EMI Facility: Debit card holders will also be able to pay in EMI, this bank is providing convenience to the customers

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    EMI On Debit Card: Like credit cards, now banks are also offering Equated Monthly Installment (EMI) facility to debit card holders, but not all commercial banks are providing this facility yet. In such a situation, now debit card holders will also be able to take expensive goods on EMI and can easily pay as installment every month. However, not all customers of banks are eligible for this facility. Currently two PSU banks, SBI and Bank of Baroda and HDFC, ICICI, data-internallinksmanager029f6b8e52c="82" title="Axis Bank news">Axis, Federal and Mahindra Bank Box are offering it.

    SBI Bank

    State Bank of India introduced EMI facility on debit cards in October 2019.

    Cardholders can avail this facility with zero documentation, no processing fee and instant disbursal.

    SBI debit card holders can take advantage of this facility up to Rs 4.50 lakh on sale machines across India. EMIs generally range between 6 months to 24 months.

    If you have SBI Debit Card, you can check your eligibility by sending SMS by typing DCEMI 4 digit of the card number to 567676 from your registered mobile number.

    HDFC Bank

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    With HDFC Bank, you get flexible repayment tenure ranging from 3 to 24 months. Plus, you get instant approval and disbursal. You will get up to 100% of the total amount of the product with ‘0’ processing fee.

    To check your EMI eligibility on HDFC Debit Card, SMS “Last 4 Digits of DCEMI Card” to 56767 from your registered mobile number.

    HDFC debit card users can send a message to MYHDFC 5676712 to avail EMI facility. After sending the message, you will get information about the loan amount, validity, expiry and merchant name where the offer can be availed.

    ICICI Bank

    ICICI Bank introduced EMI on debit cards about two years ago. The only condition to avail this benefit is that you must have a fixed deposit of at least Rs 10,000 from their savings account.

    Interest rates start at 13% for those opting 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 a reduced basis. Flexible EMI option available for ICICI Bank customers from 3 to 24 months

    To check Debit Card EMI eligibility, SMS “Last 4 Digits of DCEMI Card” to 5676766 from your registered mobile number.

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    Axis Bank

    Axis Bank also offers EMI facility on Debit Card. One can easily convert any high-end purchase into EMI at partner stores and point of sales. The interest rate is 14% per annum.

    This service can be used for a minimum amount of up to Rs 10,000. The maximum amount is up to Rs 1 lakh. Processing fee of 1% or Rs.150, whichever is higher, will have to be paid. This will be a one time charge.

    To check your EMI eligibility, validity and loan amount on Axis Bank Debit Card, send SMS DCEMI XXXX (Last 4 digits of your Debit Card number) to 5676782.

    Bank Of Baroda

    Bank of Baroda also offers EMI facility on Debit Card. In this offer, customers of the bank will get instant approval of personal loan at the time of purchase of 50 products from e-commerce or shopping portal or offline medium. EMI facility can be availed on purchases up to Rs.50,000.

    Federal bank

    Private bank Federal Bank also provides this facility to its customers. The tenure ranges from 3 months to 12 months depending on the amount and requirement of the customer.

    To avail this option, customers need to submit an application to the branch along with a valid declaration. It will take 2-3 days to activate the service. The bank said that generally, all EMIs are no cost EMIs.

    Mahindra Bank Box

    Kotak Mahindra Debit Card offers you a loan up to Rs 15 lakh. Duration ranges from 6 months to 24 months. There is no down payment. This bank offers instant loan approval facility.

    There is a processing fee that ranges from Rs 99 to Rs 2,999 depending on the loan amount. The minimum loan amount is Rs 5,000. The bank’s website says that all the debit cards of Kotak Mahindra Bank have got EMI facility.

    Card data

    According to the Reserve Bank of India data, there are 63 million credit cards and 91 crore debit cards in the country as of May 2021.

    EMI facility is available on maximum 2% of the 91 crore debit cards. According to a study by SBI, at least 55% of debit cards will have EMI facility by 2025.

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