Tata Neu HDFC Bank Credit Card EMI: Convert Purchases into Easy Instalments

A credit card EMI (Equated Monthly Instalment) is a financial facility that allows cardholders to break down a large purchase or an existing high balance into smaller, manageable portions paid over a fixed period. Instead of paying the entire total amount due in a single billing cycle, you pay a fixed amount every month. This amount consists of a portion of the principal spend plus the applicable interest.

Typically, the Tata Neu HDFC Credit Card EMI facility offers a tenure range from 3 to 24 months, though some promotional offers or specific bank policies may extend this up to 48 months. This flexibility helps in preserving your cash flow while allowing you to enjoy your purchases immediately.

Not every transaction is automatically eligible for conversion. To use the Tata Neu HDFC Bank Credit Card EMI feature, certain criteria must be met:

• Minimum Transaction Amount: To qualify for conversion, a single transaction must typically be at least ₹2,500. Smaller purchases generally do not meet the threshold for installment plans.

• Credit Score: A healthy credit score (typically 750 or above) ensures you receive better interest rate offers and instant approvals.

• Active Card Status: Your Tata Neu Plus or Infinity HDFC Bank Credit Card must be active and not blocked due to security reasons or over-limit issues.

• Payment History: Cardholders with a consistent history of paying at least the Minimum Amount Due on time are prioritised for EMI offers.

• Transaction Age: Transactions usually need to be converted within 60 days of the purchase date.

Converting a purchase into an EMI at the time of checkout is the most seamless way to manage your finances. Here’s how:

1. E-commerce (Tata Neu App & Partner Sites): During the payment checkout on the Tata Neu app, BigBasket, Croma, or 1mg, select "EMI" as your payment method. You will see a list of available tenures and interest rates. Select the one that fits your budget and complete the OTP verification.
2. Physical Stores: When shopping at retail outlets like Westside or Croma, inform the cashier at the billing counter that you wish to opt for Tata Neu HDFC Bank Card EMI. The merchant will swipe your card on the POS machine, and you can choose the tenure on the spot.
3. Instant Eligibility Check: Most online platforms provide an instant check to see if your card is eligible for Easy EMI or a standard EMI before you finalise the payment.

If you have already made a purchase and realised later that it's too heavy for your pocket, you can still convert it through the following methods:

• Via Tata Neu App: Navigate to the ‘Finance’ or ‘Cards’ section. View your latest transactions, select the eligible transaction, and click on the "Convert to EMI" option.

• Via HDFC Netbanking/MyCards:

  • 1. Log in to HDFC Netbanking and go to the ‘Cards’ tab.

  • 2. Under ‘Credit Cards’, select ‘Transact’ and then ‘SmartEMI’.

  • 3. Select the unbilled transactions you wish to convert.

• Customer Care: You can call the HDFC Bank customer care number and request the representative to convert a specific transaction into a Tata Neu credit card EMI.

While EMIs make payments easy, they come with certain costs that you should factor into your decision:

1. One-time Processing Fee: A fee usually ranging from 1% to 3% (plus GST), is charged per EMI conversion. This is billed in your next statement.
2. Interest Calculation: Interest is calculated using the reducing balance method.
3. Foreclosure Charges: If you wish to close your EMI before the tenure ends, a foreclosure fee of 3% on the outstanding principal is typically applicable.
4. GST: As per government regulations, 18% GST is applicable on the interest component and the processing fee.