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IDFC Debit Card EMI

IDFC Bank is now offering the debit card EMI facility. The EMI facility was earlier offered by credit cards only. But now, top banks provide the EMI offer on debit cards as well. You can ask the merchant to swipe the card in the EMI exchange mode and choose a preferred tenure for the EI conversion process. The purchase may get denied if the amount is higher than the available limit.

What Is Debit Card EMI?

A debit card EMI is a payment method that enables you to make purchases through a debit card without paying the amount in full. Instead, the payments are completed through the pre-approved overdraft facility. The bank takes care of the payment to the merchant on your behalf. You can now repay easily via EMIs through the current or savings account connected to your debit card.

The EMI on Debit Card Facility - How To Opt For It?

You can follow the below mentioned steps to opt for a debit card EMI facility

  • Choose the ‘Debit card EMI’ option and enter the EMI duration from the given options.
  • Generally, you can opt for a duration in the range of 3 to 12 months but this may differ across the vendor or the bank.
  • Post choosing the duration, validate the transaction by keying in the debit card details such as CVV, expiry date, card number, and savings or current account details.
  • Then, you will receive an OTP on the registered mobile number. Enter this OTP.
  • The required amount is disbursed to your account and full payment is made to the merchant when the transaction is approved.

This amount is deducted from your bank account every month according to the selected duration. You can choose an auto payment option to pay this EMI. Herein, the EMI amount is automatically deducted from your savings or current account. Moreover, you can also make a down payment in the middle of the EMI cycle, if you get enough funds in hand. This can build your credit score and can also help you become debt-free quickly. However, foreclosing the loan and prepayment of EMIs may attract charges. Besides the online shopping portals, you can choose the debit card EMI facility even at POS terminals across physical retail outlets. To do this, you need to swipe your card at the POS machine at the merchant store and enter the amount and duration. If the transaction qualifies for the EMI facility, the loan amount is transmitted to the merchant. In this case, you have to make sure that you collect the charge slip consisting of the terms and conditions.

Debit Card EMI Eligibility

The debit card EMI facility may not be available to everyone. It depends upon a number of aspects, the most important of which is the bank’s decision. Based on certain factors, your bank will decide whether you are eligible for the debit card EMI on your purchase.

Overview of The IDFC Debit Card EMI

IDFC enables an easy buy on your debit card by providing the debit card EMI option. This is a smart and convenient way to buy products of your choice. You can use your pre-approved limit on your debit card at selected merchant outlets. You can just swipe the debit card and convert the buy instantly into EMIs.

How To Check Your IDFC Debit Card EMI Eligibility?

To check your IDFC debit card EMI eligibility, you can SMS the following: EasyBuy to the number 5676732

What Are The Features and Benefits of The IDFC Debit Card EMI?

  • It is completely paperless and the entire documentation is online. Thus, it is easy, convenient, and less cumbersome.
  • There is no blocking of the balance in the account.
  • The interest rates are low.
  • The loan is available for values as low as Rs. 2000
  • The repayment tenure is flexible, and it can be 3,6,9,12,18, or 24 months.
  • You can repay the amount easily through your IDFC First Bank account.
  • Access to all the details is available easily at your fingertips by using the IDFC First Bank mobile app.

What Are The Steps To Avail The IDFC Debit Card EMI Option?

  • Go to the merchant store
  • Opt for the product of your choice and proceed to payment
  • Opt for the IDFC Debit Card EMI option using the IDFC First debit card.
  • The merchant enters the quantum of the amount and the repayment period according to your choice.
  • The charge slip containing the terms and conditions of the loan is printed.
  • The transaction is complete.

What Are The Fees And Charges For Debit Card EMI?

The fees and charges for a debit card EMI are as follows:

Type of Fee Charges
Convenience FeeRs. 199 plus goods and services tax (GST) applicable. The convenience fee charged is non-refundable.
Auto debit return fee (SI return)Rs. 400
Late payment charges 2% per month of the unpaid EMI or Rs. 300 whichever is higher among the two.
Foreclosure Charges 5% of the balance principal outstanding

FAQs of IDFC debit card EMI

1. How can I use the IDFC EMI card online?

You can select InstaCred as a payment option on the checkout page. You should check for the InstaCred Cardless EMI, InstaCred EMI, or InstaCred. After the selection, you will be directed to the InstaCred payment confirmation page. Choose your EMI duration and enter the OTP to confirm the buy.

2. 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 an option to choose the EMI on debit card payment option at the checkout page. Post selecting the EMI on debit card payment option, you can choose the duration and agree on the terms and conditions proposed by the bank.

3. What is the eligibility for debit card EMI?

You are required to make the minimum purchase of a certain amount as required by your bank to get the EMI facility. Some lenders give the EMI facility only to those customers who have a neat financial and credit history.

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