Want To Make EMI Payment Without Credit Cards? Check Debit Card EMI Details and Eligibility Here

There has been a tremendous increase in the post-payment exchange of goods and services with the modern financial system, especially after the credit card introduction to India. Over the years, easy debit card payments and immediate cash withdrawals have omitted multiple challenges for Indian consumers.

The EMI services are presently no longer limited to credit cards or specific EMI cards but also extended an arm with Debit cards In India. The accessibility and presence of higher debit cards than credit cards in India have led banks and financial institutions to offer EMI services on Debit cards as well.

The EMI or Equated Monthly Instalments is a facility for making post-payments towards goods and services as per the account holder's preference. The allowance of making large purchases without the availability of necessary funds also enhances the consumption and production within the market, which in turn results in increasing loan consumption by the manufacturers as well, ultimately increasing the overall financial service business of the economy.

Workings of Debit Card EMI

Debit card EMIs work simply if the account holder wishes to purchase, for instance, a laptop. The laptop price is considerably higher for the individual as he holds only 50% of the amount required in his/her account. However, the facility of Debit Card EMI allows the cardholder to make full payment to the merchant using the same account with the listed or bank-partnered merchants.

Individuals must acknowledge the list of banks and institutions accepted by the merchants for Debit Card EMIs in India. Once the payment for the laptop concludes, account holders must ensure timely repayment of the debit amount until the maturity period set by the loan provider. Failing to repay the EMIs can result in a negative credit score for the savings account holder.

How To Check Eligibility for Debit Card EMI Payment?

There are multiple ways for account holders to check whether they are eligible to make EMI payments through the Debit card. Mobile applications by banks and institutions are the quickest methods to check every specific detail and eligibility of customer accounts. Similar to interest rates, loan facilities and bill payments, the eligibility for debit card EMI is also visible through the mobile banking application.

Account holders must open the respective bank application, enter the details and link the debit card of the particular savings account. Once the account is linked successfully, the details will appear on the Dashboard of the application. Most of the banks would have the option for EMI mentioned in the menu, which might be available under the Debit card menu as well. The account holder can avail of all the details regarding the debit card EMI eligibility, partnered merchants, down payment requirements, minimum payment requirements and maximum limit for the purchases along with Debit card EMI eligibility.

Another easy method to check eligibility for debit card EMI is to send an SMS through the registered mobile number. The registered mobile number helps bank customers know almost all services and eligibilities without any hurdles instantly. The merchants accepting the Debit Card EMI facility must make a prerequisite check for cardholders to avoid any misunderstandings. Here the SMS codes to check debit card EMI eligibility for some of the large financial institutions in the country are mentioned.

For HDFC Debit Card EMI eligibility, one must send an SMS entering 'MYHDFC" to 5676712, while for Bank of Baroda Debit Card EMI eligibility type 'DCEMI' to 8422009988. Kotak Mahindra Bank expects customers to send the SMS with 'DCEMI' to 5676788 through the registered mobile number for Kotak Debit Card EMI eligibility. Similar to this, SBI Debit Card EMI eligibility is known just by typing 'DCEMI' and sending the SMS to 567676, and ICICI Bank Debit Card EMI eligibility is checked by sending an SMS to 5676766 with 'DCEMI '.