Debit cards have eliminated the need for cash and made transactions easier. Now, banks are also providing EMI facilities on debit cards, making them more accessible for our every use.
Here is how to check debit card EMI eligibility.
What is Debit Card EMI?
Debit card EMIs allow users to make big-ticket purchases even without sufficient funds in their bank account.
When the customer makes a purchase, he/she can choose the debit card EMI option on the merchant's website. After the approval from the merchant and the bank, the bank transfers the amount to the customer’s account, which can be used to make the payment.
As the bank is offering the amount as a pre-approved overdraft facility, customers have to pay EMI on the amount and the applicable interest. You can also choose the repayment tenure that is suitable for your financial condition.
Which Banks offer Debit Card EMI?
Several notable banks such as HDFC Bank, ICICI Bank, Axis Bank, SBI, Federal Bank, Bank of Baroda, etc. offer this facility.
How to Check EMI Debit Card Eligibility?
The eligibility criteria for each bank differ. The criteria for certain popular banks include -
Check Debit Card EMI Eligibility For HDFC Bank
To check debit card EMI eligibility on HDFC Bank Debit Card, SMS 'MYHDFC' to 5676712
The features and conditions of HDFC bank EMI eligibility are as follows:
The minimum loan amount you can avail is Rs. 5000 and the maximum is Rs. 5,00,000
There is no additional documentation required for availing this facility and can be requested without prior notice
You have the option to choose a flexible repayment tenure from 3 months to 36 months
The charges and fees of the EMI are as follows
Interest rate : 16 %
Auto Debit return penal interest : 2% plus GST @ 18% whenever applicable
Late Payment Fee : Rs.300 plus GST @ 18%
Pre-closure charges : 3% of the balance principal outstanding plus GST @ 18%
HDFC bank does not block money in the account for EMI conversion
Check Debit Card EMI Eligibility For ICICI Bank
For debit card EMI eligibility check,
SMS DCEMI<space><last 4 digits of Debit Card number> to <5676766>
ICICI bank debit card EMI facility has the following features:
ICICI bank does not ask for any down payment or documentation for approving the facility
Customers can avail any amount between Rs. 5000 and Rs. 5,00,000
The bank provides a flexible repayment tenure from 3 months to 12 months
The charges and fees applicable are
Interest rate : 16% per annum
Auto-debit Return Penal Rate : 2% of Total Amount Due + GST
Late Payment Fee : Rs. 500 to Rs. 750 + GST
Pre-closure Charges : 2% of the balance amount outstanding + GST
Processing fee : Rs. 99 + GST
Debit Card EMI Check For SBI Bank
For debit card EMI eligibility check with SBI bank,
SMS DCEMI to 567676 from your registered mobile number with the Bank.
Features & Benefits of SBI Bank Debit Card EMI facility:
SBI debit card holders can take advantage of EMI with zero processing fees, no documentation, and quick disbursem*nt.
The minimum and maximum loan amount is Rs. 3000 to Rs. 2,00,000.
Based on the amount availed, you can choose a tenure between 3 to 36 months
The fees and charges for the EMI are as follows
Rate of Interest : 18.30%
Prepayment penalty : 3% of pre-paid amount
Processing fee : NIL
Debit Card EMI Eligibility Check For Other Banks
Name Of The Bank | Eligibility Check Process |
Axis Bank | SMS DCEMI<space><Last 4 Digits of Debit Card> to 56161600 |
Federal Bank | SMS DC<space>EMI to 5676762 or give a missed call to 7812900900 |
Kotak Mahindra Bank | SMS DCEMI <space> <Last 4 Digits of Debit Card> to 5676788 |
IndusInd | SMS MYOFR to 5676757 |
IDFC Debit | SMS EASYBUY<space> <Last 4 digits of IDFC First bank card number> to 5676732 |
How Do I Get An EMI Facility On My Debit Card?
The process of availing EMI on a debit card is similar to that of a credit card.
On the merchant’s website, determine the products eligible for Debit Card EMI. This information is available on the product page.
Once you decide what to purchase, go to the checkout page. From the payment options, select your debit card and then EMI.
From the various tenure options and interest rates, select the option suitable for you and complete the payment.
Provide PIN or OTP for authentication and place the order.
Until the EMI conversion is completed, the entire transaction amount is blocked on your Debit Card.
Within two business days of the transaction date, the EMI conversion and account reversal of the funds occurs.
The first installment will be deducted 30 days after the funds are re-deposited into the account.
