New Delhi, Business Desk. If you want to pay the Credit Card bill through EMI, then it means that your loan period will last for a long time. For those customers who cannot pay the credit card bill at one go, EMI option is better. If you start EMI and pay the installments on time, then you do not have to pay any separate interest rate for it.
If you want to convert credit card bill into EMI, then for this you can go to the bank’s website and choose Credit EMI option, if you want, you can also talk to EMI by calling customer care
If you pay the entire bill amount before the due date, you will not have to pay any interest. However, if you convert the amount to EMI, you will have to pay the bill amount along with interest.
How to pay credit card bill through EMI
When you convert the credit card balance to EMI, your credit card bill is divided into fixed installments or small EMIs, which are paid for a fixed number of months.
Charges for payment of credit card bills through EMI
Rate of interest on EMI converted bill amount
This interest rate may differ from one card issuer to another. The interest rate is usually linked to the tenure of your loan, the longer the tenure, the higher the interest. Normally a period of six months to two years is offered by the bill or card issuer to convert the bill to EMI.
Processing fee
Some banks or credit card issuers do not charge any processing fees. However, some banks may charge an advance loan processing fee. This charge varies from bank to bank and usually 3 percent of your bill amount (converted to EMI) or depending on your card and bill or loan amount.
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Prepayment charge
Check the applicable tax as well as the prepayment fee. If you want to repay your outstanding balance before the expiry of the loan EMI period, the bank or card issuer may charge you a prepayment fee.
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GST
Wherever required, 18% GST is levied on all.
Should you opt for EMI
You should always opt for EMI in emergency only, when you are unable to pay your credit card balance on time, choose EMI option only. Also, before applying for the EMI option, compare the interest rate charged on your credit card EMI to a personal loan or a top-up home loan. Choose the option that is the cheapest.
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