Want us to help you with anything?
Request a Call back

This field is required Only alphabetes are allowed
This field is required Only alphabetes are allowed
Please enter valid number
Please enter valid email
Please select product type
Please enter valid pincode

Thank you for your request.

Your reference number is CRM

Our executive will contact you shortly


2 mins Read | 1 Year Ago

What is EMI on Credit Card and How it Works?

5 important points while spending on a Cashback Credit Card


Credit Cards have become an important financial tool for individuals these days as they offer multiple benefits. Right from carrying out payments in an emergency to making major payments at one go, Credit Cards come in handy. But that’s not all! Credit Cards don’t just provide credit to customers but also allows them to repay in instalments according to their comfort. 

EMI on Credit Cards is an option that makes these Cards even more lucrative to customers. For instance, ICICI Bank offers an “EMI on Call” facility wherein you can split a big amount into small affordable EMIs for a tenure ranging from 3 to 24 months.

Points to note about EMI schemes when you apply for a Credit Card

● The EMIs are calculated basis different factors like the rate of interest the bank charges, the tenure chosen to repay the amount, the down payment and so on

EMI on a Credit Card is charged monthly as a part of their Credit Card Statement.

When should you consider taking EMI on Credit Cards?

There are usually two situations where taking EMI on Credit Cards is a good option:

Scenario 1: An EMI comes in handy for purchases that is not possible from your bank balance right away such as a high-end smartphone, laptop or that designer suit you have wanted for some time. You don’t have to wait to make the purchase any longer because of the EMI facility available on Credit Cards.

Scenario 2: If you have overspent in a particular month using your Card, you can opt for the EMI option. However, the transactions shouldn’t be older than 30 days. This will help you overcome the mounting debt early.

To make the most of the EMI on Call facility on your Credit Card, remember the following points:

  • You can instantly convert transactions of Rs 1,500 & above into EMIs using iMobile Pay, Internet Banking or ICICI Bank Customer Care

  • Transactions worth Rs 3,000 & above can be converted into EMIs using the OTP page under ‘EMI on Call facility’

  • An EMI scheme is subject to a processing fee of 2% of the transaction value. Plus you would be required to pay an interest rate of 1.33% per month

  • The EMI on Call facility extended by ICICI Bank is not applicable to gold, fuel, and jewellery

  • If the transaction is older than 30 days, it cannot be converted into EMIs.

At times banks offer loans on cards depending on the Cardholder’s eligibility. It is a good option to clear the Card balance without impacting the spending limit.

The bottom line

If you are about to default on your Credit Card payment, talk to an ICICI Bank representative about the EMI on Call facility. It will ensure that you don’t stop enjoying all the benefits of ICICI Bank Cashback Credit Cards. Remember to rely on the EMI repayments only sparingly as it becomes a debt burden if continued for a long time. Consider your situation carefully and get in touch with the Bank right away.

Apply for an ICICI Bank Credit Card to enjoy more such benefits.

T&C apply.


People who read this also read

View All


View All
2 mins Read | 1 Year Ago
How Credit Cards improve the personal finances of new earners
Credit Card

Scroll to top