Have you spent too much on your SBI credit card? Are you still figuring out how to pay up? Well, you could always opt to pay it later! Through its Flexipay feature, SBI offers you the opportunity to convert your credit card bill into EMI. As a result, you can save up now and pay at your convenience in equated installments over a longer duration of time. To understand the Flexipay advantage better, let us take a look at the different features and benefits, as well as charges associated with it.
Features and Benefits of SBI Credit Card EMI
The features and benefits of SBI credit card EMI payment are listed below-
- Transactions can be converted into EMI within 30 days of purchase
- Retail transactions worth ₹ 500 or above can be converted into EMI (except for specific offers)
- Multiple retail transactions, worth more than ₹ 500 can be converted into a single EMI plan (except for specific offers)
- Minimum booking amount for Flexipay is ₹ 2500
- Repayment period ranges between 6, 9, 12 and 24 months
- Installment amount can be as low as ₹ 52 per ₹ 1,000
- EMIs are billed as a part of the monthly SBI credit card statement
Fees and Charges for Converting SBI Credit Card Payment into EMI
For converting your SBI credit card payment amount into EMI via Flexipay, you must incur certain fees and charges. These are as follows-
1) Processing Fee (one time)- 2% (minimum- ₹ 249; maximum- ₹ 1,500).
2) Foreclosure or Cancellation Charges- 3% on the outstanding principal amount.
3) Finance Charges- 22% per annum. May vary from time to time and offer to offer.
Ways to Convert Your SBI Credit Card Payment into EMI
You can opt to pay back your expensive purchases on your SBI credit card by converting them into flexible instalments using any of the ways mentioned below-
Login to SBI Credit Card Netbanking-
- Visit the SBI credit card netbanking portal
- Log in using your credentials
- Under ‘Benefits’ in the left-hand navigation, click on ‘Flexipay’
- Select the purchase(s) you want to convert into credit EMI
- Select the tenure and confirm the rate of interest
- Click on ‘Confirm’
Send an SMS to SBI
To avail the Flexipay service you can also type ‘FP’ and send it to 56767 from your registered mobile number.
Chat with SBI’s Chatbot ILA
Login to your SBI credit card net banking and click on Chatbot ILA. You can then notify the bot about your desire to convert your credit card’s outstanding bill into EMI. You would be provided with the next steps which you would need to follow.
Call SBI Credit Card Customer Care
You can call SBI credit card customer care number 39020202/ 1860 180 1290 and request the customer care executive to convert your SBI credit card bill into EMI.
Once you place your request, it would take approximately five working days to process the same. Once processed, you would receive a confirmation SMS on your mobile number registered with the bank.
Points to Remember for SBI Credit Card EMI
Before opting to convert your SBI credit card bill payment amount into EMI, here are a few things that you should remember-
- You can only avail Flexipay on the primary card
- You cannot convert interest, fees, fuel charges, cash withdrawal charges or any other charges into EMI
- Individual transactions below ₹ 500 cannot be converted into EMI
- You can foreclose your EMI by calling the SBI Card helpline
- No charges are levied if the request for cancelling the EMI plan is placed within 45 days of booking
- Post 45 days of the booking date, a foreclosure charge of 3% of the outstanding principal would be levied
- The outstanding principal amount would be converted to the retail plan and you will be charged a 3% foreclosure fee if you cancel your EMI plan before the completion of the tenure
Paying your SBI credit card bill can be as easy as borrowing on the card with the bank’s attractive Flexipay policy. So, if you do not have a credit card and are looking to get one that won’t be too harsh on your financial health, you can give the range of SBI credit cards a try. You can check out the features and benefits of the top cards and compare your options on popular credit card apps such as the Finserv MARKETS app. When you have made up your mind, you can easily apply from the app itself and enjoy the advantage of hassle-free purchases.