If you are unable to pay your credit card bill in full on time then you can convert the credit card payment into Equated Monthly Instalments (EMI). You can easily pay back your hefty credit card bills in easy EMIs. You can convert the payment into EMI through net banking or by visiting the nearest bank branch of the issuer.

Your can either convert the entire credit card bill to EMI or select a specific transaction for EMI. However, before opting for credit card EMIs, consider these few points.

#1 Interest

The rate of interest may differ from one credit card provider to another. It would also depend upon the tenure of the loan. Interest rates normally increase with the tenure of the loan. You credit history and CIBIL rating might also affect the rate of interest.

Normally, the rate of interest varies from 13% to 26% per annum.

#2 Processing Fee

Processing depends upon the discretion of card issuer. You may find bank that don't charge any processing fees, however, majority of banks charge upfront processing fees of up to 3% on the loan amount.

#3 Prepayment/Pre-closure charges

You may have to pay pre-payment charges in case you want to clear your pending payments before the end of EMI tenure. You may have to pay up to 3% plus taxes on the prepayment of your credit card's EMIs.

Hence, it is advisable to go through all the terms and conditions of your credit card carefully before opting for an EMI option. And chose EMI options only when it is an absolute emergency.