Credit Card EMI

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About Credit Card EMI

Credit card EMI is a feature that many card issuers offer. By opting for this, you can convert a big-ticket purchase or your entire credit card bill into a loan and pay it off in monthly instalments. The credit card EMI conversion feature allows you to manage your finances in a much better manner and can even ensure that you pay off your bills in full. 


However, there are a few things that you should know about this feature. Firstly, it is not available on all credit cards. Secondly, the value of the transaction or the credit card bill must be above a certain limit to be able to opt for such a conversion. And finally, certain transactions like purchases of gold or other jewellery cannot be converted into EMIs. 

How Does Credit Card EMI Work

The credit card EMI facility lets you borrow funds on your credit card and pay for the items you wish to purchase. You can then decide on a repayment tenure during and pay back every month a portion of that amount and any other additional charges as EMI.


Let us understand with an example.


Suppose you wish to buy a high-end phone which is priced at ₹1 lakh. In case you can currently afford only ₹50,000 as the down payment, you can convert the remaining amount into easy EMIs with your credit card. Let us assume that the EMI tenure is 12 months and the rate of interest decided by the credit card issuer is 10%. 


Using a credit card EMI calculator, you can calculate that you will need to pay ₹4,396 monthly during the EMI tenure to clear your dues.


Thus, paying a small instalment of ₹4,396 could put less strain on your finances than paying the entire amount in one go.

How to Convert Credit Card Bill Into EMI 

There are two ways through which you can opt for credit card EMI conversion - online and offline. Here’s an overview of the steps involved for each of the two methods. 

1. Through the Credit Card Account 

  • Step 1: Visit the credit card online portal. 

  • Step 2: Log into the portal using your user credentials. 

  • Step 3: Select the credit card whose bill you would like to convert into EMI. 

  • Step 4: Click on the ‘Convert to EMI’ option. 

  • Step 5: The list of transactions eligible for the EMI conversion will appear. If you wish to convert only a single transaction, select that particular transaction. On the other hand, if you wish to convert your entire bill, select all of the transactions in the list. 

  • Step 6: Once you’ve made your selection, information such as the total amount being converted, the tenure and the interest rate will appear. Here, you can select the tenure of your choice. 

  • Step 7: Click on ‘Submit’ once you’re done. 

You will receive a confirmation of the credit card EMI conversion and the requisite amount will be blocked on your credit card. 


Note: Some issuers might have different names for credit card EMI conversion. For instance, the feature is named ‘SmartEMI’ by HDFC Bank, ‘Flexipay’ by SBI Card and ‘Split n Pay’ by RBL Bank. 

2. Through Phone Banking

Alternatively, you can also convert your credit card bill into EMI via phone banking. Here’s what you would have to do in this case. 


  • Step 1: Call your card issuer’s customer care number. 

  • Step 2: Follow the IVRS instructions to get connected to the bank’s phone banking representative. 

  • Step 3: Once you’re connected, place a request for credit card bill conversion. 

The phone banking representative will take you through the process over the phone. 

Interest Rates Offered by Some of the Top Banks 

The interest rate on credit card EMI varies from one bank to another. Also, it may differ depending on the tenure of your choice as well. Here’s a list of top banks and their respective interest rates for credit card EMI conversion. 

List of Top Banks

Interest Rates for Credit Card EMI Conversion

Axis Bank

18% per annum 

State Bank of India

11.5% to 15% per annum

RBL Bank

Will be intimated at the time of conversion


15.99% per annum

DBS Bank

Up to 39% per annum 

Advantages of Converting Your Credit Card Bill to EMI

Converting your credit card purchases into EMI has several advantages:


  • Interest Rate: The credit card EMI interest rate depends on the tenure you choose, i.e., shorter tenure implies lower interest rate, while longer tenure attracts a higher interest rate.

  • Reducing Interest Rate: While levying credit card EMI interest rate, issuing authorities follow the reducing balance method. To be precise, interest is charged at the end of every month on the loan balance. As you repay every month, the interest charges keep reducing and you end up paying less interest amount with every passing month.

  • Flexible Repayment Tenure: Most banks offer a convenient repayment tenure usually ranging between 3 and 24 months. The tenure is long enough to repay the amount without straining your finances.

  • Offer on Processing Fee: Banks introduce offers from time to time for specific periods  when charges such as processing fee are reduced or waived off, which makes it ideal for saving more money.

Save on Foreclosure Charges: You can decide to close the credit card EMI process before the completion of tenure by paying a foreclosure charge, which may not be applicable in some cases.


DISCLAIMER: The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort. The information including interest rates or fees and charges with regard to any credit card, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

FAQs on Credit Card EMI

  • ✔️Why should I convert my credit card purchases into EMI?

    You can choose to convert your credit card purchase into EMI for a number of reasons such as to enjoy lower interest rate, select convenient repayment tenure, get offers on processing fee, and many more.

  • ✔️Do all credit cards have the EMI facility?

    Some credit cards come with the EMI conversion facility. You must learn about the features and offers associated with your existing credit card before purchasing any products or apply for a new credit card that allows you to enjoy the credit card EMI conversion facility.

  • ✔️What happens if I pay more than my EMI amount?

    If you pay a certain amount in a month which is more than your EMI, the excess balance will be updated in the credit card statement and adjusted against the due balance in the following month.

  • ✔️Is credit card EMI interest-free?

    Some credit card EMI is interest-free. However, in most of the cases, you have to pay a reduced interest rate on credit card EMIs.

  • ✔️What happens if I return the items purchased on EMI?

    If the item is returned before the EMI conversion has been processed, the entire amount is refunded. However, if the EMI conversion has been processed before the item has been returned, the entire amount may not be returned to you and you might need to pay GST, interest, and preclosure charges. However, if you have applied for the option of no-cost EMI on credit card, no fees will be charged, and you would get the amount back in full.


  • ✔️Can I pay off my credit card EMIs in one go?

    Yes. You can pay off your entire credit card EMIs through a single payment. However, banks usually levy a pre-closure charge in the form of a percentage of the outstanding loan for opting for this feature. 


  • ✔️What will happen if I pay more than my EMI amount?

    If you end up paying more than your EMI, the excess amount that you pay will be adjusted against the next month’s total outstanding amount. 

  • ✔️How much is the rate of interest on credit card EMI?

    The rate of interest on credit card EMI varies from one bank to another. It starts from 12.5% per annum. 


  • ✔️Can I pay my credit card EMI early?

    Any excess amount paid against your EMI will appear on your credit card statement and will be deducted from the balance you owe for the following month.


  • ✔️How to calculate credit card EMI?

    To calculate the credit card bill EMI, you must take into account the fees and charges, like interest rate and processing fees, levied by the bank. The credit card EMI would then be a product of the tenure, interest rate, processing charges, and the total amount left to be repaid. You can also use the online credit card EMI calculators to calculate the amount you must pay when you convert your credit card bill into EMI.