There are times when our HDFC credit card bill for the month seems too high to repay at one instance. It’s the same time when we make our mind to pay the minimum due keeping aside the consequences.
But one thing you should know before opting for minimum due is that once you paid your minimum due for the month, the bank charges interest on the remaining amount of your bill on a daily basis. The interest rates could range from 24%-36% per annum based on the bank’s policies.
One way to avoid paying such hefty interest rates is to opt for EMI conversion option. It allows you to convert your outstanding credit card bill into easy instalments payable every month. Though the option still attracts interest, it would be less compared to the regular credit card interest rates.
HDFC offers EMI conversion on credit card purchases through its Smart EMI feature.
The Smart EMI option allows the eligible HDFC credit card holders to convert most of the credit card payments into EMI schemes. However, purchases involving gold or jewellery are not eligible for conversion in to EMIs. Also transactions which are 60 days or older are not eligible for the scheme.
Before converting your HDFC credit card bill into EMI, you need to check eligibility of your card for the scheme. Eligibility check can be done using both net banking and phone banking options.
A page with unbilled transactions will appear. Select your card from the drop down, choose ‘debit’ as transaction type and click ‘view’.
All your credit card transactions eligible for EMI conversion or Smart EMI scheme will be displayed with a ‘click to know your eligibility’ option.
If you wish to convert a particular transaction, click on the corresponding ‘click to know your eligibility’ option.
A new page will then be loaded with all the loan details such as card number, eligible limit, loan amount, tenure and interest rate. Once you choose the tenure, the corresponding interest rate will be applied automatically. Accept the terms and conditions and click ‘submit’.
Another page with EMI details and the entire loan details will be displayed. By confirming the same, an acknowledgement message will appear with reference number and loan number. It indicates that your loan application has been processed successfully.
Visit www.hdfcbank.com/personal/find-your-nearest/find-phone-banking and find your city/state specific phone banking number. Call the helpline, talk to the agent and check your eligibility. If your card is eligible for EMI conversion, you will be detailed about interest rate, eligible amount, tenure and other details. If everything is good to go, you can book the loan immediately.
No further documentation is required for processing the request. You will receive a call or SMS once the processing is done. For all those applying through net banking, HDFC promises to convert all credit card transactions in one second at any time, any day, including Sundays and public holidays.
Once you have successfully applied for the Smart EMI scheme or converted your credit card payment into EMI, your monthly EMI will be added to your credit card statement. It will be included in your minimum amount due. The billing date as well as the payment due date remains the same as your HDFC credit card.
Before opting for EMI conversion option, you can calculate EMI using HDFC EMI calculator option. With simple user interface, the EMI calculator will provide you the installment amount you have to pay every month.
To calculate your EMI visit https://www.hdfcbank.com/personal/credit-card-emi-calculator and enter the details as required. You have to choose the Smart EMI option, enter interest rate, loan amount, and the tenure before clicking ‘submit’ button.
Alternatively, you can also use the below table for reference. It shows the EMI (calculated at interest rate of 1.50% per month) you need to pay based on your loan amount and tenure.
|Loan Amount (Rs.)||50,000||1,00,000||2,00,000||3,00,000||4,00,000||5,00,000|