• As part of EMI facility, the Card Member is allowed to convert only Retail purchases/ transactions of ₹5,000/- and above into instalments made by either Primary or Add-on Canara Credit Card. Minimum amount eligibility may be changed by the Bank at its sole option and discretion.
  • As per the regulatory and Bank's internal policy, EMI Facility will not be available for the following transaction categories:
    • Automatic/Manual Cash Disbursements.
    • Precious Stones, Jewellery, Silverware Stores.
  • Interest levied, Fees and Charges, GST and any other charges levied on the card cannot be converted into EMI.
  • The EMI facility for Canara Credit Card is available over different tenures of 3, 6, 9, 12, 18 and 24 months, subject to the option exercised by the Card Members.
  • Interest rate applicable on EMI is currently 13% p.a. for tenures of 3,6 and 9 months and 14% p.a. for tenures of 12, 18 and 24 months.
  • EMI monthly instalment schedule will begin from the Card Member's current billing statement and continue over the EMI tenure. The EMI monthly instalment(s) shall be included in the Minimum Amount Due of the Statement of account in the duration of the EMI tenure. First EMI and Processing Fee will be billed in the current statement cycle and interest will be charged accordingly.
  • If the cardholder avails the pre-closure facility, pre-closure fee of 2 % of the outstanding principal amount will be charged.
  • GST is applicable on the following:
    • Interest amount of EMI on a monthly basis.
    • Processing fees.
    • Pre-closure charges (If any).
  • Canara Bank has the right to foreclose the facility in the event of default in payment of EMI for more than 3 consecutive months.
  • If your Canara Credit card is closed before all instalments have been charged or if your EMI account is pre-closed, the outstanding amount together with the pre-closure charges (if applicable) would be debited as one consolidated amount to your credit card. Thereafter, this will be considered to be an outstanding on your card account and will attract financial charges (as per the T&C governing the credit card) should there be partial / no payment against the same.
  • Upon EMI approval, the Card Member's credit limit shall be blocked up to EMI Principal Amount. The Credit limit gets adjusted as and when the EMI instalment payments are made by the Card Member.