Buy a Mobile on EMI with an Axis Debit Card
Are you craving for your favorite—and pricey—mobile phone but holding back due to the lack of a credit card to buy it in easy EMIs? Or is your ‘mobile loan’ rejected because you do not have a credit history or because of insufficient salary?
Well, there is no longer any need to mope in a corner and brood for the lack of credit! Did you know, certain banks extend EMI facility on debit cards! This EMI facility basically works as a loan against your savings account.
Axis Bank offers this facility to its debit card holders. This scheme is specially designed to enable customers to convert their regular purchases into EMIs at select partner merchant outlets and e-retailer portals. Below are the features and benefits of this scheme:
• You can opt from tenures ranging from 3,6,9 and 12 months
• Zero documentation
• 100% financing
• Instant loan processing
• EMI calculated on reducing balance rate of interest
• Minimum Loan amount is Rs. 10,000 and the maximum loan amount is Rs. 1 Lakh
However, there are certain downsides as well:
• Finance charges of 14% p.a apply.
• Offer is applicable for select customers based on internal bank policies.
• A one-time Processing Fee of 1% or Rs 150, whichever is higher.
• Need to have the requisite balance in your account in order for the bank to approve your transaction
How to check eligibility for Axis Debit Card EMI offer
If you wish to make a purchase using your Axis Bank Debit Card, you can verify the EMI offer eligibility in advance by sending an SMS to the following number from your registered mobile number.
SMS EMID (space) last 4 digits of your debit card number. Send this message to mobile number 5676782
You will receive information about your eligible loan amount, validity and merchant name where the offer can be availed.
If you have any concerns, you can also contact the Axis Bank Customer Care number.
How to shop for your mobile phone using Axis Debit card—in easy EMIs:
You can simply buy your mobile phone in 3 easy steps:
1. Visit the partner outlet where this offer is available. You can check Axis Bank’s website for details on partner outlets.
2. Choose your desired mobile phone and head to the billing counter
3. Inform the executive at the billing station to swipe the debit card transaction in the EMI conversion mode and not the normal Purchase mode. Select the tenure option.
If you have an active debit card and the requisite balance in your savings account, the transaction will be approved. Do keep in mind that your transaction will be declined if the amount swiped is over the available limit of your Savings Account. The swiped amount will be credited back to your savings account within 3 working days and an Installment account will be created which will be billed monthly as per the tenure selected.
It doesn’t get any simpler. So, what are you waiting for? Grab this opportunity to buy your favorite mobile phone on EMIS, using your Axis debit card, without requiring any credit card!