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Credit cards are helpful when making large purchases at once; they help you pay quickly and in installments. However, if you do not pay on time, you may be charged a late payment and a high-interest rate on the left amount.
If we talk about HDFC Bank, the company claims that the HDFC credit card has an interest rate lower than the interest rate for late payments, and the interest is computed on the decreasing monthly balance.
One of the top financial institutions in India, HDFC Bank offers a variety of credit cards to suit its clients’ individual and financial requirements. Additionally, it enables clients to turn their expensive purchases into EMIs.
If you have an HDFC credit card, you can use net banking or specific merchants directly to use this “smart EMI” service. Similarly, If you are looking to convert credit card payments to EMI in HDFC credit card, here is a step-by-step guide for you.
How to convert credit card payment to EMI in HDFC credit card
1. Netbanking
1: Open HDFC Bank NetBanking and log into your account.
2: Click on ‘Cards‘
3: Choose “Transact” under the “Credit Card” option and then click on “SmartEMI.”
4: Select the card you want to convert to EMI for. A page with unbilled transactions will appear.
5: Select ‘Debit‘ as your transaction type. And tap on ‘View.’
You will see a list of your SmartEMI-eligible Credit Card transactions.
6: To convert a specific transaction due amount into EMIs, choose the “click” option.
7: Pick the repayment duration that most closely matches your needs. When you choose a tenure, the interest rate will be computed according to your eligibility, and you will be able to see it.
8: After you click the option ‘Submit,’ you can confirm the terms and conditions. A final summary of loan information will appear on the screen.
On confirming the transaction, a confirmation message and reference loan number are sent through SMS to the registered phone number. Users can select from a flexible repayment tenure ranging from 6 to 24 months at your convenience.In case you want to know about the how to activate credit card hdfc, we have a curated list for you.
2. Phonebanking
- Find the phone number for the phone banking service in your city on the HDFC Bank website. Call the number and discuss your need to change your HDFC credit card bill payment into EMIs with the representative.
- The representative will determine whether your card is eligible, and if it is, they will let you know the interest rate, repayment period, loan amount, and other specifics.
- The agent will proceed with converting your HDFC credit card bill to EMIs if you accept the terms and conditions. You will receive a call or SMS informing you of the same, at a confirmation.
Benefits of the HDFC Credit Card EMI
- Pay at your convenience by converting your credit card bill into simple EMIs.
- The HDFC Smart EMI scheme charges nominal interest rates.
- Simplified documentation and processing.
Drawbacks of HDFC Credit Card EMI
- HDFC Smart EMI cannot be changed to a no-cost EMI.
- The HDFC Smart EMI program and the no-cost EMI option are your only two options as features.
- You must express your preference to the retailer at the time of purchase if you want to take advantage of a free EMI option.We have also compiled a detailed about how to cancel hdfc credit card.
Fees & Charges
- Interest Rate for One Year’s EMI (Post Purchase):18% p.a.* (TnC applied)
- EMI Interest Rate for One Year (Merchant): 15% p.a.* (TnC applied)
- Processing Charge: 1% (Min. Rs. 150)
- Pre Closure Fees: 3%
Tenure: 3, 6, 12, and 24 months
Eligibility
HDFC credit card bill can be changed into an EMI via the Smart EMI Option Service. To convert, though, you must meet the requirements. Also, remember that if you select SmartEMI, your credit limit will be affected.
Calculator
You may always use our HDFC Bank credit card EMI calculator to organise your budget better if you have significant purchases on the horizon. You can determine the size of the monthly repayments as well.If you like to read about this topic, may we also suggest our detailed information about the hdfc bank credit card eligibility.
Conclusion
You can buy expensive items and cover emergency costs with HDFC Bank’s intelligent EMI without putting too much strain on your budget. Planning your purchases will allow you to take advantage of the EMI function without negatively impacting your credit score.
To avoid being charged with a high credit card interest rate, paying off your EMIs on time each month is crucial. Missing EMIs can lower your credit score, making it more challenging to get future financing at favourable rates.
FAQs
How can I convert smart EMI to HDFC?
Netbanking
1: Open HDFC Bank NetBanking and log into your account.
2: Click the options that read ‘cards.’
3: Choose “Transact” under the “Credit Card” option and then click on “SmartEMI.”
4: Select your appropriate card. A page with unbilled transactions will appear.
5: Select ‘Debit’ as your transaction type. And tap on ‘View.’
You will see a list of your SmartEMI-eligible Credit Card transactions. Go to option “click” for more information about your eligibility.
6: To convert a specific transaction due amount into EMIs, choose the “click” option.
7: Pick the repayment duration that most closely matches your needs. When you choose a tenure, the interest rate will be computed according to your eligibility, and you will be able to see it.
8: After you click the option ‘submit,’ you can confirm the terms and conditions. A final summary of loan information will appear on the screen.
On confirming the transaction, a confirmation message and reference loan number are sent through SMS to the registered phone number. Users can select from a flexible repayment tenure ranging from 6 to 24 months at your convenience.
2. Phonebanking
1. Find the phone number for the phone banking service in your city on the HDFC Bank website. Call the number and discuss your need to change your HDFC credit card bill payment into EMIs with the representative.
2. The representative will determine whether your card is eligible, and if it is, they will let you know the interest rate, repayment period, loan amount, and other specifics.
3. The agent will proceed with converting your HDFC credit card bill to EMIs if you find the terms and circumstances acceptable. You will receive a call or SMS informing you of the same.
Can I convert my credit card payment to EMI?
As and when users can choose to turn their credit card payments into EMIs. Users can pay that amount as a down payment if they believe they don’t have the money or only have a portion of the whole amount with them at the time of purchase; the remaining amount can be made into an EMI.
How do you pay back Flexipay?
FlexiPay offers pay later choices with flexible repayment terms. Users can choose a 15-day repayment period, get rewards, and can deliver the principal and interest used when the tenure ends.
What is Flexipay by HDFC Bank?
With the “Buy Now, Pay Later” service of HDFC Bank FlexiPay, customers no longer have to pass on purchasing their favourite items. Users are eligible for this pay later option if they have an HDFC Bank Debit Card.
What is the annual rate of interest on Flexipay?
Rate of Interest: For any transaction made using the FlexiPay- Buy Now Pay Later option, there are four tenures with the corresponding appropriate EMI interest rates:
Duration Interest rate
1. 15 days No Additional Fee
2. 30 days at a 28 % annual interest rate (E.g., Rs 70 per month on a purchase of Rs 3000)
3. 60 days – A yearly interest rate of 28% (E.g., Rs 70 per month on a purchase of Rs 3000)
4. 90 days at a 28 % annual interest rate (E.g., Rs 70 per month on an investment of Rs 3000)
1st case: If a loan is taken out on January 1 for 15 days and is due on January 16, the loan amount will be automatically deducted from the customer’s account on that day.
Note: As an upfront discount to offset the interest fees levied by the Bank, no extra cost for 15 days will be offered. Your overall repayment to the Bank will equal the order’s invoice amount.
The second scenario is when the customer has a 30-day term with a disbursement on January 10 and a due date of February 9. The customer will be charged interest plus principle 30 days after the loan is booked or on February 9. (30 days including the date of disbursement)
3rd case: If the tenure is 60 days, interest will be charged for the first 30 days on February 9, and the remaining 30 days’ interest and principal will be due on March 9 (60 days after the date of distribution).
Note: The 90-day term will follow a similar pattern.
Penal interest on auto-debit return transactions is 2 %, plus GST at 18 percent, subject to modification at the government’s discretion, with a minimum charge of Rs. 450.
Late Payment Fee: Failure to pay the total amount owing or partial payback will result in a 3% late payment fee plus 18 % GST, subject to adjustment based on the amount still owed.
Pre-closure Fees: Currently, there is a 4% fee on the remaining amount owed plus 18 % GST for pre-closing the FlexiPay service; however, this fee is subject to change as per the government’s direction.
What is a Flexi Payment Plan?
The down-payment plan and the construction-linked program are combined in the Flexi-payment plan. The Flexi-payment plan is one of the most popular payment choices among home buyers because of the initial down payment discount and the ability to pay EMIs after taking possession of the property.
