Money borrowing became easy with credit cards and loans. Credit cards might be the best solution for your small or even some big-ticket purchases and transactions. At the end of the billing period, you just have to pay the amount due on your credit card. But not every payment can be turned into EMIs and not every EMI is interest-free EMI.
Yes, there are interest-free EMIs but that depends on the type of transaction being made. But even if you have interest-free EMI, if you miss one of your payments, there will be interest rates being levied on your outstanding amount.
With SBI credit card transactions, you will be able to turn your transactions exceeding Rs. 2,500 into EMIs. However, you will need to raise the request for EMIs within the next 30 days of your purchase, or at least before your bill is generated. You can easily convert your purchases into EMIs via online banking or even with customer care.
SBI Credit Card EMI Conversion Fees and Charges –
There are some rates and charges which will be added to your principal amount by SBI if the EMIs are not interest-free. These rates and charges are as follows –
- There will be a one-time processing fee of 2% which will be charged, up to a minimum of Rs. 199 and a maximum amount of Rs. 1,000.
- The interest rate of 22% per annum will be charged.
- In case of closing the EMI payments before the actual date of closing, 3% of the principal amount will be charged as a cancellation fee.
- You will get the tenure option range from a minimum of 3 months to a maximum of 24 months.
- The taxes will be charged as per the Government regulations.
EMI conversion is pretty easy and convenient if you have some big purchases in mind. Once the purchase is done, you can convert your whole payment into EMIs. These EMIs can be interest-free and you can also be charged a percentage of the whole amount, depending on the type of transaction and whether or not you qualify for it.
There are some fees and charges on the SBI credit card EMI conversion feature which can differ for every other card. The above-mentioned charges are just an overview of what you can expect to be charged.