Are you dreaming of that shiny new phone or a luxurious home makeover, but your bank account sings a different tune? Worry not, for Debit Card EMI magic is here to bridge the gap between your desires and your wallet. Let's unlock the secrets of this convenient payment method and see how it can transform your shopping sprees, one swipe at a time.
How does Debit Card EMI work?
Imagine spotting the gadget of your dreams, just out of reach. With Debit Card EMI, you can split the cost into manageable monthly instalments, making that coveted item feel within reach. Here's how it works:
1. Choose the EMI option: When you find an eligible product (usually above ₹5,000), select the Axis Bank Debit Card EMI payment method at checkout.
2. Pick your plan: Choose a suitable tenure (3, 6, 9, 12, 18, or 24 months) and interest rate for your EMI payments based on your eligibility.
3. Get instant approval: Based on your pre-approved limit or eligibility, your purchase is financed by Axis Bank.
4. Pay in instalments: The total cost is divided into equal monthly payments (EMIs) deducted automatically from your linked savings account on the due date each month.
Think of it as a flexible loan pre-approved for your Debit Card. Unlike credit cards, you don't borrow against a credit limit; instead, you spend within your existing bank balance and repay in instalments. This makes it a responsible way to manage large purchases without dipping into your savings or incurring high credit card interest.
What is the Debit Card EMI facility?
The Debit Card EMI facility is a convenient payment option that converts purchases into easy monthly instalments. With this facility, you can make big-ticket purchases using your Debit Card and spread the cost over a specified period. It allows you to manage your finances while enjoying the benefits of EMI payments.
How to pay EMI on a Debit Card?
To pay EMI on a Debit Card, you need to follow a simple process -
Step 1: Select the desired product or service and proceed to the payment page on the e-commerce site or merchant platform.
Step 2: Choose the Debit Card EMI option and select a suitable tenure for repayment.
Step 3: Enter your Debit Card details, including the one-time password (OTP) received on your registered mobile number, to authorise the payment.
Step 4: Once confirmed, the EMI amount will be automatically deducted from your bank account each month.
Who is eligible for Debit Card EMI offer?
Eligibility criteria may vary, but generally, you'll need:
- A good credit score and repayment history.
- A minimum salary or income as per the bank's policy.
- A Savings Account linked to your bank Debit Card.
Advantages of Debit Card EMI over Credit Card EMI:
1. No Credit Card required: No need for a separate credit card application or annual fees.
2. Spend within your means: You can't overspend beyond your available balance.
3. Potentially lower interest rates: Compared to credit card EMIs, bank Debit Card EMI rates can be more competitive, starting at 14% p.a. (reducing the balance rate).
4. Disciplined repayment: Automatic deductions encourage timely payments and build good financial habits.
Important things you should know about Debit Card EMIs
- Processing fee: A processing fee of 1% of the transaction amount or ₹100, whichever is higher, will be charged.
- Tenure and interest rates: Choose your tenure from 3 to 24 months, with interest rates ranging from 14% to 16% p.a. (reducing balance rate of interest).
- Minimum and maximum loan amount: The minimum loan amount is ₹5,000, and the maximum is ₹1,00,000.
- Partial conversion not allowed: Once converted to EMI, the transaction cannot be partially converted back to your savings account.
- Check your eligibility: Send an SMS DCEMI XXXX (last 4 digits of your Debit Card number) to 56161600 to receive information about your eligible loan amount, validity, and merchant stores where the offer can be availed.
In a nutshell
Axis Bank transforms big-ticket purchases into affordable monthly payments, facilitating wise and deliberate spending. With Axis Bank Debit Card EMI, responsible shopping has never been easier. Swipe now, pay later, and make your dreams a reality, one convenient instalment at a time.
In summary, Axis Bank's Debit Card EMI option stands as a shining example of modern banking adaptability, offering both ease and fiscal responsibility right at your fingertips. It eliminates the necessity for a credit card, ensures timely repayments through automatic deductions, and offers attractive interest rates. Perfect for those who aim to align their aspirations with their financial reality. This innovative service allows you to fulfil your immediate shopping desires responsibly. Apply now for Axis Bank Debit Card EMI and get detailed insights on the specific benefits, eligibility criteria, and terms and conditions.
Also Read: Virtual debit card: The future of card payments
Frequently Asked Questions
Q1. Can I use the Debit Card EMI option for both online and offline shopping?
Yes, the EMI option is available for both online and offline purchases at merchants partnered with the bank or lending platform.
Q2. Am I charged interest on Debit Card EMIs?
Yes, interest is typically charged on Debit Card EMIs, but the rates are generally lower than Credit Card EMIs.
Q3. What is the typical tenure range I can get on Debit Card EMIs?
Tenure options vary but typically range from 3 to 24 months, depending on the purchase amount and bank policy.
Q4. Is the Debit Card EMI option available on all Debit Cards?
No, not all Debit Cards offer EMI. Check with your bank or look for the EMI logo displayed at partner merchants.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
