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ICICI Debit Card EMI

A debit card EMI is a mode of payment that enables you to make purchases through a debit card without paying the amount completely. The payments are processed and completed through the pre-approved overdraft facility. The bank pays on your behalf to the merchant and instead of one-time payment, you can repay in EMIs via the current or savings account linked to your debit card. Even if you do not have the money to pay in full in your bank account, you can make a purchase with the EMI option. Let us read on to find out more about debit cards for EMI and about the ICICI debit card EMI.

Overview of Debit Cards for EMI

Not everybody is comfortable using a credit card, and credit cards do not cover individuals from certain professional backgrounds. People in modern times need more and more comforts and luxuries sometimes become necessities. Whether from the middle or lower rung of the economy, people are endlessly looking for funds. So far, credit cards, EMI options, and credit cards on EMI were the norms. But, not everybody will own a credit card or even have the luxury of EMIs. This paved the way for debit cards for EMI. This provision is an attempt to fill the gap by facilitating the convenience of credit and EMI to debit card users too.

ICICI Bank Debit Cards For 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.

What Are The Features and Benefits of The ICICI Debit Card For EMI?

  • There is no documentation process involved in converting the debit card transactions into EMIs.
  • There is no particular processing fee charged to avail this service.
  • There is no need for a security deposit or down payment.
  • The EMI tenure options are flexible and can be anything from 3 months, 6 months, 9 months, 18 months, 1 year, and 2 years.
  • The interest rate is as low as 13 percent on a reduction basis for those who choose tenures of up to one year. If you need more than one year to settle the bills, the rate will be slightly more, which is 15 percent on a reduction basis.
  • Currently, this facility can be used by every ICICI bank savings account holder and some existing account users with a fixed or recurring deposit which is not less than INR 10,000. You cannot link any tax beneficial account such as PPF.
  • This EMI feature can be availed for any kind of shopping transaction that exceeds INR 10,000 at partnered stores.
  • ICICI has partnered with Apple in over 2000 stores across the country.
  • ICICI has established ties with Samsung in over 9000 stores throughout India for purchasers of smartphones, tabs, LEDs, fridge, AC, cooler, microwave oven, and more.
  • SMS EMI to 56886 or visit the website in order to get the details of your nearest outlet providing a debit card EMI facility.
  • ICICI has partnered with big names in the automobile industry and others such as Haier, Firefox, Kurlon, Hero Motors, Lenovo, Nikon, Sharp, Sleepwell, Suzuki Motors, Vespa Motors, TVS motors, and VLCC.
  • You can use the current fixed deposits to exchange luxury buys for effortless installments.
  • You can also avail of this facility at popular online stores.

How To Access The ICICI Bank Debit Card EMI Facility?

  • The customer transacts at a participating partner store and chooses the duration of the EMI.
  • The customer pays through the ICICI Bank debit card and enters the ATM PIN at specific terminals in the store.
  • The transaction is authorized and after successful evaluation of parameters, the transaction gets converted into EMIs.
  • EMI conversion and reversal of the amount to the account happens within 2 business working days after the transaction date.
  • The first installment will be deducted 30 days from the reversal of the money in the account.
  • The account statement will show the transaction with suitable narration.

How Is The Debit Card EMI Different From No Cost EMI?

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:

TenureEMI in case of No Cost EMIEMI in case of Debit card EMI
Ist monthRs. 7000Rs. 7000 plus 99 plus 1% of Rs. 21000 = 7309
2nd monthRs. 7000Rs. 7000 plus Rs. 1% of 14,000 = 7000 plus 140 = 7140
3rd monthRs. 7000Rs. 7000 + Rs. 1% of 7000 = 7000 plus 70 = 7070
Total amount paidRs. 21,00021,519

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.

FAQs of ICICI debit card EMI

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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