Credit card providers offer customers the option to convert their outstanding bills or purchases into EMIs. This feature allows customers to break big bills into smaller portions and pay them off over several months or years as per their repayment capacity. Details on credit card EMI conversions are given below.
Important Details on Credit Card EMI
|EMI Interest Rate for 1 Year (Post Purchase)||12.5% p.a. onwards|
|Processing Fee||Nil to 3%|
|Pre-closure Charges||Nil to 3%|
|Minimum transaction amount||Vary from bank to bank|
|Tenure||Up to 48 months by certain banks|
Suggested read: Should you Convert Credit Card Purchases into EMIs?
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