How to buy a mobile on EMI with an IDBI debit card?

All of us know the advantage of a debit card—it is like a prepaid card which you can use to go cashless. It lets you track your expenses, allows instant withdrawal of cash, facilitates easy transfer of funds and is very easy to manage. It also saves the headache of crossing your credit limit and accruing heavy interest charges—which is usually the case with credit cards.

However, with all these advantages, there is one downside to a debit card - the EMI option is sorely missed. Most people apply for a credit card thinking that only a credit card offers the option of EMIs. Wrong!

Did you know that you can buy your favourite mobile phone using your IDBI Debit Card? It is very simple and hassle-free! Read on how to buy your coveted mobile phone in easy EMIs using your IDBI debit card.

You needn’t apply for a credit card - if you only want to buy mobile EMIs. Banks have stringent policies when it comes to the issuing of credit cards, and it might be difficult for you to obtain one. Here is how to buy a mobile phone using a debit card—in easy EMIs.

How to buy a phone on debit card EMIs? 

There are various online lending technology platforms that let you shop using your debit card and convert it into easy EMIs. Thanks to these technology platforms, you can shop with your debit card with ease and choose from flexible tenure options.

Basically, the technology provider pays the price to the seller up front, and you make the down payment and the EMI payment to the technology provider. In short, such companies provide a loan on your debit card, enabling you to buy your phone.

Finomena, ZestMoney, Home Credit, FastBanking (now Kissht) are a few online platforms that have a quick approval process and EMI options that enable you to buy mobile phones, electronics and even furniture in easy EMIs on your IDBI debit card.

All you need to do is - 

• Buy your mobile phone at their online/offline partner outlets

• Sign up and upload/submit your KYC documents along with the application form

• Once your application is evaluated and accepted, you can decide on your monthly repayment amount, agree to / sign the agreement and make the required down payment

There are two factors to keep in mind:

1. You will need to make an initial down payment, and 

2. Check the interest charges applicable on the loan

So, make use of the latest benefits that technology offers you in the lending market, and buy that much-longed-for phone on EMIs on your existing IDBI Bank debit card.


  1. What is the average interest rate for IDBI Debit Card EMI options?

Debit card EMIs usually attract an interest rate in the range of 14-18%. 

  1. What kind of repayment tenure can I get with IDBI Bank Debit Card EMIs?

Debit card EMIs are similar to credit card EMIs. You can choose between 3, 6, 9 or 12 months EMI plans. 

  1. What happens if there is not enough balance for the EMI amount?

If your bank account doesn’t hold enough balance towards the EMI amount, you will be charged late payment charges and payment default charges. 

  1. Is it better to go for EMIs with a debit card or credit card?

Debit card EMIs are similar to credit card EMIs. However, you need to maintain a sufficient balance in your account towards the EMI debit. However, credit cards will be utilized from your credit limit. Credit cards usually have a higher credit limit and allow you to make bigger purchases. 

  1. Do debit cards have No Cost EMI options?

The No Cost EMI option is specific to the agreement between the bank and the seller. Hence, debit cards can also have No Cost EMIs. You will be able to find out during the checkout process.