ICICI bank offers its existing credit card users two different options to convert their credit card payment into EMIs - EMI on Call and Instant EMI.
While EMI on call is applicable post purchase, Instant EMI is applicable only on selected purchases. In both the cases, the minimum purchase amount should be more than Rs.3,000.
ICICI credit card users have three different ways to raise a request for converting their credit card bill into EMIs
Select the transaction you wish to convert into EMI, tenure, which is typically between 3-12 months and click Convert into easy EMIs.
Once you’ve raised the request using any of the above mentioned methods, you will receive an acknowledgement as well as a confirmation message from the bank. Your request will be processed in a few days or immediately based on your eligibility.
Instant EMI is another option offered by ICICI bank applicable for the credit card transactions conducted using retail credit card on Electronic Data Capture (EDC) terminal available at the point of sale and also for online transactions eligible for EMI payment option.
ICICI has partnered with more than 250 retail brands to offer best EMI deals to its credit card customers. The deals will be displayed for the eligible products available for sale on various ecommerce platforms or will be explained by the retail seller if the product is eligible for Instant EMI conversion.
Once the customer performs the transaction and when his/her card has the requested balance, the transaction will be approved. The purchase will be automatically converted into EMI scheme.
Customers can choose a tenure of 3, 6, 9, 12, 18 or 24 months. The bank is currently charging zero processing fee for converting credit card purchases into EMIs.
The Instant EMI option is not available for some of the ICICI credit cards such as EMI Card, Business Card, American Express Card and Corporate Card.
Both pre-closure and cancellation facilities are available for Instant EMI option with almost similar terms and conditions as EMI on Call.
Before opting for EMI conversion option you can calculate your monthly installment on your own by using ICICI EMI calculator option. The calculator is available for both Instant EMI and EMI on Call options. To use the calculator, follow the steps below.
Visit the ICICI EMI calculator page.
https://www.icicibank.com/calculators/credit-card-emi-calculator.html and enter the details as required.
You have to enter the amount you want to convert into EMI in the transaction amount column, select the tenure, and enter the rate of interest.
As soon as you enter the details you will find a table towards your right with EMI amount, principal and interest you are paying, and balance amount. You will also find total interest payable and the total amount payable for the selected tenure and interest.
Alternatively, you can also use the below table for reference. It shows the EMI (calculated at interest rate of 13% per annum) you need to pay based on your loan amount and tenure.
|Loan Amount (Rs.)||10,000||20,000||30,000||40,000||50,000|
The rate of interest considered to calculate the EMIs is 13%.