HDFC Bank Convert Outstanding to EMI

[BiggBoss]

Hi,

So my HDFC Millennia card limit is 1,25,000. I used 100% of the limit. Now, I am paying the minimum due only. Because of every month's financial charges, it's the same as the full 1.25l, even after paying the minimum due every month.

My friend needs to pay a bill of 1 lakh at one hotel. He will make a payment to my credit card of 1 lakh, and I will pay the hotel bill of 1 lakh. So, do you think I can convert that transaction to EMI?

Someone, please share your thoughts about this.

 

[Vasuki]

Hi,

So my HDFC Millennia card limit is 1,25,000. I used 100% of the limit. Now, I am paying the minimum due only. Because of every month's financial charges, it's the same as the full 1.25l, even after paying the minimum due every month.

My friend needs to pay a bill of 1 lakh at one hotel. He will make a payment to my credit card of 1 lakh, and I will pay the hotel bill of 1 lakh. So, do you think I can convert that transaction to EMI?

Someone, please share your thoughts about this.

Y e s s


Why would you use 100% of card ? Are you in debt or got into bad financial choices

 

[BiggBoss]

Y e s s


Why would you use 100% of card ? Are you in debt or got into bad financial choices

Hi Doc, Do you think that the best way to pay the bill is by converting it into EMI?

 

[BiggBoss]

Y e s s


Why would you use 100% of card ? Are you in debt or got into bad financial choices

The business purposes used 100% of the card. I know it's very bad. so trying to (your username) - Doc

 

[Vasuki]

Hi Doc, Do you think that the best way to pay the bill is by converting it into EMI?

If u r paying only minimum dues . Emi is better .
Since its Millniea ( non rupay) taking out money & playing bill is stress .

So better do emi ( small duration).

Better get a rupay surrogate card & use it for in & out rotation .
Minimum dues is bad - emi is still ok

Try loan . If u can't repay in 1-2 month .

Even if u did blunder with money u can share .
If u put in business i guess u can pay emi

 

[sidp]

Hi Doc, Do you think that the best way to pay the bill is by converting it into EMI?

Emi is better than min due. But Why would you pay that high rate? Did you avail some 0% interest offer?
Also of already full cl is blocked with emi, how can you add more expenses? You plan to repay and retake emi?
Call customer care, and ask them will there any charge for prepaymentof emi? (I've never taken emi. But some loans have preclosure fee. So better to clarify beforehand)
Do know that keeping utilization this high will harm your credit score.

 

[Vasuki]

Do know that keeping utilization this high will harm your credit score.

Once a blue moon its ok .
Hardly 10-15 drop..

But yes apply for another cc might be affected

 

[sidp]

Once a blue moon its ok .
Hardly 10-15 drop..

But yes apply for another cc might be affected

But paying emi processing fee for 1st loan, then prepayment fee and then adding another expense, paying processing fee again for emi. Plus high interest rate. Does it make any sense?
Any emi above 3m will be brutal. Better to take any personal or secured debt to pay it off fast.

 

[Vasuki]

But paying processing fee for 1st loan, then prepayment fee and then adding another expense, paying processing fee again. Plus high interest rate. Does it make any sense?
Better to take any personal ot secured debt to pay it off fast.

Thats why i said .. how much month does he plans on doing this .
& If he invested in business. He can pay emi or take loan .. or if he can pay full just continue 1-2 month like that

 

[D₹V]

Bro is in debt trap, isn't it?

 

[BiggBoss]

Can I convert the transaction to EMI in net banking? or any other process?

 

[sidp]

Can I convert the transaction to EMI in net banking? or any other process?

There should be option in the app itself. If you open list of transactions, convert to emi option should be there.
If you are planning to receive money from your friend, then why doesn't he pay the outstanding amount first. Then you do his hotel bill payment. Once his transaction is shown, you can convert that to emi.
Else you'll pay emi processing fee (normally around 250-350rs) twice. Plus more if there is emi prepayment fee.

 

[BiggBoss]

There should be option in the app itself. If you open list of transactions, convert to emi option should be there.
If you are planning to receive money from your friend, then why doesn't he pay the outstanding amount first. Then you do his hotel bill payment. Once his transaction is shown, you can convert that to emi.
Else you'll pay emi processing fee (normally around 250-350rs) twice. Plus more if there is emi prepayment fee.

Yes, he will pay the complete outstanding amount. then i will pay the bill and convert that to EMI. am i correct or missing something ?

 

[sidp]

Yes, he will pay the complete outstanding amount. then i will pay the bill and convert that to EMI. am i correct or missing something ?

Ohk. I thought you want to convert your existing due into EMI and then pay up. My bad.

 

[BiggBoss]

Hi, I Bill is paid, I am unable to convert it to EMI.

tried using the below link

https://applyonline.hdfcbank.com/loan-against-assets/smartemi/smartemi.html

and tried in the Mobile app also, it showing not eligible 😥