When you don’t have enough money in your associated savings or current account, you can buy everyday goods and high-value items using a debit card EMI. There is no blockage of funds in your account when you choose to pay in instalments using a debit card. Additionally, you may choose the same without providing any papers or a down payment.
Continue reading to learn more about Debit Card EMI, its features and advantages, how it operates, and how to determine whether you qualify to use this service. Anyone with a savings or current account also has a debit card. Cash withdrawals and money management are now easier thanks to debit cards. The EMI payment mechanism is a new addition, though.
Leading Banks and their Debit Card EMI Features
Many leading banks in India are now offering Debit Card EMI features. Let’s check their details:
HDFC Debit Card EMI
HDFC Bank offers Debit Card EMI services at an:
- Interest Rate of 16%
- For a tenure of 3 to 36 months
- On Brands like Flipkart and Amazon
- Processing Fee: Rs 199 + GST
SBI Debit Card EMI
SBI Bank offers Debit Card EMI services at an:
- Interest Rate of 14.70%
- For a tenure of 6,9,12,28 months
- Processing Fee: Zero
- On brands like Flipkart and Amazon
ICICI Debit Card EMI
ICICI Bank offers Debit Card EMI services at an:
- Interest Rate of 16%
- For a tenure of 3,6,9,12 months
- Processing Fee: Rs. 99 + GST
- On popular brands like Amazon, Flipkart, Make My Trip etc.
Kotak Debit Card EMI
Kotak Bank offers Debit Card EMI services at an:
- Interest Rate of 17.1%
- For a tenure of 3,6,9,12 months
- Processing Fee: Rs. 99 onwards
- On popular brands like Amazon, Flipkart, BYJU’s, Croma, Reliance Digital
Debit Card EMI Eligibility Check
Send the following SMS from your registered mobile number linked to your bank account to check debit card EMI eligibility:
- HDFC Debit Card EMI – SMS ‘MYHDFC’ to 5676712
- SBI Debit Card EMI – SMS DCEMI to 567676
- ICICI Debit Card EMI – SMS DCEMI <space><last 4 digits of Debit Card number> to <5676766>
- Kotak Debit Card EMI – SMS DCEMI <space><Last 4 digits of Kotak Debit Card Number> to 5676788
- Axis Bank Debit Card EMI – SMS DCEMI XXXX (last 4 digits of your debit card number) to 56161600
How to apply for Debit Card EMI?
To choose the EMI on Debit Card option, follow the procedures listed below:
Step 1: Select “Debit Card EMI” from the list of options on the payments screen, then enter the EMI tenure there.
In general, you can choose a duration of 3 to 12 months, though the vendor or the bank may have different requirements.
Step 2: After selecting the tenure, verify the transaction by entering your debit card information, including the card number, CVV, expiration date, and savings or current account information.
Step 3: Enter the OTP that was sent to the registered cell phone number as well.
The appropriate amount is credited to your account as soon as the transaction is approved, and the merchant is fully paid.
This sum is then taken out of your connected bank account on a monthly basis according to the selected duration. You have the option of paying this EMI automatically, in which case the money will be taken out of your savings or checking account on a predetermined schedule. If you have enough money on hand, you can also choose to make a down payment in the midst of the EMI cycle. However, there may be fees associated with early loan repayment and loan foreclosure.
Debit Card EMI: FAQs
Even if you don’t have enough money in your bank account at the time of a transaction, you may use an EMI debit card to make purchases both online and offline. However, the credit limit may change based on how you handle your money.
On the basis of agreements between merchants and banks, a free EMI is provided for debit cards. With no-cost debit card EMIs, you simply pay the whole amount necessary to cover the transaction made and not more. Typically, debit card EMIs also include processing fees and interest costs.
Leading financial institutions that provide EMI on debit cards include HDFC Bank, SBI, ICICI Bank, Axis Bank, and Kotak Mahindra Bank. You may verify eligibility here and specifics about these banks in the area above.
By visiting the merchant’s page or contacting the bank’s customer service, you may activate EMI on debit cards.
Debit card interest payments may also contain additional fees in addition to the interest rate and processing fee. Charges for late payments, foreclosure, etc. are some examples. These fees might change from bank to bank.