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CitiBank Debit Card EMI

Citibank provides its customers with the CitiBank Debit Card EMI facility. Card-based shopping has become the new norm. Today, you can easily swipe your debit card or credit card at merchant stores and online platforms to make purchases. However, sometimes, you may want to make big-ticket purchases with your debit card but may not have the required funds in your account. In such scenarios, you can use the EMI on the debit card facility to fund your purchases. Find out more about the debit card EMI and CitiBank Debit Card EMI.

What Is EMI On Debit Card?

The abbreviation EMI stands for Equated Monthly Installments and is usually used with regards to home loans, personal loans, auto loans, etc. The lender gives you a loan for a fixed lump sum of money (known as the principal amount) and charges you interest on it. You can repay the principal amount along with the interest in convenient installments, known as EMIs. Earlier EMIs were only available on big-ticket purchases. However, today, you can get the EMI on a debit card on purchases from various online and merchant stores. For instance, if you wish to buy the latest gadget or a luxury product like a smartphone or a designer bag, you can do so with the EMI on Debit Card.

How to Check The Debit Card EMI Eligibility?

EMI on debit cards is a comparatively newer facility. As such, you will find this option only in selected stores and online shopping platforms. You can verify your eligibility for debit card EMI for online shopping websites in their payments section. In this way, you can check which debit cards you can use to avail of this facility. As for merchant stores and other retail outlets, it is best to call the stores before your visit to check if you fit the debit card EMI eligibility criteria.

Here are the Steps to Follow for EMI on Debit Card Facility

1. Visit a merchant store, retail establishment, website, or mobile app of the shopping platform after checking if they offer the EMI on debit card facility.

2. Choose the product you want to purchase.

3. Head to the payments page.

4. Choose your preferred repayment duration and select the debit card EMI option while swiping the card.

5. You must provide the information about the debit cards and verify the transaction via OTP. If you are shopping in person, you will have to input the debit card PIN to validate the purchase.

The Citibank EMI Process

Firstly, you have to purchase the product from the website of your chosen online EMI facility provider or one of their partner outlets. If you satisfy all the preconditions, your purchase will be converted into EMIs. The EMI amount will depend on the duration of the loan and the rate of interest applicable to it. For loan approval, you have to sign up on the EMI service provider’s website and submit your KYC documents such as PAN card and Aadhar card. To apply for the facility, you should be at least 18 years of age. Your creditworthiness is evaluated by your past payment history, income, instability of income, your current loans, and other parameters. Post the acceptance of your application, you can pay the minimum down payment and pay the rest in EMIs. The status of the entire process can be followed online. Loans can be procured from these online lending platforms speedily and feasibly on a range of products such as jewelry, electronic items, smartphones, and more. All you need is your Citibank debit card.

Things To Keep In Mind About The Citibank Debit Card EMI

  • Cashless transactions can be done through a debit card linked to your bank account.
  • EMI on debit cards is a facility that enables you to pay off high-value transactions in pocket-friendly, monthly installments.
  • The debit card EMI facility is available for both online and offline purchases.
  • You can check the eligibility for the debit card EMI by contacting your bank.
  • Check the payment section on online shopping portals to see if you are eligible for EMI on a debit card facility.

Benefits of Citibank Debit Card EMIs

There are multiple benefits associated with paying your equated monthly installments through a debit card

  • The processing fee is minimal
  • You do not require any documentation to get started.
  • Flexible and suitable repayment duration.
  • Money should not be blocked in the bank account.
  • Affordable interest rates
  • Simple repayments through your linked bank account
  • No cost EMI options with selected brands.
  • Instant access to funds.

FAQs of CitiBank Debit Card EMI:

1. How can I get the EMI from the CitiBank debit card?

Firstly, you have to buy the product from the website of your chosen online EMI facility provider or one of their partner outlets. If you meet all the preconditions, your purchase will be converted into EMIs.

2. What is the rate of interest for debit card EMI transactions for Citibank?

The rate of interest is determined by the bank by taking into account various factors. This will be at a 24% reduction per annum. The processing fee charged on Click an EMI is 2.5% of the purchase conversion amount or Rs. 200 (whichever Is higher).

3. How to know my eligibility for debit card EMI?

You can call the bank’s customer service line or send an SMS to check your EMI eligibility. You can also verify online by navigating to the payments area of an ecommerce website’s checkout page. You are eligible for EMI if you see it on your payment checkout page.

4. How to Pay EMIs through a Debit Card?

The procedure of making EMI payments through a debit card is pretty simple. The option of EMI on a debit card exists on both retail stores and online websites. Request a debit card EMI option if you are at a store. Proceed to checkout if you are shopping online after adding the product to your cart. Post this, select the EMI option with your bank debit card. Choose an EMI repayment tenure that is convenient for you. Approve the transaction by mentioning your details such as the debit card number, CVV, expiry date, etc. Validate the transaction by keying in the OTP obtained on your mobile number or by entering the PIN if you are transacting at a store pos terminal.

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