Axis Bank Debit Card EMI
Axis Bank, one of the India’s leading private sectors banks, offers a convenient Debit Card EMI (Equated Monthly Installment) facility to its customers. This feature allows cardholders to convert high-value purchases into easy monthly installments without needing a credit card.
Whether you are buying electronics, appliances, or other expensive items, Axis Bank’s Debit Card EMI helps you to manage expenses efficiently.
What is the EMI offer for an Axis Bank debit card?
Instead of paying the entire amount at once, customers can divide their purchases into smaller, interest-free or low-interest monthly payments using an Axis Bank Debit Card EMI. This feature is available at partner merchants who accept EMI transactions, both online and offline.
Debit card EMI is a more cost-effective choice than credit card EMI because it takes the entire amount out of your bank account and pays it back to you in installments rather than having a credit limit.
How to get Debit Card EMI on Axis Bank Debit Cards?
The process for obtaining Axis Debit Card EMI is simple and equal to using a debit card to make a purchase. There are only a few more steps involved.
Online Debit Card Transaction (EMI)
- The first step for the buyer is to identify the products that qualify for Axis Debit Card EMI
- Continue to the purchasing page after confirming your selection. From the available payment methods, select Debit Card EMI first, followed by Axis Bank
- Several interest rates and duration options will be displayed to you. Select the option that meets your needs, then finish the payment
- Additional verification in the form of an OTP or PIN will be needed from you. After you enter the information, the order will be completed
- Your savings account receives the entire loan amount, and each month the EMI amount gets deducted from it
- Within two working days after the transaction date, the EMI process finishes and after thirty days the funds are refunded in the account, then the first installment will be taken out.
EMI for Debit Cards at the POS Location
- Find a store that accepts your Axis debit card for Debit Card EMI
- Purchase the things you want and bring them to the counter for payment
- Let the biller know before you want to take benefit of the debit card EMI offer
- Use the POS system at the merchant store to swipe your Axis debit card
- Next, the biller chooses the repayment duration, bill amount, and EMI option
- You will need to use your PIN and an OTP to verify the transaction
- After confirmation, the payment sheet is printed, and the transaction is marked as Succes
- Because it includes the terms and conditions of the EMI transaction, make sure to save this payment sheet.
Features of Axis Bank Debit Card EMI
The following are a few characteristics of the Axis Bank Debit Card EMI:
- No Need for a Credit Card: This makes use of your current debit card, as compared to credit-based EMI
- Suitable Periods: Options for repayment vary from three to twelve months
- Free EMI Available: Several stores provide EMI options with no interest
- Immediate Acceptance: No credit checks or lengthy paperwork
- High Merchant Network: Accepted by major merchants for both online and offline
- Fast Tracking: Your bank statement shows the EMI details.
FAQs
- Does Axis Bank offer free-interest EMIs for debit cards?
While some merchants charge low interest, others provide free EMI.
- What happens if my balance is insufficient to qualify for an EMI deduction?
If the balance is insufficient, then charges may apply for late payments. Before the deadline, make sure there is enough balance.
- Where can I use the EMI feature on my Axis Bank debit card?
You can use it at stores like Croma and Vijay Sales as well as partner online stores like Amazon and Flipkart that accept EMI payments.
- Does GST apply to EMIs from debit cards?
Yes, the interest component is tied to GST (18%). No-cost EMI is not covered by additional fees.
- Am I able to track my EMI payments?
Yes, you can track your EMI payments using bank statements, smartphone apps, or net banking
- Is my credit score affected by the EMI on my Axis Bank debit card?
No, it has no effect on your credit score because it is a debit-based EMI rather than a loan.
- After making a purchase, is it possible to cancel an EMI transaction?
No, the EMI cannot be canceled after it has been confirmed. You can close it by making the final payment.
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