Sbi Credit Card Flexi Pay Calculator

What is Flexi Pay?

Flexi Pay is a payment plan offered by SBI Credit Cards that allows cardholders to pay their credit card bills in installments over a period of 3 to 12 months. This option is particularly useful for those who want to manage their credit card payments more effectively and potentially save on interest charges.

The Flexi Pay feature is designed to provide flexibility in payment options while helping customers avoid high interest rates that might accrue if they don't pay the full amount at once.

How Flexi Pay Works

When you use Flexi Pay, your credit card bill is divided into equal monthly installments. The interest is calculated based on the outstanding balance each month, and the total amount you pay over the installment period will be higher than if you had paid the full amount at once.

The key benefits of Flexi Pay include:

• Flexibility in payment timing
• Potential interest savings compared to paying the full amount at once
• Better cash flow management

However, it's important to note that the total amount paid over the installment period will be higher than the minimum payment due, and the interest savings may vary depending on your credit card's interest rate and the amount of your outstanding balance.

Using the Flexi Pay Calculator

Our Flexi Pay calculator helps you estimate how much you'll save on interest by using the Flexi Pay option compared to paying the full amount at once. To use the calculator:

1. Enter your current credit card balance
2. Select the number of installment months (3-12)
3. Enter your credit card's annual percentage rate (APR)
4. Click "Calculate" to see your estimated savings

The calculator will show you the total amount you would pay with Flexi Pay and the amount you would pay if you paid the full balance at once, along with the difference in interest paid.

Example Calculation

Let's look at an example to understand how Flexi Pay works. Suppose you have a credit card balance of ₹50,000 and your credit card's APR is 20%.

If you pay the full amount at once, you would pay ₹50,000 plus any interest charges. However, if you choose Flexi Pay over 6 months, the calculator would show you how much you would pay each month and the total amount paid over the 6 months, along with the interest savings compared to paying the full amount at once.