There are many benefits of converting credit card dues into EMIs. It gives you the option to opt for a lower interest rate. It also saves your CIBIL score from getting damaged. You don’t have to bear a huge financial burden at once.
Credit card usage has increased rapidly in the last few years. The youth are the largest number of credit card users. It has also been observed that the incidence of bill defaults after credit card purchases has also increased rapidly. Due to this, people’s CIBIL scores are deteriorating. To avoid such incidents, converting credit card balance into EMI is a good option. Let’s learn how to convert your large credit card bill into easy EMI.
How to convert credit card balance to 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. Please read the terms and conditions carefully before proceeding. Some banks may charge a processing fee for EMI. Once you have selected your EMI option, the monthly installments will appear in your billing cycle.
2. Send an SMS request
to your bank’s official number. You will receive a call from the bank to confirm the EMI. Many banks provide a pre-defined format for requesting EMI through SMS. For example, you will need to send a specific code along with your card number to a specific banking number. Upon 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 offer banking app facilities to their credit card users. Through this app, you can easily convert your credit bill outstanding amount into EMI within 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 contact the bank’s customer care and provide your card details and request to convert it into EMI. The representative will guide you about the available EMI plans and applicable interest rates. Make sure you have your credit card details with you before calling. Some banks may require additional verification for security reasons. Once your EMI request is approved, you will receive a confirmation message and billing statement. This method is ideal for those who prefer to talk to a bank representative directly.
