Readers ask: What Is Smart Emi In Hdfc Credit Card?

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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.

Can I close Smart EMI on HDFC credit card?

HDFC allows cardmembers to pre- close the loan and save on interest charges before the actual end of the loan term. There will be a prepayment penalty applicable for closures which happen before the term end date. It is billed at the rate of 3% of the outstanding balance amount in the EMI account.

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).

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How can I get EMI for HDFC Smart Loan?

NetBanking

  1. Log in to your HDFC Bank NetBanking account.
  2. Click the Cards tab.
  3. Next, under Credit Card, select the Transact, then the SmartEMI option.
  4. An unbilled transactions page will appear.
  5. Select Debit as your transaction type.

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.

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

1

What is the rate of GST on HDFC credit card EMI?

Credit Card EMIs: GST vs. Service Tax Comparison

Details Amount GST at 18%
Interest Rate 18%
EMI tenure 6 months
Interest paid in 6 months 532 95.76
Processing charge 150 27

2

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.

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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 do I qualify for Smart EMI?

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.

How can I pay my missed EMI HDFC?

Make your payments to HDFC Bank Overdue Loan payment in 3 simple steps. Enter your HDFC Bank overdueLoan account number and Date of Birth. Select your net banker from drop-down and click on PAY. You will be securely redirected to the bank payment interface of your chosen net banking option.

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.

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