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HDFC Debit Card EMI

Debit cards come with a lot of facilities including EMI. You can convert your transactions into easy installments by asking the mercantile to swipe the card in EMI exchange mode. You can choose a tenure that suits you. The EMI facility helps you pay back the amount without any pressure. Let us now read on to find out more about debit card EMIs and the HDFC Bank debit card EMI.

HDFC Bank Debit Card EMI

HDFC is among the leading banks in our country. It provides the option of EMIs on your debit card to give you a better shopping experience. You get a flexible repayment tenure in the range of 3 to 24 months. Moreover, you will get instant approvals and disbursals.

Features and Benefits of HDFC Bank Debit Card EMI

  • You can opt for no extra cost EMI with leading manufacturers like Sony, LG, and Samsung.
  • No documentation is required
  • You can receive funds immediately in your account
  • The repayment tenure is flexible and ranges from 3 to 24 months.
  • Get 100% finance to buy your products and services
  • Money does not get blocked in your account.

EMI Facility

  • HDFC debit card users can send an SMS MYHDFC to 5676712
  • After sending this message, you will get the info about the loan amount, merchant name where the offer can be availed, legitimacy, and expiration.
  • You can visit the merchant and pay using a debit card.
  • Choose the repayment duration and avail the benefit
  • The first installment will be deducted in 30 days from the reversal of the money in the account.

How To Check The HDFC Bank Debit Card EMI Eligibility Online?

You should SMS “DCEMI” to 56767 from your registered mobile number to check your EMI eligibility on the HDFC debit card.

Fees and Charges for HDFC Bank Debit Card EMI

1. Auto debit return penal interest

2% plusGST@ 18% whenever applicable. This is subject to change according to the government instruction. A minimum of 450 will be charged.

2. Late Payment Fee

Non-Payment or partial payment of EMI outstanding will draw a late payment penalty of Rs.300 plus GST @ 18% (subject to change as per Govt. instruction) regardless of the EMI outstanding.

3. Pre-closure Charges

Pre-closure of the loan will attract a charge of 3% of the balance principal outstanding plus GST @ 18% (subject to change as per the government instruction).

4. Rate of Interest

Flat 16% Return on interest for debit card EMI on customer interest bearing model.

General Terms and Conditions of The HDFC Bank Debit Card EMI

  • This Easy EMI facility is purely optional and at the discretion of the merchant. It can be withdrawn without any prior notice.
  • Availability, delivery, quality, merchantability, or suitability of the services to be rendered by merchants under the EasyEMI scheme and HDFC Bank shall not be held liable for the same in any manner whatsoever.
  • According to the notification of the government of India, any tax applicable from time to time is applicable on all fees, interest, and other charges. It is subject to change according to relevant regulations of the government of India.
  • HDFC Bank and merchants reserve the right to add, modify, change, or vary all or any of these terms and conditions or replace fully or in part this EasyEMI Scheme by any other scheme. This new scheme can be similar to this EMI scheme or not or withdrawn altogether without prior notice.
  • Disputes, if any, will be handled according to Indian laws and shall be subject exclusively to the jurisdiction of the Chennai courts.
  • Processing fees will not be changed in case of complete refund or preclosure.

How Does The Debit Card EMI Work?

A debit card EMI is a payment method that enables you to make purchases via a debit card without paying the amount in full. The payments are processed and completed via the pre-approved overdraft facility. The bank bears the payment to the merchant on your behalf, and instead of a one-time payment, you repay via EMI through the current or savings account linked to your debit card. This payment facility can help you make a purchase even if you do not have full cash in your bank account. For example: if you want to make a payment of Rs.32,000 at Amazon and opt for the HDFC Bank debit card EMI facility with a duration of 4 months. On approval through the bank and the merchant, the amount of Rs. 32,000 will be credited to the bank account. A direct payment will be made to Amazon, and this 32,000 will then be retrieved through fixed EMI as the duration chosen by you (4 months). Therefore, for 4 months, you will pay an EMI of Rs. 8000 plus the interest and processing charges if applicable. The bank gave you a loan of Rs. 32000 which you will repay later through EMI. Therefore, for your purchase, it is the bank that makes the payment to your merchant and you pay it back to the bank through EMIs. The interest and the processing fee are charged on these EMI payments, which may vary from bank to bank.

Things To Know about Debit Card EMI In General

  • The EMI tenure may differ across all providers. Generally, the range is up to 24 or 36 months.
  • The debit card EMI option can be availed across selected transactions that cross the minimum value. The minimum value eligibility may differ across all providers. For instance, with Axis Bank, you can avail this option for transactions above Rs. 5,000, whereas SBI expands this option to transactions above Rs. 8,000.
  • The debit card EMI option can be availed across specific transactions that cross the minimum value. The maximum amount may also vary across all lenders similar to the minimum value. For instance, Axis Bank Debit Card EMI option can be availed for a maximum amount of Rs. 1 Lakh, however for HDFC Bank, it is capped at Rs. 5 Lakh.
  • You do not require any documents to choose this facility as you can opt this with your current debit card.
  • The longer the debit card's EMI tenure, the lower the EMI amount.
  • If you have surplus funds, you can make down payments for your EMIs and clear off your loans.
  • Moreover, you can partially pay a bigger part of the purchase amount and partially opt for EMI. However, this is according to the seller’s terms and conditions and may not be allowed by all.

FAQs of HDFC Bank Debit Card EMI

1. How can I check my HDFC debit card EMI?

SMS “DCEMI ” to 56767 from your registered mobile number to check your HDFC debit card EMI eligibility.

2. Can I avail EMI on an HDFC debit card?

Whether it is online or in-store purchases, you can get the EasyEMI facility on HDFC Bank debit cards, credit cards, and consumer loans. EasyEMI is a better way to pay for all kinds of purchases - electronics, furniture, apparel, and more. Enjoy the benefits of No Cost EMI at leading brands and stores.

3. How can I activate my HDFC debit card EMI?

Your bank will automatically allow standing instructions on your SB account to enable debit of monthly payments for EMI. Please ensure to keep enough balance in your SB account to cover the EMI amount.

4. How can I activate EMI on my debit card?

You can move to the payment page on websites where the offer is available. You will be given a choice to select the EMI on debit card payment option at the checkout page. After selecting the EMI on the debit card option, you can choose the tenure and agree on the T&Cs proposed by the bank.

5. How can I check my pre-approved limit on my HDFC debit card?

Ensure that you are registered on Whatsapp with the same HDFC registered mobile number. Save the number: 7065970659. Now, open Whatsapp and send a message - “DCEMI” to this number. You will receive a reply message in which you can see the pre-approved limit for your debit card.

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