IndusInd Bank Credit Card EMI

IndusInd Bank Credit Card EMI facility has the following features:

• Any purchase above Rs. 2,000 is eligible for conversion to EMI
• Purchase conversion to easy and flexible EMI
• This purchase conversion could be done within 45 days of making a purchase using IndusInd Credit Card. Conversion could be done by calling up IndusInd phone banking service at 1860-500-5004 or 91-22-44066666 or sending an e-mail at care@IndusInd.com
• No documentation is needed. One can avail the pre-approved facility based on the credit limit
• The maximum number of purchases that could be transferred to EMI is 10
• Purchase conversion could be done in 6, 12, 18 or 24 EMIs as per the convenience of the cardholder
• EMI conversion helps to reduce interest rate burden since the interest rate on EMI might be lower than the interest rate on the credit card
• Apart from the existing mode of payment of charges on the credit card, IndusInd Bank provides facilities to the cardholder to:
• Pay for certain purchases through easy EMI (Transaction to EMI)
• Pay the credit card purchase outstanding through EMI (Outstanding to EMI)

IndusInd Bank credit card purchases can be converted into EMI by the following ways:

• Purchase on IndusInd credit card could be converted with 45 days of purchase
• One can call IndusInd Phone banking team for purchase conversion to EMI
• Phone Banking at 1860-500-5004 or 91-22-44066666
• EMI conversion could be done by sending an e-mail at care@IndusInd.com

• Purchase conversion happens only if the purchase amount is Rs. 2,000 and above
• From time to time, IndusInd bank specifies the minimum and maximum limit
• EMI conversion is possible only for the transactions for which payment is not yet received or apportioned
• A One-time transaction fee or processing fee is applicable for EMI conversion
• EMI transaction is subject to interest charges
• Processing fee and interest charges are decided by IndusInd Bank
• After purchase conversion, EMI amount will be the minimum due on the card until the lone tenure reached
• There is a pre-closure charge of 3% on the outstanding amount in case any change in EMI plan is made before tenure
• Until EMI is paid off, the cardholder cannot close the credit card
• All fees and charges are subject to GST
• Final approval of purchase conversion is solely at the discretion of the bank and is subject to the financial performance of the cardholder regarding the credit card
• During the EMI period, if cardholder defaults the payment, IndusInd bank keeps the right to foreclose the outstanding loan and debit the whole outstanding amount to the credit card account

What are the benefits of Purchase conversion?
You can make big purchases without the worry of an immediate payoff. Purchase conversion to Easy EMI allows paying the outstanding over the predetermined tenure perhaps in a lower interest rate than the rate on the card otherwise.

 Is Indus Easy EMI applicable for Add-on cards?
Yes, IndusInd add on credit cards are eligible for this facility.

What is Processing Fee and why is it charged?
Like any other bank, IndusInd levies a processing fee for EMI conversion. It is one-fortieth of the amount transacted. This is the service charge for the process and a one-time charge. Processing Fee is collected with the first instalment of EMI

Can I pay the outstanding amount in one payment before the tenure?
This could be done. However, the Bank will impose a pre-closure fee, which is 3% of the outstanding balance

What is Merchant EMI?
When the purchase conversion to EMI happens at the time of sale or at the e-commerce portal as the cardholder opts for it at a specified rate of interest and for a specified tenure.