If you want to pay the Credit Card bill through EMI, it means that your loan term will last for a long time. EMI option is better for customers who cannot pay credit card bills at once. If you start the EMI and pay the installments on time, you don't have to pay interest rates separately. If you want to change the credit card bill to EMI, you can go to the bank's website and choose the credit EMI option, you can also call customer care and talk about the EMI.
If you pay the full amount of the bill before the due date, you will not have to pay any interest. However, if you convert the amount to EMI, you need to pay the bill amount along with interest.
How credit card bills are paid through EMI:
When you convert the credit card dues to EMI, your credit card bill is divided into fixed installments or small EMIs, which is paid for a certain number of months. Charges charged for paying credit card bills through EMI.
The interest rate on bill amount converted to EMI:
This interest rate may differ from one card issuer to another. Generally, the interest rate is linked to your loan tenure, the longer the term, the higher the interest. Usually, a period of six months to two years is offered by the bill or card issuer to convert the bill into EMI.
Processing Fees:
Some banks or credit card issuers do not charge any processing fees. However, some banks may impose an advance loan processing fee. This charge varies from bank to bank and usually depends on 3% of your bill amount (converted to EMI) or your card and bill or loan amount.
Prepayment Charge:
Check the applicable tax as well as the prepayment fee. If you want to pay your dues before the expiry of the loan EMI period, the bank or card issuer can charge you a prepayment fee.
GST:
Wherever necessary, all the GST is 18 percent.
Should you opt for EMI:
You should always opt for EMI in an emergency, opt for EMI only when you are unable to pay your credit card dues on time. Also, before applying for the EMI option, compare the interest rate levied on your credit card EMI with a personal loan or top-up home loan. Choose the option that is cheapest.
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