IndusInd Bank Credit Card EMI

Terms and Conditions for Credit Card EMI facility

Some of the terms and conditions of this plan are mentioned below:

• Once you have opted for this plan, any request for change will attract a pre-closure fee of 3% on the outstanding amount on the loan.
• Any request to modify the selected EMI facility must be submitted in writing or made through the 24-hour helpline.
• Do note that you can request to convert a transaction into EMI within 45 days of the purchase date. Requests made after this period will not be eligible for EMI conversion.
• Only purchase transactions that have not been paid for yet are eligible for EMI conversion.
• In case you fail to pay any portion of the billed amount or do not pay your EMI by the due date, then the bank is liable to charge you a late payment fee and interest charges specified.
• Once your EMI is running, you cannot close your credit card. However, if you choose to close it before you have cleared all the installments, the outstanding principal amount will be billed to your credit card where interest rates applicable will be charged.
• The transaction fee, charges, EMI tenure, and other payment details will vary for each cardholder, as determined by the bank.
• The bank reserves the right to alter or modify any of the terms and conditions related to this plan at any given time.
• Reward points earned on a transaction will be reversed if the transaction is converted into EMI. Do note that these points will not be credited back if the EMI is cancelled or paid off early.
• Interest rate, processing fee, and other charges are subject to change and is at the discretion of the bank.
• EMI conversion is permitted only on active credit cards. If the card is blocked for any reason, the EMI request will be declined.
• Once you opt for the EMI facility, the EMI amount will be included in the minimum amount due on your card for every statement until the loan tenure is completed.
• Do note that the final approval for EMI conversion is solely at IndusInd Bank’s discretion and depends on your credit card usage and repayment history.

How to convert credit card transactions into EMIs?

Follow the steps given below to convert your credit card transactions into EMIs: 

Step 1: You need to download the IndusMobile application. 

Step 2: You need to navigate to their credit card transaction section. 

Step 3: Navigate to the 'Credit Card' section on the homepage and click on the 'Manage' section. 

Step 4: Click on ‘Convert Outstanding to EMI’ option.

Step 5: Choose the tenure suitable to you and repayment plan.

Step 6: Check the ‘Terms and Conditions’ listed.

Step 7: Confirm your selection. IndusMobile will process your request, and you'll receive a confirmation message once the conversion is successful.

Points to Remember when Opting for IndusInd Bank EMI Facility

There are certain points which you should make a note of when opting for EMI facility at any bank. They are as follows:

• Minimum Purchase Amount: EMI conversion is available only for purchases of Rs.2,000 and above.
• Conversion Limits May Vary: The bank may set minimum and maximum conversion limits from time to time.
• List of Eligible Transactions: Only transactions that are not yet paid or adjusted can be converted into EMIs.
• Processing Fee and Other Charges: A one-time processing fee is charged for EMI conversion.
• Interest Charges: EMIs are subject to applicable interest rates set by the bank.
• EMI as Minimum Due: After conversion, the EMI amount becomes part of your minimum due until the tenure ends.
• Pre-closure Charges: You will be charged a fee of up to 3% (depending on the card variant), on the outstanding amount. It applies if you close or modify the EMI before the tenure ends.
• Card Closure Restriction: The credit card cannot be closed until the EMI is fully paid.
• Applicable Taxes: All fees and charges are subject to GST.
• Approval Discretion: EMI conversion approval depends on the bank’s discretion and credit performance.
• Default Clause: In case of missed payments, the bank can cancel the EMI and charge the full outstanding amount to your card.

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