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About ICICI Debit Card EMI
ICICI Bank is India’s largest private bank. It provides the option of equated monthly installments (EMI) on debit cards for its customers. This is a great option for those who do not have a credit card as they can shop without worrying about the complete and upfront payment. The option to pay in monthly installments for a high-end purchase was a luxury available only to credit card users before this debit card EMI option was introduced. The only condition to avail of this feature is that the user should have a fixed deposit of at least INR 10,000 connected to their savings account to make use of this. EMI tenures vary according to the price and how much you can afford to pay as a down payment, though it ranges from 3 to 12 months. The FD has to be retained until you pay the due amount completely.
The debit card EMI is different from No Cost EMI or Zero Cost EMI. With No cost EMIs, you need not pay any price in excess of the product for which you availed the EMI. So, a No Cost EMI does not include any processing fee or interest charges. Even if any charge is applicable, it is adjusted in the form of a discount, which finally makes the total EMI equivalent to the price of the product. With regards to the debit card EMI facility, the amount is transferred to your bank account as a loan. So, you have to pay interest charges and processing fees. The EMIs, in this case, are thus exclusive of the interest charges, which makes the total EMI greater than the price of the product. Let us take an example: Suppose, you purchase a product of Rs. 21,000 for a duration of 3 months. If it is a debit card EMI, you will also be levied a processing fee equal to Rs. 99 and an interest rate of 12% per annum (1% per month). According to this, your EMIs will be as follows:
Computation is done on the basis of the daily reducing balance. The no-cost EMI option is provided on the basis of tie ups with the merchant and bank on the basis of ongoing offers, which may differ from time to time.
1. How can I know my ICICI debit card EMI?
You can find your debit card EMI account number on the monthly bill received on your email ID. Enter the due amount in the “total amount due” field in the confirmation section.
2. When is an ICICI debit card not eligible for EMI?
If you are eligible for a debit card EMI from the bank side, but if you are not eligible for the platform from which you want to buy your product, then you will not be able to utilize the debit card EMI payment option.
3. How can I change my EMI date in ICICI bank?
There is no set process for doing this. You must notify your lender of the required EMI date change. This can be achieved by contacting your lender’s customer service, visiting a nearby branch, and submitting a request form addressed to the branch manager.
4. How does EMI on a debit card work?
The EMI process is quite simple. Each bank has a specific minimum amount of purchase that has to be made. Once the total purchase amount at a merchant exceeds this defined amount, the cardholder gets an option to make a payment through the debit card EMI on the merchant’s platform.
5. How can I know my ICICI outstanding loan amount?
Firstly, you have to login to your net banking portal and go to the loans section. Here, you can apply, verify, or know the balance on the loan you apply.
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