Many online shopping people will know that EMI is often paid only by credit card.
But can you pay EMI using debit card too? The answer is yes, but only when your debit card Will ICICI Bank or Axis Bank. There are probably only two banks in India that allow their customers to pay EMI from debit cards. Not all banks offer this facility and there are many reasons why they do not.
ICICI Bank is the first bank to introduce EMI (Equated Monthly Installment) on debit card earlier..
Nevertheless, both these banks have different conditions or conditions for this service, i.e. to pay EMI from their debit card. Customers who adhere to these rules, they are able to pay EMI from their debit card.
Beyond this, using debit cards to fill EMIs is limited to a few specific online stores. So far, banks have yet to extend this facility to big online stores such as Flipkart and Amazon etc. So let's know now how we can use debit card for EMI.
In this article, I have explained all this process for ICICI Bank. Similar procedure is also applicable in Axis Bank, just the difference may be in their terms of conditions or in the rate of interest.
How to pay EMI from ICICI Bank's Debit Card?
ICICI Bank's option to pay EMI from debit card turns your big transaction into easy installments. Information about this is also given on their official website. We have explained its summary to you below.
Is there any processing fee?
What is the tenure option and the respective interest rate?
You can lay EMI for 3,6,9,12,18, or 24 months. The rate of interest is 13% for 3,6,9 and 12 months and 18% for 18 or 24 months.
Who can use this facility?
All saving account holders and some selected current account holders who have a fixed deposit or then recurring deposit which is linked with the same account, all of them can use this facility.
However, this facility is not available for Tax Save Fixed Deposit or PPF.
What is the minimum transaction applicable for Debit Card EMI Option?
This facility is available for all transactions in excess of 10,000 rupees at EMI participating stores.
- The maximum limit given to customers for doing EMI will be the principal value of your fixed deposit or 90% of recurring deposit on that date.
- EMI tenure fixed deposit should be less than maturity date, if you are unable to.inplete it, then the bank can cancel your EMI conversion request and auto-renew your fixed deposit.
You can read their more Terms & Conditons here.
ICICI Bank Of with Qin-Which brands The tie-up did Is, debit card EMI pay from To do Of for?
- Apple only for smartphones
- Samsung for smartphones and consumer products
- Other brands are Haier, Hero Motors, Firefox, Kurlon, Lenovo, Nikon, Sharp, Sleepwell, Suzuki Motors, TVS motors, Vespa Motors and VLCC.
How to check the nearest store for EMI facility?
To find your nearest ICICI debit card EMI stores,
You can also see the list of stores from here.
How to avail the EMI scheme on ICICI Bank's Debit Card?
Visit a participating merchant brand store with your ICICI bank debit card and follow the steps given below:
- Purchase a product of participating brand.
- Inform the sales executive that you want to avail the option of EMI from your debit card.
- They will enter your total purchase amount and will also swipe your debit card, and you will also have to enter your PIN to authenticate your transaction.
- Now the amount entered will be deducted from your savings account and you will be given a receipt, in which details will be provided to avail the EMI facility for that specefic transaction.
- Sign the slip and give it to the sales personnel.
- Transaction will be converted to EMI and whatever tenure you have chosen, the amount from your debit card will be deducted from time to time accordingly.
- In two business days your deducted amount will be reverse in your debit card.
- The first installment will be deducted after 30 days from your date of reversal.
- Transactions and EMI will reflect on your statement.
- You cannot cash your fixed deposit until all your EMI’s have been paid.
From all other merchants, you can pay in this way through EMI from your debit card.
The procedure for Axis Bank is also largely the same. You can know more about Axis Bank's EMI option by clicking here.
Let me know if you have any questions related to this post?
To show your happiness and eagerness to our post, please post this post like Social Networks Facebook, Google+ and Share on etc.
Subscribe to keep reading more similar informational posts and to get notifications about new blog posts.
Comment below to ask any kind of question related to this blog post.
Kasba Blog –