Credit card
The use of credit cards has increased rapidly in the last few years. Youth have the highest number of people using Credit Card. It has been observed that after the credit card purchases, the bill has also increased rapidly in the case of default. Due to this, the CIBIL scores of the people are deteriorating. To avoid such cases, changing the balance of credit cards into EMI is a good option. Let us know how you can convert your big credit card bill into easy EMI.
Change the outstanding amount of credit card into EMI like this
1. Internet Banking
Log in to your internet banking account. Choose the option ‘Change to EMI’ under Credit Card section. Most banks provide this facility under Credit Card Management section. Once selected, you will see different periods of options and interest rates applied to your outstanding balance. Carefully review the terms and conditions before proceeding. Some banks may charge processing fees for EMI. Once you choose your EMI option, monthly installments will appear in your billing bicycle.
2. SMS request
Send an SMS to the official number of your bank. You will get a call from the bank to confirm EMI. Many banks provide already fixed format to request EMI through SMS. For example, you may have to send a specific code to a specified banking number with your card number. After receiving your request, the bank’s representative will contact you to discuss the available EMI option. This method is convenient for those who do not have internet access.
3. Banking App
Most banks provide banking apps to their credit card users. You can easily convert the outstanding amount to EMI on your credit bill through this app in a few seconds. You will see different EMI options on the app. You can convert the outstanding amount into EMI by choosing the option as per your convenience.
4. Customer Care
You can also contact the bank’s customer service and provide details of your card and request them to convert to EMI. Representatives will guide you about the available EMI plans and applicable interest rates. Before making a call, make sure that you have a description of your credit card. Some banks may require additional verification for safety purposes. Once your EMI request is approved, you will receive a confirmation message and a billing details. This method is ideal for those who like to talk directly to the bank representative.
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