ICICI Bank Credit Card EMI

Equated Monthly Installments, better known as EMIs, are a popular way to manage payments for purchases. They allow people to break down the total cost of a purchase into smaller monthly payments over a specified period. This makes it easier to handle larger expenses without straining your finances. Paying in EMIs can help maintain your budget.

ICICI Bank offers the ‘EMI On Call’ facility, which allows customers to convert their Credit Card transactions into EMIs. After making a purchase of ₹1,500 or more, you can easily convert it into manageable installments through various digital platforms like iMobile Pay, WhatsApp, and Internet Banking.

The interest rate for EMIs through ICICI Bank is just 1.5% per month on a reduced balance, along with a one-time processing fee of 2% of the transaction amount. By using the ‘EMI On Call’ facility, you can make your credit card payments easier and maintain a good credit score, provided you keep up with your installments.

What Do You Mean by ICICI ‘EMI On Call’ Facility?

The ICICI EMI On Call facility allows you to convert your credit card purchases into Easy Monthly Installments. This service gives you the option to manage your payments after you’ve made a purchase. To use this facility, make sure that your transaction is ₹1,500 or more. You can convert eligible transactions into EMIs through various methods like the iMobile Pay app, WhatsApp, Internet Banking, or by calling customer care. Transactions must be less than 30 days old, and certain types, such as cash or gold purchases, cannot be converted.

When you choose this option, the interest rate is 1.5% per month on a reduced balance, making it more affordable than general credit card payments. A one-time processing fee of 2% is charged during the conversion. Your EMIs will be included in your regular credit card statement, so you don’t need to pay them separately. Converting to EMIs will not hurt your credit score if you make your payments on time. This facility will help you with your finances by spreading the cost of your purchases over several months.

Features of ICICI ‘EMI On Call’ Facility

The ‘EMI On Call’ facility from ICICI Bank comes with multiple features. Here are the key features explained simply:

• Easy Conversion to EMIs: After you purchase with your ICICI Credit Card, you have the option to convert that amount into EMIs. This means you can pay back the amount in smaller, fixed payments every month instead of one lump sum.
• Transaction Amount: You can convert transactions of ₹1,500 and above into EMIs.
• Adjustable Tenure: You can choose to pay off your EMIs over a period ranging from 3 months to 24 months, which helps you with your finances better according to your income and budgeting.
• Affordable Interest Rate: The interest rate for the EMI is 1.5% per month. This is often lower than the regular interest rates you might pay on credit card balances if you don’t convert to EMIs.
• Processing Fee: There’s a one-time processing fee of 2% of the transaction amount when you convert it to EMIs. This fee is charged only once at the time of conversion.
• No Eligibility for Certain Transactions: Not all purchases can be converted to EMIs. For example, cash withdrawals, fuel purchases, gambling, and transactions related to jewelry or gold are not eligible for this facility. Also, if your purchase is over 30 days old, it cannot be converted.
• Automatic Inclusion in Credit Card Statement: When you convert a transaction to EMI, you don’t have to worry about paying separately for it. The EMI amount will automatically be included in your monthly credit card statement.
• Impact on Credit Score: Using the ‘EMI On Call’ facility does not negatively affect your credit score as long as you make your EMI payments on time.
• Multiple Ways to Convert: You can convert your transaction into EMIs using different methods: through the iMobile Pay app, WhatsApp Banking, Internet Banking, and even by calling ICICI Customer Care.
• Customer Support: If you have any questions or need help, ICICI Bank’s customer care is available to assist you. You can call them or engage with them through WhatsApp or their app.

How to Avail EMI on Call Facility on ICICI Credit Cards?

If you want to convert your purchases into EMIs using your ICICI Credit Card, here’s a step-by-step guide on how you can do this through various methods:

Using the iMobile Pay App

• Log In: Open the ICICI Bank iMobile app on your phone and log in with your credentials.
• Select Credit Card: Tap on ‘Cards & Forex’ to view your Credit Card options.
• Manage Card: Click on the ‘Manage Card’ section to see available options.
• Convert to EMI: Choose ‘Convert to EMI’ from the list of ‘More Options.’
• Select Transaction: Pick your credit card number from the dropdown menu and select the transaction you want to convert.
• Choose Tenure: Decide how long you want to pay the EMIs (from 3 to 24 months) and click ‘Submit.’

Using WhatsApp Banking

• Start a Chat: Send a message saying ‘Hi’ to the specified WhatsApp number.
• Follow Prompts: Once you receive a reply, navigate through the options provided:

Click on All Services > Credit Card Services > Convert Txn to EMI.

• Choose Transaction: Select your credit card and the transaction you wish to convert.
• Select EMI Plan: Choose your desired EMI plan or tenure.
• Confirm and Authenticate: Click on ‘Confirm,’ enter the OTP sent to your registered mobile number, and provide the last four digits of your PAN for verification.

Using Internet Banking

• Log In: Visit the ICICI Bank Internet Banking website and log in to your account.
• Navigate to Credit Cards: Go to the ‘Cards & Loans’ section and select ‘Credit Cards.’
• Convert to EMI: Click on the ‘Convert to EMI’ option.
• Select Your Card: Choose the Credit Card you want to use.
• Pick Transactions: Select the transaction you wish to convert into EMIs.
• Calculate EMI: Click on ‘Calculate EMI’ to see your options.
• Agree to Terms: Acknowledge the Terms & Conditions and click on ‘Convert to EMI’ to finalize the process.

Using 3D Secure/ OTP Page

• Make an Online Purchase: During checkout on a participating website, you can select the option to convert your transaction to EMI.
• Choose Tenure: You will see the option to select a tenure (6, 12, or 24 months).
• Authenticate: Read and check the T&Cs, enter the OTP sent to your phone, and click ‘Submit.’
• Processing Time: The EMI conversion will be processed within four working days.

Using Voice Modes

• Call Customer Care: Dial the customer care number (1800-1080) and request for your eligible transaction to be converted to EMI.
• Provide Details: You may need to share your transaction details and follow the confirmation steps as directed by the representative.

Missed Call or Transaction Alert SMS

• Give a Missed Call: Call the specified missed call number from your registered mobile number.
• Wait for Callback: You will receive a call from ICICI Bank within two working days, where a representative will explain the EMI conversion details.

Pointers to Remember

• Eligibility: You can only convert transactions of ₹1,500 and above.
• Time Limit: Transactions older than 30 days cannot be converted into EMIs.
• Excluded Transactions: Cash, gambling, fuel purchases, and jewelry/gold transactions are not eligible for EMI conversion.
• Interest and Fees: There’s a processing fee of 2% of the transaction value, and an interest rate of 1.5% per month is applicable.

Are There any Charges for ICICI Credit Card EMI?

Yes, there are charges for converting your ICICI Credit Card transactions into EMIs. When you choose to convert a purchase into EMI, you will be charged a one-time processing fee of 2% of the transaction amount. AIf there is an interest rate of 1.5% per month, which is calculated on a monthly reducing balance. If you decide to pay off your EMI early, a foreclosure fee of 3% will apply, along with any applicable advance interest and GST. It’s important to keep these charges in mind when opting for the EMI option.

Bottom Line

The ICICI Bank Credit Card EMI On Call facility helps you manage your purchases easily. You can convert transactions of ₹1,500 and above into monthly installments, which can reduce financial stress. The service has a competitive interest rate and a one-time processing fee, making it a good option for budgeting. However, remember that you cannot convert cash or gold transactions to EMIs, and making timely payments is key to keeping a good credit score. Remember a good credit score will help you in the future while applying for new cards, loans, etc.