ICICI Debit Card EMI

How to Check Eligibility Criteria by SMS?

You can check your eligibility for ICICI Bank Debit Card EMI.

1. Send SMS to DCEMI <space> last 4-digits of the Debit Card number to 5676766.

 For online transactions, during the checkout process, eligible customers will see the ICICI Bank Debit Card EMI option on the payment page.

Features and Benefits of ICICI Bank EMI on Debit Cards

1. Unlike loans, the ICICI Bank EMI on debit cards feature does not have a processing fee.
2. Customers have the option of choosing the tenure to make the repayment for the transaction.
   1. They can choose either 3-months, 6-months, 9-months, 1 year, 18 months or 2 years.
3. The interest rate varies based on the tenure chosen by the customer.
   1. For the 3-month, 6-month, 9-months and 1 year tenure, the interest rate is 13% (on reducing basis).
   2. For the 18 month and 2-year tenure, the interest rate is 15% (on reducing basis as well).
4. As already mentioned, all ICICI Bank customers who have a linked fixed deposit or recurring deposit account with the bank are eligible for this feature.
5. The EMI facility is available for all transactions above Rs.10,000 at the listed stores.
6. Some of the partner stores include Apple, Samsung, Haier, Hero Motors, Firefox, Kurlon, Lenovo, Nikon, Sharp, Sleepwell, Suzuki Motors, TVS motors, Vespa Motors and VLCC.
7. Soon the EMI facility on debit card purchases will be available on popular e-tailing websites.

Fees and Charges

Steps to Avail ICICI Bank EMI on Debit Cards

1. The ICICI Bank customer makes a transaction at any of the partner stores and selects the tenure that financially suits him/her.
2. The customer has to pay using his/her ICICI Bank debit card and finalises the transaction by entering the ATM PIN.
3. Once the transaction has been made, the payment is converted to EMIs following validation of certain parameters.
4. On approval, the amount used to purchase the product is reversed into the account of the ICICI Bank customer within 2 working days following the transaction.
5. The customer has to pay the first installment 30 days from the reversal of the money into the account.
6. The bank statement of the customer will display the details of the transaction, the reversal and the EMI payments.

How to make Transactions at any of the Partner Stores and Choose a suitable tenure?

When an ICICI Bank customer wants to make a transaction at any of the partner stores and choose a suitable tenure for their payment, they can follow these steps: 

1. Step 1: Visit the merchant's store, website, mobile site, or mobile app.
2. Step 2: Browse and select your favourite product, then proceed to the payment section.
3. Step 3: Look for the 'ICICI Bank Debit Card EMI' option and choose it.
4. Step 4: Select your preferred tenure from the available options: 3 months, 6 months, 9 months, or 12 months.

1. Step 5: If you're making an online purchase, provide your Debit Card details, including the card number, expiry date, and CVV.
2. Step 6: To complete the purchase, verify your identity by entering an OTP or 3D Secure PIN.
3. Step 7: If you want to check your Debit Card EMI limit, send an SMS with the message ‘DCEMI [last 4 digits of your Debit Card number]’ to 5676766.

Terms and Conditions for ICICI Bank EMI on Debit Cards

1. The decision to convert the high-value transaction into EMIs lies at the discretion of ICICI Bank.
2. The maximum limit that can be converted into EMIs is 85% the value of the FCNR fixed deposits.
3. The EMI tenure chosen by the customer has to be less than the maturity date of the fixed deposit. If it passes the maturity date of the fixed deposit, the bank will reject the EMI conversion request.
4. If the EMI conversion request is approved, the money will be reversed into the bank account of the customer within 2 days from the date of transaction.
5. Preclosure charges will be applicable.
6. Depending on the tenure chosen by the customer, the interest rate will be charged on a monthly reducing basis.
7. The interest rate will be made known to the customer from the point of transaction.
8. The EMI will be automatically debited from the account of the debit card holder. For this to happen, the customer has to maintain the required amount in his/her account to pay the EMI.
9. If the customer fails to pay the EMI, the money to be repaid will be taken from the fixed deposit of the customer including pre-closure penalty charges. This will occur two months following the first default in EMI payment.
10. The ICICI bank customer can cancel the EMI facility within 15 days from the transaction. In this case, the money which was converted into EMIs will be debited from the customer's bank account. In this case, there will be no pre-closure charges.
11. If the expiry date of debit cards falls within the EMI tenure, the customer has to ensure that the debit card is renewed in advance and there is no lapse in EMI payments.
12. If the customer has changed his/her address, they have to inform the bank within a week of making the change.

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score