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

    State Bank of India is one of those public sector banks which offers EMI conversion of credit card bills option through its ‘FlexiPay’ facility.

    The facility comes with a tag line – ‘Pay back your big purchases in flexible instalments’. The prime lender also provides three easy options for its credit card customers to apply for Flexipay facility.

    All the SBI credit card transactions exceeding Rs.2,500 are eligible for EMI conversion. The request for availing the facility has to be, however, raised within 30 days from the date of purchase.

    Convert SBI Credit Card Payment into EMI or Flexipay

    SBI offers three different methods to convert your credit card transactions into EMI payments.

    1. Internet banking: SBI credit card users can login to their respective SBI credit card net banking accounts to raise a request for EMI conversion.
    2. Once you login to SBI net banking, you can find Benefits > Flexipay on the left hand navigation. It will take you to a new page where you need to select the eligible transaction to be converted into EMI, the repayment period and the corresponding interest rate. Once you select all the details click ‘confirm’.

      The same option is available on the SBI website as well as on its mobile app, SBI card mobile app.

    3. Send an SMS: You can also send an SMS FP to 56767. You will receive a call back from the SBI executives. Let them know which transaction you would like to convert into EMI, the tenure and other details. If you are fine with the SBI interest rate and other charges you can apply FlexiPay on the same call.
    4. Call SBI customer care: You can directly call SBI credit card customer care to convert your credit card transaction into EMIs. SBI provides two different service numbers specific for the service. BSNL/MTNL customers can call 1860 180 1290, while the others can call 39 02 02 02 (prefix your local STD code) to avail the service.

    While booking EMI conversion on call, make sure to have your credit card handy as you may be asked for your credit card number and other related details.

    Once the request is raised, SBI will send you a confirmation message on your registered mobile number. Your application will be processed in five working days.

    SBI Credit Card EMI calculator

    If you wish to know how much monthly installment you need to pay by converting your credit card bill in to FlexiPay, you can simply use the EMI calculator provided by SBI.

    As the SBI currently charges a flat rate of interest of 14.5% per annum (as of 14 nov’17) you can use the same rate to calculate your EMI.

    Go to SBI EMI calculator - and enter the details as prompted.

    In the amount tab you can enter your outstanding amount, which you want to convert in to FlexiPay, duration should be either 6, 9, 12 or 24, and the interest rate should be 14.5%. Once you submit the details click calculate. You will find EMI and the total interest amount in the right side columns.

    Things to Consider while Converting SBI Credit Card Bill in to EMIs

    • The FlexiPay option is available only for the retail purchases conducted through SBI credit card
    • Multiple credit card transactions can be clubbed to convert into EMIs. However, the total amount should be greater than Rs.2,500
    • The transactions which are not eligible for conversion include interest, fees and other charges on the card
    • If the credit card bill amount is more than Rs.30,000, customers can go for 36 months tenure
    • The add-on SBI credit card holders are not eligible for FlexiPay
    • Cancelling the EMI conversion request within 45 days of booking will refund all the charges levied for conversion. Else, a cancellation fee of 3% on the outstanding principal will be charged.
    • Fore-closing the facility before the completion of tenure will attract a charge of 3% on the outstanding, while moving the same to retail plan

    FAQs on SBI Credit Card EMI

    1. Can I get a no-cost EMI post purchase?
    2. No-cost EMIs are not given post the purchase by the credit card issuers. These are offered by a lot of online retailers like Flipkart, and Amazon.

    3. What is Flexipay?
    4. Flexipay is SBI Card’s facility which allows you to convert the purchases into EMI and also pay this over a period of months or years. This is offered to all existing SBI credit cardholders and will allow them to convert purchases into easy monthly instalments.

    5. Can I book Flexipay on an add-on credit card?
    6. No, you cannot book Flexipay on add-on credit cards.

    7. Can I convert fuel spends into EMI?
    8. No, you cannot convert your fuel spends into EMI.

    9. What is the minimum amount required for booking Flexipay?
    10. Flexipay requires a minimum booking amount of 2,500. This depends on the specific offer so it is subject to change.

    11. What are the various Flexipay booking tenures that are available?
    12. You can book Flexipay for 3 months, 6 months, 9 months, 12 months, 18 months or 24 months. There is also a 36-month option, but it can only be chosen if you pay at least Rs.30,000.

    13. How is the Flexipay instalment billing system?
    14. Flexipay payments would be included in the card statement every month. You will get the first instalment on the first card statement after you have completed booking Flexipay.

    15. What is the applicable interest rate for Flexipay?
    16. The interest rate that applies to Flexipay may fluctuate from time to time. It also varies from offer to offer. You can check the latest updates from the SBI official website.

    17. How can I cancel my Flexipay request?
    18. Yes, you can cancel your Flexipay by calling the SBI Card customer service line. There won't be any fees charged to the card account if the request for cancellation is made within 45 days of the reservation otherwise your account will be charged a cancellation fee equal to 3% of the remaining principal.

    19. Is there a toll-free number to check my SBI Flexipay EMI?
    20. Yes, you can check for your SBI Flexipay EMI by calling the following toll-free numbers 800-112-211 and 1800-425-3800.

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