Axis Bank Credit Card EMI

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Convert Axis Bank Credit Card Bill into EMIs

Axis Bank facilitates their customers to make lump-sum purchases using credit cards. It offers an Axis Bank credit card EMI conversion facility to cardholders at a minimal interest rate of 1.5% to avoid exhaustion of their monthly budget. The customers can opt for Axis bank's EMI facility at a minimum purchase of ₹2,500 via Axis bank credit card within two months from the purchase date.

How to Convert Credit Card Bill to EMI in Axis Bank

If you are wondering how to convert credit card payment to EMI in Axis Bank, then this can be done through 3 convenient modes. Here are the simple steps to achieve this:

1. Internet Banking

  • Step 1: Log into your Axis Bank credit card net banking account and go to your credit card transaction history.

  • Step 2: Select the transaction you wish to convert into EMI from the ‘Convert to EMI’ option.

  • Step 3: Check if it is still eligible for Axis Bank credit card EMI conversion.

  • Step 4: If the transaction is eligible for EMI conversion, the portal will ask you to select the repayment tenure and check the interest rate.

  • Step 5: Agree to the terms and conditions and enter your NetSecure Code to complete the EMI conversion application procedure.

  • Step 6: The bank will analyse your application and update you on your registered contact details.

2. Axis Bank Mobile App

  • Step 1: Sign in to Axis Bank mobile app

  • Step 2: Select the ‘Credit Cards’ option under the ‘Services’ menu.

  • Step 3: Choose the ‘Convert to EMI’ option and select the transaction you wish to convert under Axis Bank credit card EMI conversion.

  • Step 4: If the transaction is eligible for EMI conversion, you will be asked to select the repayment tenure. The app will specify the interest rate.

  • Step 5: Agree to the terms and conditions to complete the EMI conversion application procedure.

3. Customer Care

  • The credit cardholders can call on the Axis Bank credit card customer care number 1860-419-5555 or 1860-500-5555.

  • The executive will require certain transaction details to proceed with your request.

  • To speed up the process, you can use the Axis Bank credit card EMI payment calculator to check the EMI amount before placing the request.

  • Once you confirm your request to the executive, the bank will proceed with your application.

Key Highlights of Axis Bank Credit Card EMI

The key highlights of the Axis Bank credit card EMI facility include:

  • The availability of Zero Cost EMI option.

  • Flexible repayment tenures, starting from 6 months to 24 months based on the amount to be converted.

  • Axis Bank credit card EMI conversion within two months from the purchase date.

  • Minimal Processing charges ₹150 or 1.5% of the purchase amount.

  • The minimum Axis Bank credit card bill converted to EMI amount should be ₹2,500.

  • The Axis Bank credit card EMI interest is charged using the monthly reducing balance method.

  • The Axis Bank credit card EMI interest rate for merchants is 14% p.a.

Advantages of Axis Bank Credit Card EMI

The Axis Bank credit card EMI facility offers several advantages. Here are some of the prominent ones you should know about:

  • Pay as per Convenience: Axis Bank credit card conversion to EMI facility allows the cardholders to make lump-sum purchases without exhausting their monthly budget and repay the bank in small amounts as per their convenience.

  • Zero Cost EMI Option: In case the cardholders make a transaction with Axis Bank partner brands, those transactions can be converted into EMI under the Zero Cost EMI option, depending on the applicability.

  • Flexible Repayment Tenure: The customers can use the Axis Bank credit card EMI conversion calculator to find EMI amounts at different tenures and then select the repayment tenure between 6 months to 24 months.

Fees & Charges of Axis Bank Credit Card EMI 

Check out the applicable charges on the Axis Bank credit card EMI conversion in the table below:

Category

Charges

Post- Purchase Interest Rate

1.5% on the purchase amount

Merchant Interest Rate

14% p.a

EMI Conversion Processing Charges

₹150 or 1.5% of the purchase amount

Service Tax

18%

Foreclosure Charges

3% of the outstanding amount

Things One Must Know About Axis Bank Credit Card EMI Facility

Before opting for Axis Bank credit card EMI conversion, you must consider the below-mentioned points:

  • The cardholder cannot avail the benefits of the reward points earned from a transaction that is later converted into EMI.

  • The cardholder cannot withdraw from Axis Bank credit card services during the EMI repayment tenure.

  • The requests made by the credit cardholders will be redirected toward the Axis Bank primary cardholder.

  • Axis Bank credit card EMI conversion facility is not offered to the bank’s corporate credit cardholders.

  • Foreclosure and Cancellation charges will be levied upon the Axis Bank credit cardholder if they wish to settle EMIs before the repayment tenure.

 

Typically, you will notice that longer tenures come with lower interest rates. This can make them more appealing; however, you may end up paying a larger amount overall. Here’s an example to help you visualise how the Axis Bank credit card EMI conversion works.

 

Let us assume you have made a purchase of ₹50,000 and have three EMI tenure options available to you. 1) 25% interest p.a. for 3 months; 2) 20% interest p.a. for 6 months, and; 3) 15% interest p.a. for 12 months. The different payable interest amounts will be:

  1. ₹3,125

  2. ₹5,000

  3. ₹7,500

As you can see, you will be paying a far higher amount for a longer tenure, even though the interest rate is lower. On the other hand, a shorter tenure will require you to pay higher EMIs. Hence, the ideal tenure should be chosen based on your repaying capacity.

 

How to Apply for Axis Bank Credit Card?

Axis Bank Credit Card

FAQs on Axis Bank Credit Card EMI

  • ✔️When will foreclosure charges be applicable?

    If you cancel your EMI option before paying the first EMI, then you will get a waiver and no foreclosure charges will be applicable. However, if you close your EMI account 30 days after paying the first EMI, a foreclosure charge of 3% will be levied on the outstanding amount.

  • ✔️Where will my EMI amount payments be reflected?

    The cardholders can check their EMI payments in the billing statement of their Axis Bank credit card. The statement records all the details regarding the EMI payment.

  • ✔️How can I opt for a Zero-Cost EMI facility for my Axis bank credit card transactions?

    Axis Bank offers a Zero-Cost EMI facility only on credit card transactions made with partner brands. Under the Zero-Cost EMI facility, no interest will be charged on the credit amount.

  • ✔️How long does it take to process my Axis bank credit card EMI conversion facility?

    The bank immediately accepts the request to convert your credit card transaction into EMI; however, the amortisation schedule depends on transaction amount, repayment tenure, etc. The cardholder gets a tentative schedule on the registered contact details.

  • ✔️What is an applicable condition for foreclosure charges under Axis bank credit card EMI conversion facility?

    A foreclosure charge of 3% of the outstanding transaction amount will be levied upon the cardholder if the cardholder has started paying the EMIs. The bank does not charge foreclosure charges if the cardholders settle the transaction amount before paying the first EMI amount.