EMI payments on debit cards

Need an EMI option when shopping? Want to shop to your heart’s content but do not have a credit card to avail of easy EMIs? Would like a credit card but do not qualify for the one you want? Not sure which is the best credit card for you? Credit card application been turned down? Well, here’s some good news for you! Did you know that you can avail of EMI offers on your debit cards too?

For instance, ICICI debit card holders can make use of the EMI offer extended by the bank on their cards. You can easily convert your high value purchases on your debit card into easy installments. What are the requirements of using debit cards with EMI facilities? First, you need to have a fixed deposit or recurring deposit linked to your bank account if you want to avail this offer. Moreover, the EMI offer is valid only on select durables like smart phones, tablets, televisions, refrigerators, air conditioners, microwave ovens as well as certain other select products. Other ICICI Bank partner tie-ups include Haier, Hero Motors, Firefox, Kurlon, Lenovo, Nikon, Sharp, Sleepwell, Suzuki Motors, TVS motors, Vespa Motors and VLCC. You can use your debit card at these partner companies and enjoy the convenience of paying in EMIs on purchases made on your card.  

Other banks, like for instance HDFC and Axis Bank, also allow their customers to shop for their favorite gadgets in easy EMIs using their debit card. You can check with the bank’s website for details on partner outlets and eligibility. Keep in mind that you will need the requisite balance in your savings account for the transaction to be approved.

All bank debit cards: You can also buy furniture, mobiles, and electronics online using any bank debit card and have those converted into easy EMIs by shopping on certain online lending platforms. Platforms like ZestMoney, Finomena, and FastBanking (now Kissht), let you shop using your debit card and convert the transaction into easy EMIs. They have a quick approval process and several EMI tenure options. You can choose your own tenure as per your budget and get your transaction converted into easy EMIs.

So remember, it is no longer necessary to have a credit card to be able to pay in installments. You can use your debit card at certain online platforms or with certain banks and vendors to be able to enjoy all the convenience of EMI payments without the necessity of possessing a credit card. Your debit card is an often-overlooked asset sitting right there in your wallet – that will allow you to shop with ease and convenience!