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During the pandemic ‘buy now pay later’ model is getting popular since many don’t have enough cash in hand to spend at one go. Credit card dues can also be converted into EMIs. If you have a credit card, you can buy anything within the limit and turn the dues into equated monthly instalments (EMI). This is a useful feature of credit cards and now debit cards are also using it to attract more and more customers. You have to follow certain criteria for credit card EMIs.

Here’s a look at what the banks are offering:

SBI

If you have a credit card with SBI, you are eligible for this offer. Any amount above Rs 500 is eligible for EMI. A processing fee is involved and it is 2% of the purchase amount with a ceiling of Rs 199. SBI charges 22% yearly interest on outstanding amount if you are eligible for any special offer. Generally, the tenure varies between 6 months and 24 months. There is a pre-closure charge of 3% of outstanding amount.

HDFC Bank

HDFC Bank is one of the largest credit card issuers in the country. They also offer EMI facility on any amount. It charges interest rate on EMI between 14% and 34%, depending upon the amount and other clauses. Repayment tenure of the bank is between 9 months and 36 months. Here also you have to pay a 3% pre-closure fee of the outstanding amount.

ICICI Bank

You have to purchase for at least Rs 3,000 to turn that amount into EMI. ICICI Bank charges an interest rate of 13% to 16% depending upon the amount and the tenure of the EMI. The bank has no processing fee for turning it into EMIs.

The repayment option generally varies between 3 months and 24 months. No pre-payment charge or any other charge is levied on by the bank.

American Express

You have to purchase for at least Rs 5,000 in order to covert the amount into an EMI mode. American Express charges a minimum of 14.05% interest rate from the customers, it goes up to as much as 30%. No pre-closure charge and no specific time duration are there for EMI.

American Express also levies 2% from the customers for processing the EMI request for all amount of transaction.

Axis Bank

For Axis Bank card holders, the minimum transaction limit is set at Rs 2,500 and the bank levies an interest rate starting from 18%, and goes up to 30% and above. A processing fee of 1.5% subject to minimum of Rs 150 is also charged by the bank.

Pre-closure charge of 3% is also levied on the outstanding amount. EMI tenure generally varies between six months and 24 months.

Bank of Baroda

The third-largest public sector bank of the country, Bank of Baroda, also offers this EMI facility to the credit card holders. BoB charges an interest rate between 14% and 28% on transaction of Rs 2,500 and above. Processing fees of 2%, subject to a minimum amount of Rs 100, is charged by the bank.

The tenure of EMI varies from 3 months to 24 months. Transactions on gold, fuel, jewellery and others won’t be converted into EMI. The transaction will reflect in the portal within 2 days from the date of transaction. A 2% foreclosure charge will be levied on the outstanding amount.

Kotak Mahindra Bank

Customers have to make a purchase of a minimum amount of Rs 2,500 which will make you eligible for EMI payment. Kotak Bank charges 14% to 20% as annual interest over the purchase amount. No pre-closure charge is there for the customers.

Though they have levied a processing fee of Rs 35/thousand for converting the payment into an EMI mode. The repayment tenure generally varies between 3 months and 48 months depending the amount and others.

IndusInd Bank

You have to make purchases worth at least Rs 2,000 to covert the amount into an EMI payment. IndusInd charges minimum 13% interest rate from the customers. It can go up to as much as 30%. Specified pre-closure and processing charges are there for credit card customers.

The EMI tenure generally varies in between 6 months and 24 months depending on the amount.

YES Bank

YES Bank customers can get the benefit of EMI services when they purchase for an amount of more than Rs 2,500. Yes bank charges an interest rate between 12% and 15%. But there is no processing fee. A 2% pre-closure charge is levied upon the outstanding amount. Customers can opt for EMI facilities for a tenure between 3 months and 24 months without any extra cost.