Debit Card EMI - Debit Card EMI Eligibility Check

The debit card EMI facility enables debit cardholders to convert any of their online or offline transactions into EMI, like the credit card EMI option. This EMI facility is considered a pre-approved overdraft facility that is offered to the account holder, and the payment is made to the seller on your behalf by the bank.

After the payment is made, the purchase amount gets deducted from your bank account in monthly installments for a specified tenure. This facility allows you to make a purchase even when you do not have the full purchase amount in your bank account.

How to Check Eligibility for Debit Card EMI

The following is the list of SMS codes for respective banks through which you check the Debit Card EMI eligibility:

Top Banks Offering EMI on Debit Card

• HDFC Bank
• State Bank of India
• Axis Bank

1. HDFC Bank Debit Cards for EMI Facility

HDFC is one of the largest banks in India and allows you to avail debit card EMI facility with flexible repayment options.

Features & Benefits of HDFC Bank Debit Card EMI Service

1. You don’t have to submit any documentation

1. You get flexible repayment option with tenure ranging between 3 to 36 months
2. You get 100% finance to purchase the product or service of your choice
3. You can avail yourself of the No extra cost EMI with leading manufacturers like LG, Sony, and Samsung

How to Check Eligibility for Availing EMI on HDFC Bank Debit Card?

To check your eligibility for HDFC debit card EMI facility:

1. SMS: Type ‘MYHDFC’ and send an SMS to 5676712
2. WhatsApp: Say ‘DCEMI’ to 7065970659
3. Missed call: From your Mobile to 9643222222
                                              (or)
4. Visit the merchant store, mobile application or website
5. Choose your product and proceed to complete the payment
6. On the payment gateway, click on ‘HDFC Debit card EMI’

1. If you are eligible for EMI service, you will find the option of ‘Pay using debit card EMI’ or ‘No cost EMI’
2.  Choose the repayment tenure option suitable for you and complete the transaction

2. SBI Bank Debit Cards for EMI Facility

The SBI debit card holders can avail EMI facility with zero processing charges and n documentation, and quick disbursal.

Features & Benefits of SBI Bank Debit Card EMI Service

1. You can choose an EMI option having tenure between 6 to 28 months

1. You don’t have to pay any processing fee and there is zero documentation involved
2. Your EMI will start one month after the transaction is complete
3. You can avail yourself of the zero-cost EMI facility

How to Check Eligibility for Availing EMI on SBI Bank Debit Card

The eligibility for SBI Debit card EMI facility is as follows:

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1.   You can also type ‘DCEMI’ and send a message to '567676' from your registered mobile number
   

                                                                (or)

1. Visit the merchant store, mobile application or website
2. Choose your product and proceed to complete the payment
3. On the payment gateway, click on ‘SBI Debit card EMI’
4. If you are eligible for EMI service, you will find the option of ‘Pay using debit card EMI’ or ‘No cost EMI’

3. Axis Bank Debit Card for EMI Facility

EMI on your Axis Bank Debit Card has the purpose of advancing cash to the customer without bias to his/ her spending nature to make instant payments on the sustenance of the charge.

Axis Bank shows its strong trust in its clients by offering this feature for the bank’s debit card users.

Features & Benefits of Axis Bank Debit Card EMI Service

1. A single-stop solution for Axis Bank account holders for exchanging standard and high-value purchases into easy month instalments.
2. Offer for chosen target consumers in compliance with the bank policy.
3. You can choose the tenure to pay off the entire bill, which ranges from three to twelve months.
4. The reducing balance rate of interest is 14 percent per annum.
5. The minimum amount you must advance using this service with your Axis Card is Rs.10000 and you can avail up to Rs.1 lakh.
6. You cannot convert the transacted amount albeit partly.
7. You have to pay a Processing Fee of one percent or Rs. 150, whichever is more, which will be a onetime charge.

How to Check Axis Bank Debit Card EMI Eligibility

1. To check EMI offer eligibility, debit card user can send an SMS, DCEMI XXXX (last 4 digits of your debit card number) to 56161600
2. In response of the SMS sent to consumer will get the info about the entitled loan sum, legitimacy, expiry and mercantile name where the offer can be bought.
3. If you have any queries or concerns, call the bank’s toll free customer care number, 1800 103 5577 /1800 209 5577.

Also, have a look at EMI using Citibank Debit Card

How to Apply for Debit Card EMI?

The following are the steps to apply for Debit Card EMI:

• Select the option ‘Debit Card EMI’ on the payment page
• Enter the EMI tenure (tenure ranges from three months to 12 months)
• To authenticate the transaction, enter the Debit Card details such as:

1. CVV
2. Expiry date
3. Card number
4. Savings or current account details

1. Enter the OTP received on the registered mobile number

1. Once the transaction is approved the entire amount is credited to the account to make full payment to the merchant

Features and Benefits of Debit Card EMI

The following are the key features and benefits of debit card EMI scheme: 

1. The tenure and amount of EMI varies from one bank to another, such as:

1. ICICI Debit Card EMI: Rs.5000

1. SBI Debit Card EMI: Rs.8000

1. The minimum and maximum EMI ranges from Rs.1 lakh to Rs.5 lakh
2. Longer the EMI tenure the lesser would be the amount of EMI
3. The EMI tenure ranges from three to 12 months and depends on the transaction amount
4. No additional document required

1. To avail this Debit Card EMI facility, a nominal processing fee charged from the cardholder
2. Interest charged per annum ranges from 12% to 16%
3. A transaction cannot be converted to EMI after making a purchase
4. This EMI is available for selected e-commerce website, brand, and products
5. The offer is applicable for only specific debit cards

Advantages Of Debit Card EMI Over Credit Card EMI

The following are the advantages of Debit Card EMI over Credit Card EMI:

1. Everyone does not have access to credit cards
2. To apply for credit cards, you need to have a good credit score unlike debit cards
3. Debit card EMI is considered as a loan which is reported to the credit bureau

1. The EMI amount gets auto debited from your savings account as it is linked to your account thereby reducing the chances of missing out on EMI payments. Also read the Amazon EMI Advantages and Eligibility.

How Does Debit Card EMI Work?

Assume you have to make a payment of Rs. 20,000 at Flipkart and choose the Debit Card EMI facility with a tenure of 6 months. On approval via the bank and the merchant, the amount of Rs. 18,000 will be credited to your bank account, through which a direct payment will be made to Flipkart.

This Rs. 20,000 will then be retrieved via fixed EMI as per the tenure chosen by you (6 months). Therefore, for six months you will pay an EMI of Rs. 3,333 (+interest and processing charges if applicable). 

In a way, the bank gave you a loan of Rs. 20,000 which you later repay in EMIs. Therefore, for your purchase, it is the bank that makes the payment to your merchant which you have to pay over a few months. Note that interest and processing fee is charged on these EMI payments, which may vary from bank to bank.

EMI Conversion Procedure

Converting the EMI is a simple process as elaborated in the following steps.

1. You shall call at the Mercantile where you want to avail the offer from and pick a product.
2. Next step is to notify the store executive to swipe your debit card transaction in the EMI exchange mode instead of the usual Purchase mode and punch on a preferred tenure.
3. The transaction will be sanctioned on your active debit card as per the current balance in the savings account. The deal will be rejected if the sum is more than the available limit.
4. You agree to all the terms and conditions as you 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.

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