There are many benefits of converting the outstanding amount on the credit card into EMI. It gives you the option of choosing a lower interest rate. It also protects your CIBIL score from getting affected. You also do not have to bear a huge financial burden at once.
The use of credit cards has increased rapidly in the last few years . The maximum number of people using credit cards are youngsters. It has been observed that the cases of bill defaults after purchases made using credit cards have also increased rapidly. This is spoiling the CIBIL scores of people. To avoid such cases, converting the credit card balance into EMI is a good option. Let us know how you can convert your big credit card bill into easy EMI.
How to convert credit card balance into EMI
1. Internet Banking
Log in to your internet banking account. Select the ‘Convert to EMI’ option under the Credit Card section. Most banks offer this facility under the Credit Card Management section. Once selected, you will be shown different tenure options and interest rates applicable on your outstanding balance. Review the terms and conditions carefully before proceeding. Some banks may charge a processing fee for EMI. Once you choose your EMI option, the monthly installments will appear in your billing cycle.
2. SMS Request
Send an SMS to the official number of your bank. You will receive a call from the bank to confirm the EMI. Many banks provide a pre-defined format for requesting EMI via SMS. For example, you may have to send a specific code along with your card number to the specified banking number. After receiving your request, a bank representative will contact you to discuss the available EMI options. This method is convenient for those who do not have internet access.
3. Banking apps
Most banks provide banking app facility to their credit card users. You can easily convert the outstanding amount on your credit bill into EMI through this app in a few seconds. You will see different EMI options on the app. You can convert the outstanding amount into EMI by choosing the option as per your convenience.
4. Customer Care
You can also contact the bank’s customer care and provide your card details and request them to convert it to EMI. The representative will guide you about the available EMI schemes and applicable interest rates. Make sure you have your credit card details with you before calling. Some banks may require additional verification for security purposes. Once your EMI request is approved, you will receive a confirmation message and a billing statement. This method is ideal for those who prefer to speak to a bank representative directly.
