HDFC Bank is coming out with an equated monthly instalment (EMI) facility for its credit-card users. The bank, which had also slashed interest rates on its credit cards in January, has seen customers opting to transfer their balances from other cards to HDFC cards to avail of the low transfer rates.
Uma R Krishnan, country head, retail branch banking and credit cards, said the EMI facility would be made available by the end of thismonth.
This facility is being currently offered by Standard Chartered and ICICI Bank.
The EMI scheme can work either through arrangements between the bank and specific companies, wherein only certain products are available to credit card holders or it can work across products and companies with the customer calling up the bank and specifically listing out the purchase under the scheme.