Standard Chartered Bank, which has completed 10 years in credit card business in India, has introduced an equated monthly instalment card.
The EMI card provides a convenient and hassle-free payment schedule by automatically converting all purchases into 24 EMIs, SCB said in a release in Mumbai on Monday.
For every Rs 1,000 spent, the customer pays just Rs 53 per month and the card can be used for both cash and retail transactions.
The bank, which has over 1.5 million cardholders, said for transactions below Rs 2,000, the card be used as a normal credit card and above this amount, it would be automatically converted into EMIs.
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