1. What is SBI Card Flexi Pay?

SBI Card Flexi Pay is a credit card payment plan that converts large purchases into EMIs (Equated Monthly Installments) with fixed interest rates. It helps cardholders manage expenses by spreading payments over time.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( R \) — Monthly interest rate (APR/12 as decimal)
• \( N \) — Loan tenure in months
• \( EMI \) — Equated monthly installment (INR)

Explanation: The formula calculates the fixed payment amount the borrower must pay each month to clear the loan in the specified tenure.

3. Understanding EMI Calculation

Details: EMI consists of both principal and interest components. In initial payments, interest portion is higher which gradually reduces as principal gets paid down.

4. Using the Calculator

Tips: Enter the principal amount (purchase value), annual interest rate (APR), and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical APR for SBI Card Flexi Pay?
A: APR typically ranges from 14% to 40% depending on card type, tenure, and promotional offers.

Q2: Are there any processing fees for Flexi Pay?
A: Yes, SBI Card usually charges a one-time processing fee (1-3% of principal) plus GST.

Q3: Can I prepay my Flexi Pay loan?
A: Yes, but prepayment charges may apply (usually 2-5% of outstanding principal).

Q4: How does this compare to personal loans?
A: Flexi Pay is convenient but often more expensive than personal loans. Compare total interest before choosing.

Q5: What happens if I miss an EMI payment?
A: Late payment fees (up to ₹1,000) and additional interest will apply, and it may affect your credit score.