Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • ICICI Credit Card EMI

    ICICI bank offers its existing credit card users two different options to convert their credit card payment into EMIs (Equated Monthly Instalments) - 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.

    Availing ICICI's 'EMI on Call' facility

    ICICI credit card users have three different ways to raise a request for converting their credit card bill into EMIs

    Through Internet Banking Facility

    The following are the steps to avail ICICI EMI On Call Facility:

    • Log in to your ICICI Bank internet banking facility using your login credential.
    • Go to the 'My Accounts' section.
    • Click on the 'Credit Card' option.
    • Click on 'Convert to EMI'.
    • Select the Card, transaction, and EMI tenure.
    • Finally, click on 'Submit'.

    Through iMobile Pay

    Given below are the steps to avail ICICI EMI On Call Facility through iMobile Pay:

    • Log in to the ICICI Bank iMobile Pay app using your credentials.
    • Go to the 'Card' section.
    • Choose your Credit Card.
    • Tap on 'Convert to EMI' under 'Recent Transactions' section.
    • Finally, choose your EMI tenure and click on 'Submit'.

    Through Call

    To avail ICICI EMI On Call Facility through Call by giving a missed call on 9537667667 from your registered mobile number. Once the bank receives your request, the representatives of ICICI Bank will get in touch with you.

    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.

    Things to Note while Applying for ICICI's 'EMI on Call' facility

    • The EMI on Call facility is available only on ICICI bank retail credit cards
    • You can apply for EMI on Call facility within 30 days from the date of purchase only
    • ICICI reserves the right to approve or reject the conversion request
    • The bank will take two working days to convert your credit card bill into EMIs once the request is raised
    • Certain transactions involving purchase of fuel, gold, jewellery, cash withdrawals are not eligible for EMI conversion
    • The interest rate and the processing fee will be same as mentioned to the card member at the time of availing the scheme
    • Interest calculation will begin from the time the request for EMI conversion has been made
    • Prepayment of EMI or pre-closing the facility is possible at any point of time by contacting ICICI bank's customer care. A foreclosure fee will be charged as applicable
    • Customers has the provision to cancel the EMI conversion within 15 days of availing the facility. Upon successful cancellation, the original transaction amount will be debited back to the account and all the levied charges for conversion will be reversed.
    • At the time of EMI conversion, a one-time processing fee equal to 2% of the transaction amount is charged.

    Availing ICICI's 'Instant EMI' facility

    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 three, six, nine, 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 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.

    ICICI Credit Card EMI Calculator

    Before opting for an EMI conversion option you can calculate your monthly installment on your own by using the 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 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
    3 months 3,406 6,812 10,218 13,624 17,030
    6 months 1,731 3,461 5,192 6,922 8,653
    9 months 1,173 2,345 3,517 4,689 5,861
    12 months 894 1,787 2,680 3,573 4,466

    The rate of interest considered to calculate the EMIs is 13%.

    FAQs on ICICI Credit Card EMI

    1. What does ICICI Bank charge as pre-closure charges on EMI conversion?

      When you close your ICICI Bank credit card account before its due date, you will be charged a foreclosure fee (advance EMI interest). You will also have to pay GST as applicable. The fees will be determined when you request for the account closure.

    2. Am I allowed to cancel my EMI facility after application?

      Yes, you can always cancel this service within 15 days of you availing the EMI service. You can call the ICICI Bank credit card customer care on 1860 120 7777 and request for the cancellation.

    3. What is the meaning of the instant EMI facility?

      This EMI conversion facility is offered to you when you make a purchase at certain retailers and is called Instant EMI facility.

    4. Can I convert all my expenses into ICICI Credit Card EMI?

      No, purchases like gold, jewellery and cash cannot be converted into EMI.

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