How to Convert Your SBI Credit Card Payment to EMI?

25 Sep 2019 // 22 min read // Credit Cards
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SBI is one of the leading banks of India and is the second-largest Credit Card issuer in the country. The bank offers a wide array of Credit Cards and caters to a large base of customers from all walks of life.

Some of the most sough-after SBI Credit Cards include – SBI PRIME Credit Card, SBI SimplyCLICK Credit Card, SBI SimplySAVE Credit Card, Air India SBI Platinum Card, SBI STYLEUP Contactless Credit Card, SBI IRCTC Platinum Credit Card, Yatra SBI Card, and SBI BPCL Credit Cards amongst others.

While the bank offers numerous benefits on its Credit Cards in the form of Reward Points on day-to-day spending, it also provides an incredible facility called FlexiPay. This facility allows the Credit Card users to make big-ticket purchases while choosing to pay the amount in the form of easy instalments of 6, 9, 12 or 24 months, as per their preference.

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SBI Credit Card Payment to EMI Option

To convert any of your regular Credit Card payment to EMI, you ought to remember the following aspects:

  • This facility is only available to resident Indians, who hold an SBI Credit Card.
  • To avail this facility, your card needs to be eligible for the same.
  • The availability of this facility depends on the sole discretion of the bank.
  • If you wish to convert the payment to EMI option, you will need to do so within 30 days of the date of the transaction.
  • The Flexipay option can be used for any transaction of Rs. 500 and above.
  • The minimum booking amount for choosing the Flexipay alternative is Rs 2,500.
  • When it comes to Flexipay, you can choose repayment tenures of 6, 9, 12, and 24 months.
  • The bank will charge interest on the payments, depending on the transaction amount as well as the tenure.
  • The Flexipay facility is only available for retail purchases.
  • To avail the EMI facility, the Current Balance +Interest+ Processing Fee must be equal to or smaller than your Credit Limit.
  • The bank levies an interest of 3.35% on your revolving balance until the EMI option is executed.
  • You can avail the EMI option more than once, provided you haven’t reached the credit limit.
  • The schedule starts from the next billing cycle and continues till the tenure of the EMI payments.
  • In case of non-payment of the EMI for up to 3 months, the Flexipay option automatically gets cancelled, and the total amount is debited from your account, complete with the processing charges.
  • In case, you cancel the EMI option within 45 days of availing it; all the charges will be reverted to your account.
  • In case, you have opted for a change in Credit Card type; the bank will not entertain any request for EMI option in the first 90 days of such a change.
  • Once you have chosen the tenure for the EMI, it cannot be changed.

How to Convert Credit Card Payment To EMI In SBI?

If you wish to convert any of your SBI Credit Card Transactions to EMI, all you need to do is follow the below-mentioned steps –

  • Log in to the official website of SBI using your Customer ID and Password.
  • On the site, click on the ‘Benefits’ tab located on the left panel.
  • You will then see a drop-down menu. Here, select the ‘Flexipay’ option.
  • You will be presented with all your recent transactions. Select the transaction that you wish to convert into Flexipay.
  • Next, click on ‘Flexipay Offer.’ Here, you will be presented with the tenure, the rate of interest as well as the processing fee applicable for the transaction amount.
  • You will then need to select the tenure.
  • Next, you will be presented with the exact EMI amount that you will need to pay each month throughout the chosen tenure. Take a look at all the details and check if they are accurate.
  • Next, accept the terms and conditions and confirm the order.
  • You will then receive a confirmation on your registered mobile number as well as on your e-mail.
  • Once the facility is activated, you will be required to pay the one-time processing fee, as well as the monthly instalments until the end of your tenure.

Apart from the online method, you can also avail this facility by getting in touch with a customer care executive over a phone call to the bank’s call centre. 

SBI Credit Card EMI Interest Rate and Other Charges

Mentioned below are the interest rates applicable on the instalments under SBI Flexipay facility–

TenureEMI per Rs. 2,500 @22% Per Annum

6 months

Rs. 275

12 months

Rs. 550

24 months

Rs. 1,110

  • Processing Fee – 2% of the transaction amount, with a minimum of Rs. 199 and a maximum Rs. 1,000.
  • Foreclosure Charges – 3% of the outstanding principal amount.

We hope that now you can conveniently convert your SBI Credit Card payments to EMI and make most of your Credit Card.

Also Read: 5 Best SBI Credit Cards with Their Features and Benefits

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