How to convert Credit Card bill into EMI; check details

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Everyone knows that Credit Card offers EMI facility on purchase of a particular product. But did you know that you can also convert your credit card bill into monthly EMIs?

Yes, you can. Many banks are now offering a facility to convert your monthly credit card bill into EMIs. 

There are two ways to convert your bill into EMIs in a credit card. 

1. You convert the money spent on the purchase of a product into EMIs at the time of purchase. For example, if you buy a product worth Rs 15,000 you can convert the payment into instalments of 3 or 6 or 9 or 12 as per your convenience. 
2. You convert the outstanding balance into EMIs. For example, if you buy a product worth Rs 15,000 you do not convert that 15,000 into EMIs instead you convert your outstanding balance into EMI. If your overall bill including that purchase is 25,000 you convert that 25000 into EMIs. 

Here is how you can convert your Credit Card bill into EMI:

Converting Credit Card bill into EMI is easy. You can do that sitting at home with a computer or a mobile phone connected to the internet. 

Step 1: Log onto your bank's netbanking website or application on the phone.

Step 2: Insert your credentials: Username, Password and the security captcha if asked.

Step 3: Go to the credit card section and check details.

Step 4: You will now be shown your outstanding balance on credit card. This outstanding balance is your credit card bill.

Step 5: Most banks have an option right next to the amount to convert it into monthly instalments. If not, when move ahead with your payment via the app or the website you will be given an option to convert the bill into EMIs of 3, 6, 9, 12, 24 months depending on your bank.

Step 6: Once you convert the bill into EMI's you will receive a mail on your registered email address and a message on your registered mobile number again depending on your bank. 

Alternatively, you can also go to your bank's nearest branch and ask an executive to help you convert your credit card into EMI. 

The interest rates on these EMIs is usually between 13 and 18 per cent depending on the duration. Make sure you check the interest rate before converting your bill into EMI.

There are some banks that also offer no-cost EMI, in that case, no interest will be charged on the EMIs.