Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
Through its ‘Hello-EMI’ facility, Axis Bank offers its credit card customers an option to convert their outstanding credit card dues into equated monthly installments (EMI).
Credit card transactions above Rs.2500 can be converted into EMIs at an interest rate of 1.5% per month. Users can choose a tenure of 6, 9, 12, 18 or 24 months. Axis bank offers easy methods to apply for Hello EMI facility within 60 days of making the purchase.
Axis bank offers four different methods to convert your outstanding credit card bill into EMIs.
Axis bank credit card net banking users can simply login to their respective accounts and check the transactions eligible for conversion in to Hello EMI.
They can select the transaction for conversion, the tenure of repayment and the corresponding interest rate from the same portal.
Once the request is raised, they will receive an acknowledgment SMS and the application will be processed immediately. Once the amount is converted into EMI, they will again receive a confirmation SMS with the EMI details.
Once you select ‘convert to EMI’, the list of eligible transactions for EMI conversion will be displayed. Select the transaction for conversion, repayment tenure and agree to the terms and conditions and you’re done.
Another option is to click Accounts > credit card > convert to EMI. Choose unbilled transactions/current statement to view the list of eligible transactions. You can repeat the process mentioned above by selecting the transactions you wish to convert into EMIs.
Send an SMS EMI to 5676782 and await for the call. Make sure to have your credit card handy while on call.
You can call to Axis credit card customer care for all the requests related to EMI conversion. If everything seems fine you can book the facility on the same call. Make sure to check the interest rate, processing fee and any other conversion charges before giving your final concert.
To know how much EMI you need to pay by converting your credit card payments into EMIs, you can use free EMI calculator powered by Axis bank. By simply adding your due amount and prefered repayment tenure you will get comprehensive details of your EMI along with the breakup. Follow the steps below to calculate your EMI.
Go to Axis bank credit card EMI calculator https://www.axisbank.com/emi-credit-cards-calculator and enter the details. Enter your outstanding due and select tenure - 6, 9, 12, 18, or 24, and click calculate.
As soon as you hit the button, you will see a graphical representation of your EMI breakup along with the details. Axis bank’s credit card EMI break up includes interest payable, processing fee, tax on interest and processing fee. It also tells you how much you are paying extra on your actual loan amount to give a clear picture.
No-cost EMIs do not charge you any processing fee or any interest. These are given on only selected products and can also be availed at only the merchant’s place.
Axis Bank will allow specific purchases on your credit card to be converted into EMI. You cannot pay the outstanding amount of your bill through EMI.
Axis Bank will accept EMI conversion request but this does not mean that your EMI has been created. Once this is processed, you will get an SMS and also an email with the amortisation schedule.
If you close your EMI account post 30 days of the first EMI debit, then the foreclosure charge will be 3% on the outstanding principal. If you cancel before the first EMI, you will get a waiver on the processing fee.
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