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.
Other Credit Card EMI
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.
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|
You should keep in mind that no-cost EMIs can only be availed when you make a purchase and the service is offered by a lot of online retailers like Flipkart, Amazon, etc.
When you purchase something on your HDFC Bank credit card, the amount of the transaction will be blocked against your credit limit on the card. You can then ask for the conversion of the amount into EMI. Once the bank approves this, they will charge an interest. You can then pay the amount in equal amounts over the tenure that you have chosen.
A normal EMI scheme will charge you an EMI interest rate and also a processing fee. A no-cost EMI will not charge you any fee when you convert a transaction into EMI.
Right now, HDFC allows its customers only specific purchases on a credit card bill to be paid through EMI. You cannot pay the entire amount through EMI.
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