Nowadays, Credit Cards play a vital role in our financial lives. Not only they enable us to make high-value purchases without the availability of complete funds at the time of purchase, but also comes with various benefits and features. The most considerate of all the benefits is the flexibility offered in terms of repayment.
HDFC Bank, offers its customers a wide variety of credit cards to cater to their different lifestyle and financial needs. Additionally, it also provides an option to the customers to convert every credit card payment into an EMI scheme at attractive interest rates. This scheme of converting large value transactions into smaller monthly payments is called SmartEMI (Dial an EMI).
SmartEMI: Key Features
- Easy Monthly Payments
With HDFC Bank SmartEMI, one can avail EMI for retail purchases made using HDFC Credit Card. The only exclusion in this scheme is the purchase of jewellery or gold products.
- Easy Repayment Options
The Equated Monthly Instalment (EMI) is added in the monthly statement starting from the immediate billing cycle date and gets included in the Minimum Amount Due (MAD). Interest and other applicable charges are levied on the outstanding balance.
- No Documentation Required
Availing EMI on retail purchases done on HDFC Credit Card is an extremely simple process and doesn’t involve any verification, documentation or paperwork.
- Competitive Rates and Flexible Tenure
Cardholders have the flexibility to choose the repayment tenure (9 Months to 36 Months) as per their convenience and also benefit from the competitive interest rates, offered by the bank.
- Pre-Closure Facility
One can also pre-close the loan with a nominal pre-closure charge of 3% (Additional GST applicable) on the outstanding principal amount.
- Instant Conversion
There is no waiting period and the purchases get instantly converted into EMI and the same would reflect in the immediate billing cycle.
Eligibility to avail EMI for retail purchase using HDFC credit card
This facility is available only for some customers selected as per the Bank’s policy. Steps to check eligibility
- Visit the ‘NetBanking’ section of the website and click on Cards > Credit Cards > Transact > SmartEMI
- Reach out to the Bank’s Phone Banking Team available 24*7
If one is eligible for the scheme and not registered for DNC/NDNC/DND, they will receive a call from the bank’s sales executive or an SMS with the relevant details. (eligible amount, tenure and interest rate)
How to opt for SmartEMI
- Log into the NetBanking section of the website and click on ‘Credit Card’ tab.
- Select ‘SmartEMI’ from the options given on the left side of the webpage.
- Select the card and click on ‘Continue’.
- Choose the transaction for ‘SmartEMI’ option and confirm.
Alternatively, one can reach out to the 24*7 Phone banking helpline to avail EMI for retail purchase using HDFC credit card. The representatives explain all the details regarding the scheme, such as eligible amount, rate of interest and can extend the facility instantly as this loan facility is pre-approved and does not necessitate any documentation. If one has received an SMS from the Bank with all the details, he/she can opt for the facility by sending the short code mentioned in the message.
Fees Involved
There is a one-time processing fee involved and GST are applicable as per regulations.