Credit Card EMI: When converting credit card balance to EMI, the bill is divided into fixed installments or small EMIs.
Credit Card EMI: Credit card allows people to spend by borrowing. You can pay this money later. Many times we use the facility more than necessary. You suddenly start shopping. Which makes it difficult to pay money. Especially in this era of Coronas, but there is nothing to worry about. The bank allows you to pay the credit card bill in monthly installments (Credit Card EMI).
Select EMI option if required
When you convert the credit card balance to EMI, your credit card bill is divided into fixed installments or small EMIs. It is repaid for a fixed number of months. This interest rate may be different for every credit card.
Generally, the interest rate is linked to the tenure of your loan – the longer the tenure, the higher the interest. Some banks or credit card issuers do not charge any processing fees. However, some banks may charge an advance loan processing fee. This charge may vary from bank to bank.
You should choose this option only when it is very much needed. Therefore, both the lump sum bill and EMI option should be considered. So that you do not have to put extra burden on your pocket.
Understand as
Suppose the credit card bill is Rs 5613. Now on this, the bank gives you three to 24 months to make the payment. In such a situation, your EMI can be created in this way –
Three months – 1992 rupees
Six months – 1038 rupees
9 months – 729 rupees
12 months – 561 rupees
18 months – 416 rupees
24 months – 339 rupees
This will not put any burden on your pocket. 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. You can also request EMI by calling customer care.
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