Debit Card EMI

Last Updated 04th Jul 2020

Compare Debit Card EMI For Top Banks

Bank Interest Charges Processing Fee Foreclosure Charges Late Payment Charges
SBI 14% Nil 3% 2%
Axis Bank 14% 1.5% or Rs. 150 whichever is higher Nil Up to Rs. 500
HDFC Bank 16% Rs. 99 3% Rs. 500
ICICI Bank 15% Rs. 199 2% and 1 month interest charges applicable in advance while foreclosure Up to Rs 750

EMI on Debit Card

Debit cards come with a lot of features and benefits including EMI facilities. To convert your transactions into easy installments, you can ask the mercantile to swipe the card in EMI exchange mode and select a tenure which suits you. The EMI facility helps you to pay back amount without any pressure.

Overview of Debit Card for EMI

Undisciplined swiping of a credit card can lead you to huge financial trouble. This is why most of the people avoid keeping a credit card with them. And with time, credit cards are not the only option to make purchases on EMIs. Nowadays, banks have started providing EMIs on Debit Card. This facility is an attempt to bridge the gap by offering EMI and credit facilities to debit card users too.

How to Check EMI on Debit Card?

To check the EMI on Card, you can call the bank’s customer care number or send SMS to check your eligibility. You can also check online by going to the payments section on the checkout page of e-commerce websites. If you can see EMI in your payment checkout page, then you are eligible for it.

Top Banks that Offers Debit Card EMI in India

The top four banks that offer EMI facility on Debit Cards are:

SBI Debit Cards for EMI

The State Bank of India launched the EMI facility on Debit Card in October 2019. The cardholders can avail this facility with zero documentation, no processing fee, and instant disbursal. SBI debit cardholders can avail this facility at 4.5 lakh point of sales machines across India.

Features & Benefits

  1. SBI debit cardholders can opt for an EMI tenure ranging from 6 to 18 months.
  2. You can avail the benefits such as zero documentation and no processing fee.
  3. Also, you can enjoy the benefits such as instant disbursal, no branch visit, and zero cost EMI on selected brands.
  4. The EMIs will begin after one month after the transaction is complete.

EMI Facility
SBI account holders that have excellent credit history are eligible for availing the zero-cost EMI facility.

  1. If you have an SBI Debit Card, you can check your eligibility by sending an SMS typing DCEMI to 567676 from your registered mobile number.
  2. Once you send the message, you will get your loan eligibility and merchant name from where you can avail of the offer.
  3. When you make payment at the store, notify the store executive to swipe your debit card transaction in the EMI mode, and select a preferred tenure.
  4. Your transaction will get converted into EMIs, and it will start deducting after one month from the transaction done.

HDFC Bank Debit Cards for EMI

HDFC is one of the leading banks in our country and provides the facility of EMIs on your debit card to give you better shopping experience. With HDFC bank, you get flexible repayment tenure ranging from 3 to 24 months. In addition, you get instant approvals and disbursals.

Features & Benefits

  1. You can avail No Extra Cost EMI with leading manufacturers like Sony, LG, and Samsung.
  2. No documentation required.
  3. Get funds immediately in your account.
  4. Flexible repayment tenure ranging from 3 to 24 months.
  5. Get 100% finance to purchase your products and services
  6. No blocking of money in your account

EMI Facility

  1. HDFC Debit Card users can send a message - MYHDFC to 5676712. After sending the message, you will get the info about the loan amount, legitimacy, expire and merchant name where the offer can be availed.
  2. You can visit the merchant and pay via debit card.
  3. When making payment, choose the ‘HDFC Debit Card EMI’ option.
  4. Choose the repayment tenure and avail the benefit.
  5. The first installment will get deducted in 30 days from the reversal of the money in the account.

ICICI Bank Debit Card for EMI

ICICI Bank launched EMI on Debit Cards around two years ago. This is beneficial for non-credit cardholders as they can buy anything without worrying about the complete and upfront payment. Earlier, the choice to pay in EMIs for high-end products was available to only credit card users. But now, the bank provides this facility on debit cards too. The only condition to avail of this feature is that you should have a fixed deposit of at least Rs 10,000 connected to their savings account.

Features & Benefits

  1. Flexible EMI tenure options ranging from 3-24 months.
  2. The interest rates start at 13% for those who opt for a tenure of up to 1 year. If you need more than 1 year to pay your bills, the interest rate will be 15% on reduction basis.
  3. EMI feature is available for any shopping transaction exceeding Rs. 10,000 at partnered stores.
  4. At present, this facility can be accessed by every ICICI Bank Savings Account holder and some Current Account users, provided that they have a recurring or fixed deposit (no less than Rs 10,000) linked to their account.

EMI Facility
Here’s how to avail EMI facility if you’re an ICICI Bank customer:

  1. To get the details of your nearest outlet providing the Debit Card EMI facility, all you have to do is SMS EMI <PIN CODE> to 56886 or visit the website.
  2. You make purchases via ICICI Bank debit card and proceed to payment
  3. The transaction is authorized, and conversion to EMI happens post successful validation of the parameters.
  4. EMI conversion and reversal of amount will take place in 2 working days.
  5. The first installment will get deducted in 30 days from the reversal of the money in the account
  6. The account statement will display the details of the transaction.

Axis Bank Debit Card for EMI Facility

Axis Bank also provides an EMI facility on your Debit Card. You can easily convert your high-end purchases into easy monthly installments at partner stores and point of sales.

Features & Benefits

  1. Flexible EMI tenure ranging from 3-12 months.
  2. The interest rate is 14% per annum on a reduction basis.
  3. The minimum amount that you must advance using this service is Rs 10,000, and you can avail up to Rs 1 Lakh.
  4. You need to pay a processing fee of 1% or Rs. 150, whichever is higher. It will be a one-time charge.

EMI Facility

  1. Debit card users can send a message, EMID XXXX (Last 4 digits of your debit card number) to 5676782.
  2. After sending the message, you will get the info about the loan amount, legitimacy, expire, and merchant name where the offer can be availed.
  3. In case, you have any query; you can call on the customer care number 1800 103 5577 /1800 209 5577.

Debit Card EMI - Eligibility & Documentation

To check eligibility for EMI on the debit card, you can call your bank’s customer care number or send SMS. Once you call or send a message to your lender, you will get the eligible loan amount and merchant name where the offer can be availed. To get the EMI facility, you are required to make a minimum purchase of a certain amount as required by your bank. Some lenders provide EMI facility only to those customers who have a clean financial and credit history. The best advantage of EMI facilities on the Debit Card is that you are not required to submit any documents. Hence, the process is easy and you get instant disbursal of loan.

EMI Conversion Procedure

You can convert your transactions into EMI using the following steps:

  1. Visit the store from where you want to buy the product.
  2. While making the payment, notify the store executive to swipe your debit card transaction in the EMI mode and select a preferred tenure.
  3. The transaction will get approved on your debit card as per the current balance in the savings account. Your purchase will get rejected if the sum is more than the available limit.
  4. If you agree to all the terms and conditions, you can sign the charge slip.
  5. The swiped purchased transacted money will be deposited back to the user on T+3 and a temporary installment account will be generated as per your selected EMI term.

FAQs

What is EMI on debit card?

Purchasing any product or services on monthly installments using your debit card is termed as EMI on Debit Card.

Is EMI available on debit card?

Yes, EMI is available on most of the Debit Cards. However, before purchasing the product, you should call your bank’s customer care number to confirm.

Can I buy a phone on EMI using debit card?

Yes, you can buy a phone on EMI using your debit card.

How does EMI work on debit cards?

First, check with your bank if you are eligible for EMIs or not. If you are eligible, then visit the partner store of your bank and buy the product. While making the payment, notify the store executive to swipe your debit card transaction in the EMI mode and select a preferred tenure. The transaction will get approved on your debit card as per the current balance in the savings account.

What is the eligibility for SBI debit card EMI?

If you are a SBI account holder, you can check your eligibility by sending an SMS typing DCEMI to 567676 from their registered mobile number.

How can I check my HDFC debit card EMI?

HDFC Debit Card users can send a message - MYHDFC to 5676712. After sending the message, you will get the info about the loan amount, legitimacy, expire, and merchant name where the offer can be availed.

Is my HDFC debit card eligible for EMI?

Yes, your HDFC debit card is eligible for EMI. You also have the option to check EMI eligibility by sending SMS - MYHDFC to 5676712.

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