ICICI Credit Card EMI

ICICI Credit Card EMI conversion facility can be availed at the time of purchase or afterwards. The details are given below:

Merchant EMI Conversion: You can avail such EMIs via the ‘ICICI Credit Card Instant EMI’ facility at the time of payment at certain merchant stores. In case of retail purchases, you just have to ask for this facility before swiping your card. However, in case of online purchases, you have to select the “Pay via EMI“ option. If available, you can also apply for the no-cost EMI option at the time of purchase. You can opt for EMI conversion, without any documentation in this case, for transactions ranging between Rs. 1,500 to Rs. 10 Lakhs.

Post Purchase EMI Conversion: The post-purchase EMIs can be opted via the ‘EMI on Call’ facility via three ways, as listed below:

(i) Via Netbanking: Follow the below-mentioned steps-

• Log in to ICICI Bank net banking account.
• Go to option ‘Credit Cards’ under ‘My Accounts’ section.
• Click on ‘Convert to EMI’.
• Select the card, transaction(s) & tenure.
• Click on ‘Submit’.

(ii) Via iMobile App: You can follow the below-mentioned steps to avail EMI on your ICICI Credit Card:

• Log in to ICICI Bank iMobile app.
• Navigate to section ‘Cards’.
• Select the credit card you wish to avail EMI on.
• Click on option ‘Convert to EMI’ against the eligible transactions in the ‘Recent transactions’ section.
• Choose the desired tenure and click on ‘Submit’

(iii) Via ICICI Credit Card Customer Care: You can also give a missed call at 9537667667 from your registered mobile number. ICICI Bank’s representative will call the you within 2 working days upon receiving the request. You can also contact the bank at 1860 120 7777.

Illustration: Suppose you avail EMI for a transaction amount of Rs. 10,000 at an interest rate of 13% for 9 months tenure. In that case, you EMI calculation will be as follows:

Thus, as per the above table the monthly EMI would be Rs. 1,173; total interest payable will be Rs. 549, whereas, total amount payable will be Rs. 10,549. Apart from the monthly EMIs, you also need to pay one time processing fee while availing ICICI Credit Card EMI. The processing fee for retail and online merchant transactions is Rs. 199+GST, whereas for post purchases it is 2% of the transaction amount( in the above illustration it will be Rs. 200 i.e. 2% of Rs. 10,000).

Note that the above calculations are derived from the ICICI Credit Card EMI Calculator. You can check your EMIs for other transaction amount, using the bank’s calculator and view your monthly repayment schedule. To calculate, you need to enter the transaction amount and tenure over which you would be paying the EMIs. Additionally, you can also choose the rate of interest per annum. The schedule is displayed via a table or a graph.

Below mentioned are the fees and charges associated with ICICI Bank Credit Card EMI:

You must keep the following things in mind while applying for ICICI Bank Credit Card EMI conversion.

Choose the Right Tenure: Card issuers usually offer a low-interest rate on longer tenures and a high-interest rate on shorter tenures. This might make the low-interest rate tempting to apply for, but this isn’t a good idea, as described in the following illustration:

Assumptions made:

• Interest on 3 months’ tenure: 20% p.a.
• Interest on 12 months’ tenure: 18% p.a.
• Purchased amount: Rs. 40,000

Now, the interest amounts for different tenures are:

Clearly choosing the shorter tenure is the right way to go.

Compare Credit Card EMI Interest Rate on Different Cards: Different banks charge different interest rates. Sometimes, cards from the same bank might charge different interest rates. Hence, you must compare the interest rates offered on all your cards before choosing the EMI facility.

Figure Out the Benefits Offered on Non-EMI purchase: You may have to let go of reward points or discounts if they opt for ICICI Credit Card EMI conversion. In this scenario, you should analyze and identify, what could give you a better deal on the purchase, the reward/cashback offered, or the discount offered via EMI. You can save up for the purchase rather than opting for EMI conversion if the benefits are significant.

Ensure paying EMIs on Time: Before opting an EMI, you must ensure whether you will be able to pay off the EMI installments and the credit card bill. Failure in making timely payments may impact your credit score negatively. Additionally, you will have to compromise on the interest-free credit period and will be liable to pay interest charges.

Below mentioned are the benefits of ICICI Credit Card EMI:

Partial Payments: Through ICICI Credit Card EMI conversion, you can pay off the large amount in small portions over a few months. This is helpful especially if you are unable to pay the full amount at once.

Low financial strain: If you opt for EMIs, you pay off the amount over an extended period of time, thus, your savings or monthly salary does not bear a large burden. Hence, you suffer less financial strain.

No-cost EMI: The bank may offer no-cost EMI offers, occasionally based on partnership with selected merchants. In such EMIs, you don’t pay an amount additional than the price of your purchase, as the interest and processing charges are adjusted via discounts or cashback.

Note that, EMI conversion facility is charged with interests. Additionally, when you opt for EMIs, the principal amount is blocked from your overall credit limit. This means, if your limit is Rs. 1 lakh and you opt for an EMI for Rs. 40,000, the available limit will be Rs. 60.000. However, the limit keeps increasing along the EMI payments. The additional usage of the credit limit will lead to increase credit utilization ratio that may impact your credit score. Keeping these things aside, if used wisely, Credit card EMI is a good option to maintain your savings and funds, while making required big ticket purchases.

Suggested read: Should you Convert Credit Card Purchases into EMIs?

Q. Can I cancel the EMI facility post application?
A. Yes, you can cancel the facility within 15 days of availing the EMI facility. For this, call on the ICICI Bank credit card customer care number at 1860 120 7777 and ask for cancellation.

Q. Can every spend be converted into EMI?
A. No, you cannot convert every purchase into EMI. The jewelry purchases or cash transactions are not applicable for credit card EMI conversion. Additionally, purchases with a minimum value of Rs. 1,500 or above are eligible.

Q. What is the instant EMI facility?
A. The EMI conversion facility provided at the time of purchase at retailers or online merchants is called the Instant EMI facility. This facility involves a processing fee of Rs. 199+GST and interest charges ranging from 12.99% p.a.

Q. What are the tenure options provided on EMI conversions?
A. The tenure options are different for no-cost EMI and normal EMI. For no-cost EMI, the tenure options are 3, 6, 9 and 12 months. Whereas, the tenure options for normal EMI are 3, 6, 9, 12, 18 and 24 months.

Q. What is the minimum transaction amount for availing the Credit Card to EMI option?
The minimum transaction amount has to be of Rs. 1,500 to convert it into EMI.

Q. What transactions are excluded from EMI conversion?
Any transactions, including cash, jewellery and fuel purchases and transactions below Rs. 1.500 are not eligible for EMI conversion.

Q. Will my transaction converted into EMI be eligible for rewards?
No, all transactions converted into EMI are not eligible for rewards points. Any points accrued will be debited back.

Q. Can I view my EMI converted transactions on internet banking?
Yes, you can view all your transactions which have been converted into EMIs. To view them, please follow: My accounts>Credit Cards>View and manage my credit cards>Installment summary. All details regarding the transaction like merchant name, original amount, tenure, EMI amount with interest, pending EMI, End date, etc. are displayed.

Q. What is my billing date for EMI payment?
The billing date for your EMI payment remains the same as your credit card date.

Q. Can I change my EMI billing date?
No, the EMI billing date cannot be changed.

Q. How do I pay my monthly instalments?
Your monthly EMI amount will be added into your credit card statement itself. It will be added to the minimum amount due on the credit card. You can make the payment accordingly.

Q. How do I get my repayment schedule for the transaction I converted into EMI?
To get your repayment schedule you can access the imobile app or internet banking account and put in a service request under credit cards. Additionally, you can call up the customer care number from your registered mobile number or you can drop an email at care@icicibank.com.