interest rate for HDFC Credit Card EMI?
- 4 Can I pay EMI before due date?
- 5 Why is no EMI bad?
- 6 What are the hidden charges in no cost EMI?
- 7 How can I convert credit card to EMI?
- 8 How is EMI amount calculated?
- 9 Will my EMI be deducted?
- 10 How do I convert my monthly outstanding to EMI?
- 11 How can I get smart EMI for HDFC credit card?
- 12 What is smart EMI on HDFC credit card?
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 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.
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).
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.
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.
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|
How can I convert credit card to EMI?
How to avail the ‘ EMI on Call’ facility?
- Step 1: Log in to ICICI Bank iMobile app.
- Step 2: Go to the ‘ Cards ‘ section.
- Step 3: Select your Credit Card.
- Step 4: Click on ‘ Convert to EMI ‘ on the eligible transactions in the ‘Recent Transactions’ section.
- Step 5: Choose a convenient tenure for the EMIs and click on ‘Submit’.
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.
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.
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.
How can I get smart EMI for HDFC credit card?
Do note that you need to hold an HDFC Bank Credit Card currently.
- NetBanking: Login to your NetBanking account and check your SMART EMI eligibility under Cards – Credit Cards – Transact – SMART EMI.
- PhoneBanking: our 24×7 PhoneBanking service will assist you towards the process to verify your eligibility.
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.