If you have availed of a credit card from Federal Bank then it is important you pay your credit card bills on time. However, if you cannot pay your bill in full, then you can choose to pay through EMIs. You can convert a minimum of Rs.2,500 and a maximum spend of Rs.75,000 to EMIs.
There are certain eligibility criteria you will have to fulfill if you wish to avail yourself of the Federal Bank EMI facility:
The interest rate charged will depend on the tenure for which you will avail the EMI facility. Given below in the table is the interest rate chargeable based on the tenure chosen.
|Tenure||Interest Rate (p.a.)|
|Processing Fee||2.5% or Rs.200|
|Foreclosure Fee||2% + GST|
Yes, you can get your EMI facility canceled within 4 days prior to the generation of the first EMI bill.
Yes, your credit score will get affected if you do not pay your EMIs on time.
In case you lose your credit card, you must immediately contact the bank and get your credit card blocked.
Yes, you can use your debit card to pay your EMI.
Yes, you can provide a standing instruction so that the EMI amount is deducted from your bank account on the due date.
You can call the toll-free number 1800 425 1199 in case you have any query related to credit card EMI facility.
Yes, you can pay your EMI through net banking.
Yes, the bank can levy a late payment fee if you do not pay your EMI on time.
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