{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.indusind.com\/iblogs\/savings-account\/how-does-debit-card-emi-work\/#BlogPosting","mainEntityOfPage":"https:\/\/www.indusind.com\/iblogs\/savings-account\/how-does-debit-card-emi-work\/","headline":"What is EMI on Debit Card and How It Works?","name":"What is EMI on Debit Card and How It Works?","description":"Gone are the days when EMIs or Equal Monthly Instalments were exclusively associated with loans or credit cards. If you\u2019re asking, \u201ccan we do EMI with a debit card?\u201d then the answer is yes! Select Indian banks \u2013 such as IndusInd Bank \u2013 offer their customers the debit card EMI option. So, how does this...","datePublished":"2021-11-23","dateModified":"2025-05-23","author":{"@type":"Person","@id":"https:\/\/www.indusind.com\/iblogs\/author\/indusind\/#Person","name":"IndusInd Bank","url":"https:\/\/www.indusind.com\/iblogs\/author\/indusind\/","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/8169561f34fb61e737060f1a537a86e2?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/8169561f34fb61e737060f1a537a86e2?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"IndusInd","logo":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","width":201,"height":86}},"image":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/card-emi.jpg","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/card-emi.jpg","height":400,"width":1060},"url":"https:\/\/www.indusind.com\/iblogs\/savings-account\/how-does-debit-card-emi-work\/","about":["Savings Account"],"wordCount":1189,"articleBody":"Gone are the days when EMIs or Equal Monthly Instalments were exclusively associated with loans or credit cards. If you\u2019re asking, \u201ccan we do EMI with a debit card?\u201d then the answer is yes! Select Indian banks \u2013 such as IndusInd Bank \u2013 offer their customers the debit card EMI option.So, how does this payment method work, and why should you opt for it? Let\u2019s find out.What is EMI on Debit Card? EMI on a debit card is a payment facility that lets you convert high-value purchases into easy, bite-sized instalments, without needing a credit card. It works just like a standard EMI but uses your savings or current account instead of a credit limit. Many people believe EMIs are a credit-card-only feature, but debit card EMIs have opened up the instalment option to a much larger audience. With this facility, you can buy now and pay later, using the balance from your linked bank account.How Does Debit Card EMI Work? Here\u2019s how the debit card EMI process generally unfolds: Step 1: Check Eligibility Not everyone with a debit card automatically qualifies. Banks usually pre-approve select customers based on factors like account activity, balance history, and past loan behaviour. You can check your eligibility via SMS, internet banking, or by contacting customer support. Step 2: Make a Purchase Choose a product from a retail partner or an e-commerce platform that offers the EMI on debit card option. At checkout, select \u2018Debit Card EMI\u2019 as the payment mode. Step 3: Choose Tenure You\u2019ll get to pick a repayment period, typically ranging from 3 to 24 months. Some merchants may also offer no-cost EMI options, depending on the bank\u2019s tie-up. Step 4: Authorise Transaction Enter your debit card details and authenticate the transaction using your registered mobile number and OTP. Once approved, the amount is debited from your account, and the EMI plan kicks in. Step 5: Monthly Instalments The EMI amount will be auto-debited from your bank account every month on a set date until the full amount is repaid. Some banks may also charge nominal processing fees or interest, depending on the terms. This facility brings flexibility to debit card users, letting them access credit-like features without actually using a credit card.Debit Card EMI EligibilityIt 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\u2019s decision. Based on certain criteria, your bank will decide whether or not you\u2019re 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 CardYou 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\u2019s take a look at some of the benefits IndusInd Bank offers \u2013No down-payment neededNo money in your account is blockedYou get 100% finance to buy the products or services of your choice.No lengthy documentation processesThe 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\u2019t 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.Share This:"}