Debit cards have eliminated the need for cash and made transactions easier. Now, banks are also providing EMI facilities on debit cards, making them more accessible for our every use.
Here is how to check debit card EMI eligibility.
Debit card EMIs allow users to make big-ticket purchases even without sufficient funds in their bank account.
When the customer makes a purchase, he/she can choose the debit card EMI option on the merchant's website. After the approval from the merchant and the bank, the bank transfers the amount to the customer’s account, which can be used to make the payment.
As the bank is offering the amount as a pre-approved overdraft facility, customers have to pay EMI on the amount and the applicable interest. You can also choose the repayment tenure that is suitable for your financial condition.
Several notable banks such as HDFC Bank, ICICI Bank, Axis Bank, SBI, Federal Bank, Bank of Baroda, etc. offer this facility.
The eligibility criteria for each bank differ. The criteria for certain popular banks include -
To check debit card EMI eligibility on HDFC Bank Debit Card, SMS 'MYHDFC' to 5676712
The features and conditions of HDFC bank EMI eligibility are as follows:
The minimum loan amount you can avail is Rs. 5000 and the maximum is Rs. 5,00,000
There is no additional documentation required for availing this facility and can be requested without prior notice
You have the option to choose a flexible repayment tenure from 3 months to 36 months
The charges and fees of the EMI are as follows
Interest rate : 16 %
Auto Debit return penal interest : 2% plus GST @ 18% whenever applicable
Late Payment Fee : Rs.300 plus GST @ 18%
Pre-closure charges : 3% of the balance principal outstanding plus GST @ 18%
HDFC bank does not block money in the account for EMI conversion
For debit card EMI eligibility check,
SMS DCEMI<space><last 4 digits of Debit Card number> to <5676766>
ICICI bank debit card EMI facility has the following features:
ICICI bank does not ask for any down payment or documentation for approving the facility
Customers can avail any amount between Rs. 5000 and Rs. 5,00,000
The bank provides a flexible repayment tenure from 3 months to 12 months
The charges and fees applicable are
Interest rate : 16% per annum
Auto-debit Return Penal Rate : 2% of Total Amount Due + GST
Late Payment Fee : Rs. 500 to Rs. 750 + GST
Pre-closure Charges : 2% of the balance amount outstanding + GST
Processing fee : Rs. 99 + GST
For debit card EMI eligibility check with SBI bank,
SMS DCEMI to 567676 from your registered mobile number with the Bank.
Features & Benefits of SBI Bank Debit Card EMI facility:
SBI debit card holders can take advantage of EMI with zero processing fees, no documentation, and quick disbursement.
The minimum and maximum loan amount is Rs. 3000 to Rs. 2,00,000.
Based on the amount availed, you can choose a tenure between 3 to 36 months
The fees and charges for the EMI are as follows
Rate of Interest : 18.30%
Prepayment penalty : 3% of pre-paid amount
Processing fee : NIL
Name Of The Bank
Eligibility Check Process
SMS DCEMI<space><Last 4 Digits of Debit Card> to 56161600
SMS DC<space>EMI to 5676762 or give a missed call to 7812900900
Kotak Mahindra Bank
SMS DCEMI <space> <Last 4 Digits of Debit Card> to 5676788
SMS MYOFR to 5676757
SMS EASYBUY<space> <Last 4 digits of IDFC First bank card number> to 5676732
The process of availing EMI on a debit card is similar to that of a credit card.
On the merchant’s website, determine the products eligible for Debit Card EMI. This information is available on the product page.
Once you decide what to purchase, go to the checkout page. From the payment options, select your debit card and then EMI.
From the various tenure options and interest rates, select the option suitable for you and complete the payment.
Provide PIN or OTP for authentication and place the order.
Until the EMI conversion is completed, the entire transaction amount is blocked on your Debit Card.
Within two business days of the transaction date, the EMI conversion and account reversal of the funds occurs.
The first installment will be deducted 30 days after the funds are re-deposited into the account.
Debit card EMI bridges the gap between convenience and financial stability. It eliminates the need for credit checks, reduces approval time and provides the opportunity to build credit score. Several banks in India offer debit card EMI and have simple eligibility checking processes. The next time you are short on funds while purchasing what your heart desires, you know what to do!
Debit card EMI may include additional charges in addition to the interest rate and processing fee. These include late payment penalties, foreclosure penalties, and so on. These fees may differ from one bank to the next.
No, not all debit cards offer an EMI option. Check with your service provider bank to see if this option is available for your debit card.
Most debit card EMIs include additional fees such as processing fees, foreclosure charges, and so on. However, if you choose no-cost debit card EMIs, you will only have to pay the total amount of the purchase, not anything more.
Yes, Debit Card EMI is a type of loan that charges interest. Current interest rates range between 12 and 16% per year.
Since the debit card EMI is a type of loan, repaying it will improve your credit score. Unlike credit cards, debit card EMI does not require background checks or minimal credit score. It is instant and does not require prior notice.
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