When you urgently need money or you want to purchase an expensive item, credit cards come in quite handy. However, a majority of people do not own credit cards but there is no reason to worry if you are one of those people. You can now only take your debit card to use the EMI function.
Banks have now started giving EMI on Debit Cards as well. The service offers both EMI and credit options to debit card users. Yes, it is necessary that you must fulfil the eligibility prescribed by your bank for Debit Card EMI.
How to get EMI on Debit Card
The bank decides whether or not you will be able to use an EMI debit card. Your registered phone number and debit card information are used in this. There is no minimum balance requirement for customers to keep in their accounts in order to place orders. They must, however, confirm that they have enough money in their accounts to cover the EMI payments each month. From bank to bank, there are differences in the amount for which you can obtain an EMI made on the debit card.
How to Check EMI Eligibility on Debit Card
To check your eligibility status, contact your respective bank or send them a SMS. Contact the customer care executive of the bank. You can also check it out through an e-commerce website.
How to turn a purchase into EMI
- Purchase your product.
- Tell the store assistant to swipe your debit card transaction in EMI mode, while buying. The same option is available when you purchase online.
- Enter the tenure for which you want to take the EMI.
- SIgn the charge slip.
Once the bank grants your request, the transaction money will be returned, and a temporary EMI instalment account based on the tenor you choose will be created. Please be aware that the limit you have determines whether or not an EMI will be accepted. Your EMI request will be denied if the amount is greater than the limit that is permitted.
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