Why My Debit Card is Not Eligible for EMI (2024)

Monica Kumari

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Hey. I have recently faced similar issues where I attempted to use my debit card for EMI but was unable to do so. I therefore contacted my bank manager and asked why my debit card is not eligible for EMI. He told me there could be several causes, including lacking a credit score or credit facilities and so on. Read on to learn more reasons.

Why am I Not Eligible for Debit Card EMI?

In India's financial sector, EMI options have transformed the buying experience and made it simpler for people to reach their financial objectives. However, in some cases you may see that the debit card is not allowed for EMI.

The following are the reasons my bank manager told me for getting debit card rejected for EMI:

• Debit cards don't have a credit limit, so they can't be used for EMI transactions. Instead, they are made for instant payments, taking money straight out of your savings account.

• Debit cards are exclusively used for instantaneous payments, according to certain bank and financial institution laws. They only permit EMI for credit card transactions.

• Eligibility for EMI on a debit card may depend on your credit history or financial circ*mstances. Due to low credit scores or past-due payments from defaults, issuers have the right to refuse EMI choices.

• Furthermore, he warned that the bank can deny my request for EMI if my salary is insufficient to support the instalment payments.

• The usage of debit cards for EMI payments may be restricted in India by banking standards and regulatory restrictions. These limitations are meant to safeguard clients against excessive debt and guarantee ethical lending activities.

In my case, there were salary issues and that’s the reason why is my debit card not eligible for EMI. I hope you found this answer helpful.

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