One of the lesser-known features available to debit card holders is the ability to convert purchases into easy-to-manage EMIs. Whether you’re planning a significant purchase or looking to spread out expenses, knowing how to check your debit card EMI eligibility is crucial. This guide will walk you through the essential steps to determine if you qualify for this flexible payment option, helping you make the most of your card’s benefits.
What is Debit Card EMI?
Debit card EMIs offer a way for you to make significant purchases even if your bank account lacks sufficient funds. When you select the debit card EMI option on a merchant's website, the process begins. Once the merchant and bank approve the request, the bank provides the required amount to your account. This amount can then be used to complete the payment.
Since the bank is extending a pre-approved overdraft, you need to repay the amount through EMIs along with any applicable interest. Additionally, you can select a repayment term that aligns with your financial situation.
How to Check Debit Card EMI Eligibility?
There are several ways you can check the eligibility of your debit card for EMI. Below are some of the most common ways to do so:
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Check with Your Bank
The first way to check debit card EMI for your card is to contact your bank. There are two ways in which you can do so:
- Online Banking: Most banks have online portals or mobile apps where you can check your eligibility. Look for options like 'EMI eligibility', 'debit card EMI', or similar.
- Customer Care: Contact your bank's customer care for direct information about your eligibility.
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Check at the Point of Sale
When checking out, you can also ask the person at the check-out counter whether they have any EMI options for debit cards. If available, select the debit card EMI option and follow the on-screen instructions. The system will usually verify your eligibility in real time.
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Check Through SMS Banking
Some banks provide SMS-based services to check eligibility. You can send a specific keyword (varies by bank) to a designated number to get information.
Below is a list of some of the codes and SMS numbers for each bank that will provide you with SMS-based services to check your debit card EMI eligibility:
| Banks | Codes and Details | SMS Number |
|---|---|---|
| HDFC Debit Card EMI | MYHDFC | 5676712 |
| ICICI Debit Card EMI | DCEMI (space) (last 4 digits of Debit Card number) | 5676766 |
| Axis Bank Debit Card EMI | DCEMI XXXX (last 4 digits of your debit card number) | 56161600 |
| SBI Debit Card EMI | DCEMI | 567676 |
| Kotak Debit Card EMI | ||
| DCEMI (space) (Last 4 digits of Kotak Debit Card Number) | 5676788 | |
| BOB Debit Card EMI | DCEMI | 8422009988 |
| Federal Bank Debit Card EMI | DCEMI | 5676762 |
Features and Benefits of EMI on Debit Card
Following are the benefits and features of debit card EMIs:
- The tenure for EMI payments can differ among providers, typically ranging from 24 to 36 months. Debit Card EMI options are available for specific transactions that meet a minimum value threshold, which varies by provider. For example, Axis Bank offers this feature for transactions above ₹5,000, while SBI requires a minimum of ₹8,000.
- Similarly, the maximum limit for Debit Card EMI can also differ between lenders. Axis Bank allows EMI for amounts up to ₹1 lakh, whereas HDFC Bank permits up to ₹5 lakh.
- No additional documentation is needed to use this service; it can be accessed with your current debit card.
- A longer EMI tenure results in smaller monthly payments.
- If you have extra funds, you can make advance payments on your EMIs or clear the entire loan amount early. Additionally, you can pay a portion of the purchase amount upfront and finance the rest through EMI, though this option depends on the seller's policies and may not be available universally.
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Conclusion
Understanding your eligibility for debit card EMI can empower you to make informed financial decisions and manage your budget more effectively. Always ensure you review the terms and conditions carefully and consult with your bank if you have any doubts.
FAQs:
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Is EMI available on all debit cards?
Not every debit card offers an EMI option. To find out if your debit card has this feature, you'll need to check with your bank.
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Is the debit card EMI option available for both online and offline shopping?
Yes. While online transactions are more common, you can also use Debit Card EMI for in-store purchases. However, the range of merchants and products offering this option might be limited.
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Will I be charged with interest rate on debit card EMIs?
Yes, using a Debit Card EMI is essentially a type of loan that accrues interest. The prevailing interest rates for this option typically fall between 12% and 16% annually.
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What is the typical tenure for EMI options on a debit card?
The EMI repayment period can differ among providers, usually extending up to 24 or 36 months. Debit Card EMI is available for specific transactions that exceed a minimum threshold, which can vary depending on the provider.
