# Readers ask: How To Convert Purchase To Emi Hdfc Credit Card?

## 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 all EMI at once HDFC credit card?

Can I Pay All The EMI at Once at HDFC? Whether you have taken a personal loan, home loan, car loan, or any other loan product from HDFC, the bank allows you to repay the remaining EMIs at one go. Repaying all EMIs at once is known as pre-closing the loan account.

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## 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

## 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.

## 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’.

## 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.

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## Can we pre close credit card EMI HDFC?

The EMI scheme can be pre – closed by calling the 24 hour HDFC Bank Credit Cards customer service. ‘Preclosure Interest charges’ (as applicable) will apply. Cancellation will be allowed only if customer calls within 4 days post transaction date.

## What happens if we pay minimum due on HDFC credit card?

If you fail to pay even the minimum amount due on your HDFC credit card, you will be charged a late payment fee that would be added to your next statement. The late payment charge depends on the total outstanding on the card. It may also appoint a third party to get the payment from you.

## Does bank charge for no cost EMI?

While availing the no – cost EMI facility, you will not have to pay any down payment, processing fee, or an interest. Will my bank charge an interest? Yes, the bank will charge you an interest. However, the interest that they charge will be given to you upfront as a discount at the time of buying the product.

## 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.

## 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.

## FAQ: How To Pay Credit Card Bill Through Net Banking?FAQ: How To Pay Credit Card Bill Through Net Banking?

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