CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
SBI 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 SBI 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 SBI 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 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 it is advisable for customers to 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
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. Can we convert credit card bills to EMI?
Flexipay is a facility that is provided to SBI credit card holders to convert big purchases into EMIs. The cardholders can apply for this option at the time of purchase transaction.
2. How does EMI work on SBI credit cards?
The EMI option can be chosen by the cardholder at the time of any purchase and thus the credit card bills will get converted to EMI. For every conversion of bills to EMI, interest is charged by the bank. The interest on the EMIs is generally higher than the normal interest rates.
Axis Bank Credit Card EMI
Citibank Credit Card EMI
Flipkart No Cost EMI On Credit Cards
HDFC Bank Credit Card Emi
HSBC Bank Credit Card Emi
ICICI Bank Credit Card Emi
IndusInd Bank Credit Card EMI
Kotak Mahindra Bank Credit Card EMI
No Cost EMI On Amazon
No Cost EMI On Credit Cards
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application