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HSBC facilitates customers to convert their purchases into EMI to pay over an extended period. This allows users to break up their bills into smaller installments and pay them off easily.
About HSBC Credit Card EMI
Deferred Payment - One might find it difficult to pay their credit card bills in full. They might even want to make expensive purchases. In such instances, they can convert their purchases into EMI and pay them off gradually throughout the credit period.
Reduced upfront Financial Strain - Since customers pay off the amount over an extended period, the financial burden is reduced to a large extent. This is beneficial for salaried individuals or even others wanting to purchase an item without straining their monthly budgets.
No-cost EMI - This is the best option when one applies for EMI conversion. This option involves providing credit to customers without charging an interest rate or processing fees.
Interest Accrual- The EMI conversion facility is however not free, as the cardholders are charged interest. The HSBC Credit Card EMI interest can be around 1.5% (Monthly Reducing Balance) for post-purchase EMIs or 14% for Merchant EMIs.
Blocked Credit Limit - When customers utilize the credit limit the amount is blocked against the total available credit limit. The limit is released only when the amount is paid. The unlocked limit is equal to the EMI paid every month.
Increased Credit Utilization - Since a part of the credit limit is blocked, the available credit limit is reduced and thus, customers who continue to use their cards similarly will use most of their credit limit. This will lead to an increase in their Credit Utilization Ratio, which reduces their credit score
Credit Utilization is the ratio between the total credit limit and utilization.
HSBC offers two different facilities for the conversion of purchases and outstanding amounts as below:
There are two ways through which customers can apply for EMI Conversion
Merchant EMI Conversion
HSBC Instant EMI Facility: This facility can be availed by select credit card holders only. Customers will have to contact customer care at 1860-108-7788.
Any customer availing of the HSBC Balance Transfer on EMI facility can opt for transferring any outstanding amount in excess of Rs. 5,000 on credit cards with other banks to their HSBC credit card account and repay the same, while enjoying the convenience of EMIs with a lower rate of interest. This facility is called the HSBC Perpetual Balance Transfer.
For No Cost EMI options - 3 , 6, 9 ,12 months
For Normal EMI tenures- 6, 9, 12, 18 , 24 months.
Also, an additional condition for the above amounts over Rs. 30,000 can be converted into 18 & 24 months EMIs only.
Conversion of outstanding credit card bill
They can repay the unpayable portion of credit card bills in smaller tranches through EMIs
Conversion of select transactions
Credit Card balance transfer on EMI
1. Can I change the tenure of the EMI?
No, the tenure of the EMI cannot be changed once it is selected by the customer.
2. What if the credit card is closed before paying off all the installments?
If the credit card is closed before paying off all the installments then the remaining amount is debited to the credit card as one single amount that is due for the customer.
3. Is any processing fee applicable to avail of the EMI facility?
No, there is no fee applicable for availing of the EMI facility at HSBC bank.
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