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How Does Debit Card EMI Work?
Posted on Tuesday, November 23rd, 2021 | By IndusInd Bank
Gone are the days when EMIs or Equal Monthly Instalments were exclusively associated with loans or credit cards. If you’re asking, “can we do EMI with a debit card?” then the answer is yes! Select Indian banks – such as IndusInd Bank – offer their customers the debit card EMI option.
Under this new method of EMI payment, you can convert your high-value purchases to easy, bite-sized instalments by swiping your debit card. So, how does this payment method work, and why should you opt for it? Let’s find out.
How Does Debit Card EMI Work?
The EMI aspect of the debit card is quite similar to that of a credit card. At the time of the transaction, you do not need to have the entire amount payable in your bank account. Plus, the bank will not block any amount on your card or savings account. So your account does not require to have the transaction amount at the time of purchase!
Only at the time of next payable instalment, the due amount must be available in your bank account.
At IndusInd Bank, you can choose a debit card EMI tenure of 3, 6, 9, 12, or even 24 months.
Debit Card EMI Eligibility
It is important to note that the debit card EMI facility is not available for everyone. It depends upon a number of factors, the most important of which is the bank’s decision. Based on certain criteria, your bank will decide whether or not you’re eligible for a debit card EMI on your purchase.
In the case of IndusInd Bank, you can check your eligibility by sending an SMS MYOFR to 5676757.
Good news is that even if you are not eligible now, the Bank can extend the facility to you in future, as the eligible customer base is updated every couple of months.
Some Things to Note Regarding EMI on Debit Card
- You do not need to maintain a Fixed or Recurring Deposit to avail of this facility.
- Even this scheme, taken as a loan, can be foreclosed. However, there will be foreclosure charges involved.
- The minimum purchase amounts may differ from bank to bank.
Should You Opt for EMI on Debit Card?
Well, to help you determine that, let’s take a look at some of the benefits IndusInd Bank offers –
- No down-payment needed
- No money in your account is blocked
- You get 100% finance to buy the products or services of your choice.
- No lengthy documentation processes
- The loan is approved, and the money is disbursed instantly.
Another benefit offered by IndusInd Bank is that of no extra costs charged on the scheme. If you get to avail of this benefit in particular, such schemes are usually a great option to finance your big-ticket purchases. They help you buy what you want conveniently and without going beyond your means.
Moreover, our customers also get to enjoy the no-cost EMI option, allowing them to save a ton on interest. Plus, you can use your debit card to purchase products or services with a minimum cart value of Rs. 10,000 at both brick-and-mortar stores and online merchants via affordable repayment options.
Don’t have an account with us yet? Then, explore our range of personal accounts and choose the one that aligns with your saving requirements. Click here.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
