Kotak Mahindra Bank Ltd (KMBL) unveils 'Everything on EMI' offer for all eligible debit card holders where they can avail the Equated Monthly Instalments (EMI) facility on all their mid and high-value purchases at all offline and online outlets across the nation. "Offered under the #KotakSmartEMI initiative, this enables KMBL customers to buy virtually anything and everything - from groceries and fashion to smartphones and electronics - at any merchant establishment and pay via easy instalments," the private lender has said in its press release.
"So far, shoppers could avail EMI on debit cards only at particular outlets based on a tie-up between the merchant and the bank. Now, under the #KotakSmartEMI initiative, KMBL has extended the EMI on Debit Card facility to cover all permitted categories at any merchant store across the country, thus giving KMBL customers the convenience and freedom to buy virtually everything on EMIs. Transactions of Rs 5,000 or more can be converted into EMIs with no paperwork or documentation required," according to the media report of the bank.
"EMI on debit cards increases affordability for consumers, giving them the ability to pay for big-ticket purchases in small and easy instalments. In response to an increase in demand from our customers for EMI-based transactions, we are pleased to be able to significantly enhance the scope of our Pay Later offering for our customers by extending the EMIs on Debit Cards facility to almost all purchases made on one's Kotak debit card," Ambuj Chandna, President - Consumer Assets, Kotak Mahindra Bank said. He also added that "Further, with debit cards far outpacing credit cards in terms of number of cards, this initiative opens doors to affordable and convenient access to credit to a large, hitherto underserved market."
How to avail Kotak Smart EMI?
According to the official report of Kotak Mahindra Bank, customers can follow the steps listed below to avail Kotak Smart EMI.
- Customer makes a purchase through Kotak debit card at any online/ offline store.
- S/he will get a link via SMS, which can be used to convert the transaction into an EMI.
- Customer clicks on the link, chooses her/his preferred EMI tenure, reviews details and confirms the transaction.
- The transaction is instantly converted into EMIs.
- The original amount swiped is credited back to the customer's account.
Source: Kotak Mahindra Bank Ltd (KMBL)