How Credit Card EMI Works - What is Flexipay - Convert to EMI (2024)

You can convert your transaction into Flexipay instantly in 2 simple ways:

• Log on to your SBI Card online account
  • Click on ‘Flexipay’ under the ‘EMI & More’ section on the left hand navigation
  • Select the transaction(s) >₹ 500 you want to convert into Flexipay, select the tenure and rate of interest and confirm the booking

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• Call the SBI Card helpline to book Flexipay
  • 39 02 02 02 (prefix local STD code)
  • 1860 180 1290

Your request to convert your transactions into Flexipay will be processed within 5 working days. We will also send you a confirmation SMS on your registered mobile number.

Alternatively, you can Login to Chatbot ILA, ask query for converting outstanding amount to EMI and follow the guided steps

You can convert transactions that meet the following criteria:

• Retail purchases done using your SBI Credit Card
• Transactions that were done within last 30 days
• Transactions, whose value is greater than ₹ 500. This may vary in case of specific offers.
• Multiple retail transactions, whose value is greater than ₹ 500 can be converted into a single Flexipay plan. This may vary in case of specific offers.
• Minimum booking amount Rs. 2500

You cannot convert the following to Flexipay:

• Interest, fees or any other charges levied on your card
• Cash transactions
• Individual transactions less than Rs. 500

Flexipay can be booked for a minimum amount of ₹ 2,500. The maximum amount would be determined by your retail balance and the available credit limit at the time of booking.

Please call up SBI Card helpline for more details.

You can place a request for cancellation by calling the SBI Card helpline. If the cancellation request is placed within 45 days of booking, no charges would be levied on the card account.

In the event of cancellation request being placed post 45 days of booking, a cancellation fee of 3% of the outstanding principal would be levied on the account.

If you wish to fore-close the Flexipay booking done by you before the completion of the tenure, the outstanding principal amount would be moved to retail plan and a fore-closure fee of 3% of the outstanding principal would be levied on your SBI Card.

Interest chargeable in first EMI is basis a 30-day period. W.e.f. 1st July 2024 , if the period between booking confirmation date and Payment Due Date is less than 30 days, excess interest levied will be credited back. If the period is more than 30 days, remaining interest (chargeable beyond 30 days) will be debited in subsequent statement(s).

Cardholders will be credited a portion of the computed interest amount if the credit period is lesser than the period for which interest has been charged in the first EMI i.e. the period between the cash disbursem*nt date and the Payment Due Date of first EMI is less than 30 days

Calculation for crediting back excess interest:

Interest charged in first EMI – {(1st EMI Interest Amount ÷ 30 Days) X (Period between booking confirmation date & Payment Due Date)}

Example: Interest charged in first EMI (for a 30-day period) = Rs. 900 Period between the booking confirmation date and Payment Due Date = 22 days

Then the amount that will be credited back to the cardholder's account in the subsequent statement(s) will be:900 - {(900 ÷ 30) X (22)} = Rs. 240

Cardholders will be debited a portion of the computed interest amount if the credit period is more than the period for which interest has been charged in the first EMI i.e. the period between booking confirmation date and the Payment Due Date of first EMI is more than 30 days

Calculation for debiting remaining interest:

{(1st EMI Interest Amount ÷ 30 Days) X (Period between booking confirmation date & Payment Due Date)} - Interest charged in first EMI

Example: Interest charged in first EMI (for a 30-day period) = Rs. 900 Period between the booking confirmation date and Payment Due Date = 42 days Then the amount that will be credited back to the cardholder's account in the subsequent statement(s) will be:{(900 ÷ 30) X (42)} - 900 = Rs. 360