SBI Credit Card EMI – Convert Transactions & Bills with Ease

Credit card defaults are on the rise in India! The total outstanding amount on credit cards has climbed to ~₹2.7 lakh crore, increasing from ₹2.6 lakh crore and slightly above ₹2 lakh crore before that. If you're a credit cardholder looking to avoid paying a large outstanding amount all at once, the bank offers a solution—the credit card EMI payment facility. This allows you to convert your dues into smaller, manageable instalments instead of making a lump-sum payment.

Imagine this scenario: You've just landed your dream job with a package that makes your bank account feel like "Kuber ka khazaana". So, you take out your SBI credit card to buy the latest iPhone, a premium Fossil watch, and noise-cancelling headphones. Life feels great until your credit card bill enters the picture. It's so high that even "cloud nine" feels lower. Now, you can pay that big credit card bill with your salary's "khazaana" or break it down into smaller, manageable payments.

That's where SBI credit card EMI steps in. But here's the catch: how much interest will you end up paying? Is the SBI credit card EMI interest rate worth it? And most importantly, how to convert SBI credit card payments into EMI? This blog breaks it all down, from SBI card EMI interest rates to the step-by-step process of converting your transactions into EMI. So, let's get started. 

Table of Contents:

• What is SBI Credit Card EMI Interest Rate?
• How to Convert SBI Credit Card Payment into EMI?
• How to Convert Credit Card Bill to EMI in SBI?
• Interest on EMI for SBI Credit Card
• SBI Card EMI Convert – Important Considerations

What is the SBI Credit Card EMI Interest Rate?

The SBI credit card EMI interest rate is the interest charged when you opt to convert a credit card transaction or outstanding bill into an EMI (Equated Monthly Instalment). Unlike regular credit card dues that require full payment to avoid interest, EMI allows you to pay in fixed monthly instalments over a period of 3, 6, 9, 12, 18, 24, or even 36 months (but only for the bill amount greater than or equal to ₹30,000).

• Interest rate on EMI for SBI credit card: Generally ranges between 14% – 22% per annum, depending on the tenure and card type
• Processing fee: SBI may charge a nominal processing fee (usually 1-3% of the transaction amount)
• No-cost EMI offers: Available on selected purchases with partner merchants 

Whether you're buying that dream phone, upgrading your home appliances, or planning a vacation, converting your SBI credit card bill into EMI gives your bank balance (and your salary) a much-needed breathing space. That's because a shopping spree is fun, but an empty bank account? Not so much. But how exactly do you turn that hefty bill into easy EMIs? Let's break it down.

How to Convert SBI Credit Card Payment into EMI?

So, you swiped your SBI credit card a little too much out of excitement? No worries (but control your enthusiasm for the next time, buddy)! Instead of watching your bank balance getting empty, you can convert your SBI credit card payment into EMI and turn that big, scary bill into small, manageable chunks. Here's how you can do it:

• Convert at the time of purchase (merchant EMI): Many online and offline merchants offer an SBI credit card EMI conversion option at checkout (just before the final payment). All you have to do is select the EMI tenure, and the transaction will be converted automatically.
• Convert via SBI Card net banking:
  • Visit sbicard.com
  • Log in with your registered mobile number/user ID/card details
  • Go to 'Benefits' → 'Flexipay'
  • Select the eligible transaction you want to convert into EMI
  • Choose the EMI tenure as per your convenience
  • Click on 'Confirm', and you're done
• Convert via SBI Card mobile app:
  • Open the SBI Card app
  • Go to 'Flexipay'
  • Pick the transaction and tenure for EMI conversion
  • Confirm, and your transaction will get converted into your desired EMI tenure
• Convert via customer care:
  • Call 1860 180 1290 (SBI Card customer care)
  • Request EMI conversion for a particular transaction 
  • Choose the tenure and confirm

Now that you know how to convert individual purchases into EMIs, what if your entire credit card bill feels overwhelming? Don't worry—SBI also lets you convert your total outstanding balance into easy instalments.

If you want to see the list of top SBI credit cards, then click on the link. 

How to Convert Credit Card Bill to EMI in SBI?

You can easily convert your credit card bill (or specific purchases) into manageable EMIs based on your preferred tenure using any of the methods mentioned above. This way, you can enjoy the benefits of your purchases without putting a sudden strain on your finances (because they also deserve to breathe freely). 

However, before proceeding, it's crucial to understand the eligibility criteria for converting your bill or purchases into EMIs. Not all transactions qualify, as factors like your credit history, transaction amount, and available credit limit influence whether you can opt for this facility. Let's take a closer look at what qualifies for EMI conversion and what you need to keep in mind before opting for it.

• The FlexiPay option is available only for retail purchases made using an SBI credit card
• You can club multiple transactions into a single EMI plan, provided the total amount exceeds ₹2,500
• The minimum transaction amount required for EMI conversion is ₹500, though this may vary based on offers and discounts
• If your credit card bill exceeds ₹30,000, you can opt for a tenure of up to 36 months for repayment
• Add-on SBI credit cardholders are not eligible for the FlexiPay facility
• If you cancel your EMI conversion request within 45 days, all conversion charges will be refunded. Beyond that, a cancellation fee of 3% on the outstanding amount will be applied

Interest on EMI for SBI Credit Card

So, you've decided to convert your credit card bill into EMI. That's great! But before you start celebrating like you just got a zero-interest loan, let's talk about the interest rates (because, sadly, nothing in finance comes completely free). To be precise, the EMI interest rate on SBI credit cards varies based on factors like transaction amount, tenure, and the specific SBI card you own.

• Standard EMI interest rate in SBI credit card: Ranges from 14% to 22% per annum, which means the longer you stretch your payments, the more you'll pay in interest. For instance, if you choose a long tenure, you might still be paying EMI for that gadget while the gadget itself gets outdated within a few months.
• No-cost EMI: Some merchants offer no-cost EMI, meaning the interest is waived. Sounds unreal? But the catch is that you might still have to pay a processing fee, and sometimes, the "discount" you would have gotten is adjusted into the price. (So, it's not always as free as it sounds.)
• Prepayment charges: If you've decided to foreclose your EMI plan early, then just hold on. SBI usually charges a pre-closure fee of 2-3% on the outstanding amount.

While EMI makes big purchases manageable, always check the interest rates and terms before committing. Because, at the end of the day, the goal is to enjoy your new purchase and not to spend months and years paying for it (with interest).

SBI Card EMI Convert – Important Considerations

Before you rush to convert SBI credit card payments to EMI, keep these factors in mind (because nobody likes hidden surprises, especially in their bank statements):

• Check interest rates: Not all EMIs are created equal. SBI's EMI interest rate varies based on your tenure and card type, so don't just assume you're getting a "deal". 
  Compare your options because what seems like an appealing offer today might just be costlier than you expected tomorrow. 
• Processing fees apply: Just like how some airlines charge extra for everything, SBI also adds a 1-3% processing fee on some EMI conversions. 
  So, before you pat yourself on the back for managing your finances well, double-check if there's an extra fee sneaking into your total cost.
• Impact on credit limit: Converting a bill into EMI isn't a get-out-of-debt-free scheme, don't forget that it still blocks your available credit limit until the EMI is fully paid. In short, the money is definitely occupied until you pay it off completely. 
• Prepayment charges: Planning to clear your EMI early? Good decision! But keep in mind the pre-closure fee of 2-3% on the outstanding amount which the SBI might charge on foreclosing. It's like buying a movie ticket and leaving before the climax. But still paying for the full show. 

Being informed about these factors helps you avoid any unexpected costs and manage your finances wisely.

Want to know how SBI Flexipay helps in choosing the right EMI plan? Read How to Use SBI Flexipay for an in-depth analysis.

Conclusion

Using EMI in SBI credit cards is like having a cheat code for big purchases. You get what you want now and pay later without sending your monthly budget into cardiac arrest. But don't just hit "Convert to EMI" blindly because EMIs aren't freebies. Always keep an eye on the interest rate on SBI credit card EMI and additional charges before opting in.

So, next time you wonder, "Can I convert SBI credit card bill to EMI?"—the answer is YES! But be smart, compare interest rates, and choose the best EMI plan that fits your financial goals.