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How Does EMI Work on Debit Cards?
Posted on Friday, December 10th, 2021 | By IndusInd Bank
Equated Monthly Instalments or EMIs are a convenient way to pay for any of your expensive purchases over a fixed period. But whenever you think about making a big-ticket purchase on EMI, you automatically associate it with a credit card. So, what if you don’t possess a credit card? Does no credit card equal no EMI purchases? Well, that is not the case.
With the number of debit cardholders increasing, several merchants today offer reasonable EMI options on debit cards. Further there are many benefits linked to opting for EMI on Debit Card and customers find it convenient since no separate bill statement needs to be tracked and the EMIs are auto deducted from the linked bank account. So, can we do EMI with a debit card? How does it work? Read further to understand.
How to Pay EMIs through a Debit Card?
The process of making EMI payments through a debit card is pretty straightforward. Here is how-
- The option of EMI on a debit card is available on both retail stores and online websites
- If you are at a store, request a debit card EMI option
- If you are shopping online, after adding the product to your cart, proceed to checkout
- Next, select the EMI option with your bank debit card
- Choose an EMI repayment tenure that suits you
- Approve the transaction by entering your details like debit card number, CVV, expiry date, etc.
- Authenticate the transaction by entering the OTP received on your mobile number or by entering the PIN if you are transacting at a store pos terminal.
Most banks such as IndusInd Bank have a minimum cart value you need to purchase to avail of the EMI facility. You can choose to pay the EMI over 3 months to 1 year. The interest rate will vary accordingly.
Who is Eligible for EMIs on Debit Card?
There is a debit card EMI eligibilitycriteria set by most banks. Usually, banks offer it to the customers with a pre-approved or overdraft limit, where they can purchase products online or at stores using this limit. You can quickly check your eligibility by sending a SMS to the Bank.. At e-commerce websites, If you are eligible, an option of EMI on a debit card will automatically appear on the payment page.
Benefits of Debit Card EMIs
There are several benefits associated with paying your equated monthly instalments through a debit card, such as:
- Minimal processing fees
- You don’t require any documentation to get started
- No blocking of money in the bank account
- Flexible and suitable repayment tenure
- Affordable interest rates
- Simple repayments through your linked bank account
- No-cost EMI options with select Brands
- Instant access to funds
The Bottom Line
With several big merchants offering the option of EMIs, you don’t have to compromise on the big purchases anymore. you can easily convert your high-value purchases to EMI on a debit card. This is a simple and effective way to pay for your purchases directly from your bank account at reasonable interest rates. To find out more about EMI on debit card, visit IndusInd Bank.
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.
