HDFC Smart EMI enables you convert your expensive purchases to equated monthly installments. Using Smart EMI Option, one can convert HDFC credit card amount into EMI. It is a very beneficial facility for card holders which lets them pay their dues in easy installments. One can avail this facility to buy something which is required urgently without paying full amount at the time of purchase.
Here I have discussed how to convert large purchases into smart EMI in HDFC credit card which is available at attractive interest rates.
If you would like to convert your HDFC credit card amount into EMI then watch above video.
HDFC Smart EMI process
To avail HDFC smart EMI option, all a customer needs to do is login to his online banking account and select purchases that he would like to convert to equated monthly installments. Here are the steps you need to follow to convert HDFC credit card amount into EMI:
- Login to your HDFC netbanking account and click on Cards.
- From the sidebar, click on Enquire under Credit Cards.
- Click on View Unbilled Transactions. Select your card and let Transaction Type both. Subsequently, click View.
- Scroll down and see your HDFC credit card transactions. You will find a box in front of some purchases. You can convert those purchases to HDFC Smart EMI.
- Select purchases whose amount you want to pay in EMI and then hit Confirm button. Note: You can select one or all eligible smart EMI purchases.
- Next select tenure of your loan. You can choose from 6 months to 36 months. Remember more the EMIs more the interest amount you will be paying.
- Tick box next to, “I have read and accepted terms and conditions of the service.”
- Press Continue button.
- On the page, confirm your loan request by clicking on Confirm button.
- That’s it. You have successfully availed Smart EMI option in HDFC credit card.
Customers who are unable to avail the facility can call to HDFC credit card customer care number 18602676161 to get help and convert their HDFC credit card bill amount into EMI.
Also, if you would like to convert your entire credit card bill into EMI then all you need to do is just pay minimum amount due before the end date of your bill. After paying minimum amount due your remaining HDFC credit card bill amount will be converted into EMIs. For more information, contact your bank.
What is HDFC Smart EMI interest rate?
- For up to 6 EMI: 21%
- For up to 9 EMI: 20.4%
- For up to 12 EMI: 20.16%
- For up to 24 EMI: 20.04%
Mentioned HDFC credit card smart EMI interest rates are subject to change. You will see actual interest rate at the time of availing smart EMI option. I have discussed in this video how you will check interest rates.
HDFC smart EMI interest rate ranges from 1 percent to 1.7 per month. It’s not fixed and subject to change.
Other smart EMI charges include service tax and education cess. Those will be billed in the monthly statement.
What is HDFC Smart EMI processing fee?
I have been charged with HDFC smart EMI processing fee ₹350 for converting ₹11500 into EMI. What I assume is fixed.
Remember smart EMI is nothing but a loan you take when you are not capable of paying the amount you spent on your HDFC credit card hence it will be treated accordingly.
As I mentioned smart EMI option in HDFC credit card is nothing but a kind of loan facility provided by the bank for unplanned or large spends. This facility is indeed helpful when you want to convert some of your HDFC credit card purchases to installments but not entire bill.
One who want to convert HDFC credit card amount into EMI entirely can simply pay minimum amount due. Remaining bill will be converted into installments according to the minimum amount due. Must contact your bank for clarification to avoid additional late payment fees and other charges.
HDFC Smart EMI eligibility
It is not clear what exactly HDFC Smart EMI eligibility criteria is. In my opinion, bank decides eligibility on the basis of spending pattern and repayment capability. Or in other words, it is bit an arbitrary process. Of course, your CIBIL score has a great influence.
Also all purchases are not eligible for this facility.
Here are the purchases eligible for HDFC Smart EMI:
- Electronic items
- Lifestyle products and services
- Insurance payments
HDFC Smart EMI calculator
You don’t need any smart EMI calculator, just login to your HDFC netbanking account and follow the steps described above and reached to smart EMI page. There you will be able to see the exact amount including interest you will need to pay.
In above mentioned video, jump to 02:10 minutes. I have discussed in detail that how you will calculate your final HDFC smart EMI amount including interest rate.
Frequently Asked Questions
What is smart EMI in HDFC?
Smart EMI in HDFC credit card facility enables a customer convert his large purchases into equated monthly installments. It’s a kind of loan facility which is available for select customers and select purchases.
Can I pay all EMI at once HDFC?
Yes, customers can pay their all EMIs at once if they would like to. Remember pre-loan closure charges may need to be paid in that case.