CreditMantri Finserve Private Limited
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IndusInd Bank facilitates customers to convert their purchases into EMI to pay over an extended period of time. This allows users to break up their bills into smaller installments and pay them off easily.
About IndusInd 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 over the course of the credit period.
Reduced upfront Financial Strain - Since customers pay off the amount over an extended period of time, the financial burden is reduced to a large extent. This is really 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 IndusInd 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 actually 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 in a similar way 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.
Tenure - Banks generally offer a low-interest rate on EMIs with longer tenures. This makes them look attractive, especially when compared to short loan tenures with higher interest rates. However, this is not true as the cardholder ends up paying more interest with the longer tenure option.
Credit Card - All Credit Cards do not charge the same interest on EMI conversion. At times even cards from the same bank charge different rates of interest. Customers must thus compare interest rates before applying.
Lost Benefits - Another important consideration is that the customer might not earn reward points or discounts for merchant EMI conversion. If the benefits offered are significant then customers should save for the purchase.
Timely Payments - Customers are also required to ensure that they are capable of making timely payments every month to avoid credit card bill overruns. The reasons for the same are:
There are two ways through which customers can apply for EMI Conversion
Merchant EMI Conversion
Post-purchase EMI Conversion
You are eligible to convert any transaction above Rs 2000 into Indus Easy EMI within 45 days of making the purchase.
The ways to enroll into the plan include :
2. Select ‘Service Requests’ from the credit card section
3. Select the ‘Avail Loan/EMI on Credit Card Option’
4. Determine your eligibility for EMI
5. Select a suitable plan for conversion and confirm.
The EMI Pass facility is available for select Cardholders.
The total amount of subsequent outstanding to EMI conversion shall be lower of:
1. Total Outstanding as on Statement date or
2. Purchase Outstanding as on Statement date or
3. Purchase Outstanding as of Conversion date.
If an EMI is closed after 30 days of the first EMI debit, foreclosure charges of 2-3% will be applied to the outstanding principal amount. However, if you cancel before the first EMI is debited, you will get a waiver on the processing fee and no foreclosure charges will be applied.
Rates of interest
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. How can I convert credit cards to EMI?
Credit card bills can be converted to EMI by using the option at the time of purchase transaction of any product. Once the EMI option is chosen the payment that is made at the time of purchase will be charged according to the normal interest rates and the remaining EMI option will be charged at a rate that is higher than the interest rate.
2. Is it advisable to choose the EMI option while paying the credit card bill?
No, it is not advisable to choose the EMI option always as the rate of interest on the EMI option is more and the payment is over and above the credit card bill that is paid by the customer.
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