SBI Credit Card EMI Calculator

SBI has a few fee and charges that are added onto the principal amount. These charges should be kept in mind when deciding to convert credit card transactions to EMI:

• A one-time processing fee of 2% is charged, up to a minimum of Rs. 199 and a maximum of Rs. 1,000 will be charged
• Interest is charged at 22% p.a.
• If one wants to foreclose his/her EMI payments, a 3% cancellation fee is charged on the outstanding principal amount
• Tenure options range from 3 months to 24 months
• Taxes are charged as per Government regulations

To know how these fees and charges will affect the EMIs, one can take the help of a below-mentioned example:

Principal Amount	Rs. 10,000
Installment	Rs. 935.92
R.O.I.	22%
Tenure	12 Months

 

Tenure	Instalment (Rs.)	Interest (Rs.)	Principal (Rs.)	Balance (Rs.)	Taxes
1	935.92	183.3	752.62	9247.38	32.99
2	935.92	169.5	766.42	8480.96	30.51
3	935.92	155.46	780.47	7700.49	27.98
4	935.92	141.15	794.77	6905.71	25.41
5	935.92	126.58	809.34	6096.37	22.78
6	935.92	111.75	824.18	5272.19	20.11
7	935.92	96.64	839.29	4432.91	17.4
8	935.92	81.26	854.67	3578.24	14.63
9	935.92	65.59	870.34	2707.9	11.81
10	935.92	49.64	886.29	1821.61	8.93
11	935.92	33.39	902.53	919.08	6.01
12	935.92	16.85	919.08	0	3.03

Once the transaction of one’s choice has crossed 30 days, one can convert it into EMIs via following ways:

Internet Banking

• One must login into his/her account
• Click on ‘Benefits’ then ‘Lower Interest Rates’and then– ‘Flexipay’
• The new page allows one to select his/her transaction to convert into EMI, tenure, and the interest rate will be displayed
• Click ‘Confirm’

SMS

• One can send an SMS  ‘FP’ to 56767
• Once the SMS has gone through, a customer care executive will call the customer. The customer has to tell them the transaction he/she wants to get it converted into EMI along with all the necessary information

Customer Care Number

• A customer can directly call the SBI customer care number at 39-02-02-02 / 1860-180-1290. Once he/she is connected to a customer care executive, he/she has to tell them about the details relating to EMI transaction

Important EMI calculation Points

There are a number of additional things to consider when considering EMIs such as:

Rate of Interest

• The interest increases with tenure of repayment
• The interest is charged on all credit card purchases and is the interest on the borrowed amount for the service/convenience that is being offered

Processing Fee

• The amount payable to initiate the loan
• As a general guideline, it is 0.5-1% of the total amount of purchase

Penalty of Pre-Closure

If the loan is to be canceled before the tenure, then 2-3% of the outstanding charges are levied as pre-closure charges

What is Flexipay?

Flexipay is the service SBI offers to their credit card holders. All the big purchases done using an SBI credit card can be converted into easy and manageable EMI payments, within 30 days.

What are the different tenures offered under the SBI flexipay plan?

The tenure ranges from 3 months to 24 months.

What is the interest rate for Flexipay?

The interest rate varies from offer to offer. You can call into customer care to know the latest rates.

What are the tenure periods for Flexipay?

Flexipay has a range of tenure options between 3 months to up to 24 months. If the transaction amount is greater than Rs. 30,000, a tenure of 36 months is available.

Can an add on credit card holder avail Flexipay?

No, an add on credit card holder cannot avail Flexipay. Only the main credit card holder is eligible.

Can I foreclose my Flexipay?

You a request for foreclosure can be put in. If the foreclosure request is put in 45 days after booking Flexipay, no additional charges will be levied. But if the request is put in after 45 days, a foreclosure charge of 3% on the principal amount is charged.