Converting Credit Card Purchases to EMI?

Hi Friends,

I want to purchase some electronic household items on credit basis/EMI, I heard that EMI schemes through credit card are available. I do not have a credit card yet. I am thinking for getting an SBI card for this purpose. What is your suggestion? Is there any other way? Please advise.


Staff member
When you use the EMI option for your purchases, there are certain additional charges.

Usually, the rates of interest are pretty high.

Even in case of 0% interest, there is an initial processing fee.

2. The extra costs

Banks levy additional charges for processing, documentation and prepayment. Even 0% interest schemes have such costs inbuilt in them.

Pre-closure charges range around 3% of the outstanding principal amount. Such charges sure do end up being quite an amount when annualised. So work out these costs along with the interest rate and compare it with other finance options.
EMI on credit card: Should you go for it? - Rediff Getahead