How to Check Debit Card EMI Eligibility

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.

What is Debit Card EMI?

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. 

Which Banks offer Debit Card EMI?

Several notable banks such as HDFC Bank, ICICI Bank, Axis Bank, SBI, Federal Bank, Bank of Baroda, etc. offer this facility.

How to Check EMI Debit Card Eligibility?

The eligibility criteria for each bank differ. The criteria for certain popular banks include -

Check Debit Card EMI Eligibility For HDFC Bank

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

Check Debit Card EMI Eligibility For ICICI Bank

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

Debit Card EMI Check For SBI Bank 

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

Debit Card EMI Eligibility Check For Other Banks

How Do I Get An EMI Facility On My Debit Card?

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.

Conclusion

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!