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.
SBI offers three different methods to convert your credit card transactions into EMI payments.
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.
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.
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 - https://www.sbi.co.in/portal/web/home/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.