Overview of Debit Cards for EMI:
Not everybody is comfortable with a credit card just as credit cards don’t cover individual from certain professional backgrounds. But the sky-high aspiration levels remain the same for all and sundry.
Fully automated washing machines to armoire refrigerators. Glitzy Galaxy S6 accommodating every imaginable app to uber sleek laptops and tabs. Multi-room audio home theatres to coolest SLRs. Modern times witness a steady conversion of superfluities to absolute necessities. And people belonging from mid to lower rung of the economy is endlessly looking for funds. So far credit cards, EMI options and credit card on EMI were the norms. But not all ambitious customer owns a credit card or even has the ‘luxury’ of EMIs and pretty everyone has a savings bank account and a debit card to go with it. And this paved way for a new player in the field – Debit Cards for EMI. This facility is an attempt to bridge the gap by facilitating the convenience of credit and EMI to debit card users too.
Top 2 Banks That Offers Debit Cards for EMI in India are:
- ICICI Bank
- Axis Bank
1. ICICI Bank Debit Cards for EMI:
ICICI Bank, India’s largest private bank, launched an equated monthly instalment (EMI) option for its clientele on debit card shopping two years ago. This is a great news for non credit card holders as they can indulge their fancies once in while without worrying about the complete and upfront payment. The choice to pay in Easy Monthly Instalments for high-end purchase was a luxury reserved only to credit card users until then. The only condition to avail this feature is that the user should have a fixed deposit of at least INR 10,000 connected to their savings account to make use of this. EMI tenures basically depend on the price and how much you can afford to pay as down payment though it range from three to 12 months. The FD has to be retained until you settle the due amount completely.
Features & Benefits of ICICI Debit Card for EMI:
- There is no specific processing fee levied to avail this service.
- You have a flexible EMI tenure options ranging from 3 months, six months, 9 months, 1 year, 18 months to 2 years.
- The interest rate is as low as 13 percent on reduction basis for those who opt for tenures up to one year. If you need more than one year to settle the bills, the rate will be slightly more, which is 15 percent on reduction basis.
- At present, this facility can be accessed by every ICICI Bank Savings Account holder and some Current Account users with a fixed or recurring deposit (no less than INR 10,000) linked to their account. You cannot link any tax beneficial account such as PPF.
- EMI feature can be availed for any shopping transactions exceeding INR 10,000 at partnered stores.
- Converting your EMIs has never been easier or devoid of tedious documentation.
- To help out Smart Phone buyers, ICICI has partnered with Apple in more than 2000 stores across the country.
- ICICI also has ties with Samsung in over 9000 stores throughout India for buyers of Smart phones, Tabs, LEDs, Fridge, AC, Cooler, Microwave Oven and more.
- To get the details of your nearest outlet providing Debit Card EMI facility, all you have to do is SMS EMI <PIN CODE> to 56886 or visit the website.
- ICICI is partnered with big names in the automobile industry and others such as Haier, Firefox, Kurlon, Hero Motors, Lenovo, Nikon, Sharp, Sleepwell, Suzuki Motors, Vespa Motors, TVS motors, and VLCC.
- Make use of your current fixed deposits to exchange luxury buys to effortless instalments.
- You can also avail this facility at popular online stores.
How to access of ICICI Bank Debit Card EMI facility:
- Customer does a transaction at participating partner stores and selects the tenure of EMI.
- Customer pays by ICICI Bank Debit Card and inputs the ATM PIN at specified terminals in the store.
- Transaction is authorized and conversion to EMI happens post successful validation of parameters.
- EMI conversion and reversal of amount in the account happens within 2 business working days after the transaction date.
- First installment will be deducted 30 days from reversal of the money in the account.
- Account statement will display the transaction with appropriate narration.
2. 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. Credit card is still not as widely used as debit cards though the fantasies and demands of modern lifestyle are the same for all. 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:
- A single-stop solution for Axis Bank account holders for exchanging standard and high-value purchases into easy month instalments at partnered mercantile and point of sales.
- Offer for chosen target consumers in compliance with the bank policy.
- You can choose the tenure to pay off the entire bill, which ranges from three to twelve months.
- The reducing balance rate of interest is 14 percent per annum.
- The minimum amount you must advance using this service with your Axis Debit Card is INR 10000 and you can avail up to INR 1 lakh.
- You cannot convert the transacted amount albeit partly.
- You have to pay a Processing Fee of one percent or INR 150, whichever is more, which will be a onetime charge.
Who is Eligible for Debit Card for EMI feature from Axis Bank:
- To authenticate the EMI offer eligibility, debit card user can send an SMS, EMID XXXX (last 4 digits of your debit card number) to 5676782
- 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.
- If you have any queries or concerns, call the bank’s toll free customer care number, 1800 103 5577 /1800 209 5577.
Please take a look at the EMI per INR 1000 for each of the Aforementioned Tenures:
EMIs per INR 1000
EMI Conversion Procedure:
Converting the EMI is a simple process as elaborated in the following steps.
- You shall call at the Mercantile where you want to avail the offer from and pick a product.
- 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.
- 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.
- You agree to all the terms and conditions as you sign the charge slip.
- 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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