Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • How to avail EMI for retail purchase using HDFC credit card - "Dial an EMI Plan"?

    Having a credit card has many benefits. Used primarily as a medium to pay for purchases, the benefits of this “Plastic Money” instrument are many. As a leading private sector bank in India, HDFC offers a plethora of credit cards in the Indian market in various categories such as Fuel, Shopping etc. One of the most pleasing benefit of having an HDFC credit card is the option to convert large value purchases into EMI (Equated Monthly Instalment) payments and save on interest charges.

    As you should be aware, the incidence of interest charges on large value purchases can be quite high if the transaction is not paid off before the statement close date. Converting such transactions into EMI helps in saving loads of interest charges. Let’s look at some of the outright benefits of paying large value purchases through EMIs.

    • Helps in saving on interest charges, since the charge converted to EMI is treated as a separate transaction and the interest applied on it is exclusive.
    • The rate at which interest is applied is substantially lower than the retail rate, making it furthermore appealing.
    • It ensures financial discipline since you know the payment is being paid off within the chosen term than attempting to manually clear it by means of regular payments on the credit card account.
    • Flexible term options are available for you to choose from as per your financial convenience.
    • Minimal processing fee, charged as a small percentage of the amount converted into EMI so that the overall cost incurred is not a burden on your wallet.

    Dial an EMI from HDFC Bank

    This facility offered by HDFC on select range of credit cards lets the cardmember easily convert purchases into EMI payment where the monthly payment is charged to the monthly bill as a separate transaction until the end of the repayment tenure.

    How does it work?

    Cardmembers interested in converting existing transactions into EMI can choose to convert charges already billed to the account into EMI in two ways. The first and the most recommended way of doing so is by logging into the NetBanking account. After logging in, click on Credit Card tab and choose the “Dial an EMI” option from the drop down options. Select your card and fulfill the online requirement by choosing the relevant options along with selecting the eligible transaction and seal it by confirming the conversion. Alternatively, you can also use mobile based App or call the Phone Banking helpline number to initiate a conversion.

    Mechanics of Dial an EMI from HDFC Bank

    Tenure options

    HDFC offers a wide range of tenure options for cardmembers to choose from. The available terms are 6, 12, 24 and 36 months. As a privileged cardmember, you can choose a term as per your convenience.

    Minimum transaction value

    To be eligible for EMI conversion, the minimum transaction value required is Rs.2,500. There is no upper cap as long as there is sufficient room for payment of charges in the available balance. All types of purchases, online and offline can be converted to EMI payments. This facility is not available for Gold and Jewellery purchases.

    Processing Fees

    A onetime processing fee is also applicable, billed as a fixed percentage of the transaction amount, converted into an EMI. In addition to this fee, service tax and other government levies such as cesses are also applicable. The processing fee varies from card to card.

    Pre-closure charges

    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.

    Turnaround time

    The transaction is immediately converted into EMI when you opt for it through the relevant channel. There is no waiting period for further processing or approval since you’ve authorized by means of authentication. The first EMI payment will reflect in the immediate billing cycle.

    Frequently Asked Questions

    1. How is the processing fee billed? Am I required to pay it by cash or remit via NetBanking?

      The processing fee is billed directly to your credit card account after the transaction has been converted into EMI. It will reflect under “Unbilled Transactions” if you’re checking NetBanking or using the app to view the charge. The same will reflect in the next month’s bill after generation.

    2. Is there is a separate statement issued by HDFC to show the EMI charges for billing purpose?

      The EMI will be added to the monthly credit card bill and will show up as a separate transaction on the debit side. No separate bill will be issued in this regard. Until completion of the EMI term, a transaction of the same value will continue to be shown in the statement. You will also get text and email notifications from HDFC as and when the payment falls due.

    3. Where do I find the details pertaining to EMI payment such as the value?

      The EMI payment details are available on monthly statements. Alternatively, you can also view them under the “Unbilled Transactions” section on channels such as NetBanking and Mobile banking apps.

    4. Where do I get the details of the processing fee percentage applicable for EMI conversations on my card?

      This detail will be made available in the literature supplied with the card in the welcome kit when you first received it. Alternatively, details can also be obtained by calling the Phone Banking service or by using the NetBanking facility.

    5. Is the EMI benefit for retail purchases available on all credit cards from HDFC bank?

      This facility is only available on select types of credit cards from HDFC. To check eligibility, contact the Phone Banking service.

    6. Is there a way the cardmember can make a cash advance and convert such transactions into EMI?

      Cash advances already made cannot be converted into EMI payments. However, cardmembers interested in availing cash against the balance can explore the “Cash on Call” facility where cash can be availed under this program. The member has follow a simple process to get the cash credited directly into the savings account by following a few steps. It works similarly to the “Dial an EMI” plan offered for retail purchases.

      Further details on this program can be obtained by calling the Phone Banking service.

      

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    Credit Card Reviews

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