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IndusInd Debit Card EMI

IndusInd bank has come up with the debit card EMI option to enable an easy buying experience for its customers. In this modern and digitized world, lesser people are going to the retail store to buy the products that they need. People can shop online and buy products ranging from groceries to clothes and large appliances for their homes. When you buy a really expensive product, you have to spend a lot and you may not be able to pay down cash for the same. In that case, splitting the payment into EMIs will be the best option. Paying a small amount every month is not difficult on the wallet, and it allows you to buy items you desire right away. People have been using the EMI option with credit cards. But a majority of shoppers do not have credit cards. Also, a section of the people are not eligible for credit cards. So, banks and fintechs have introduced the debit card EMI option. This is especially useful for people who cannot spend lavishly on the product that they desire in one go. Let us read on to find out more about the IndusInd debit card EMI.

IndusInd Debit Card EMI Overview:

The IndusInd debit card EMI is quite similar to a credit card EMI. At the time of the transaction, it is not required to have the entire amount payable in your bank account. Also, the bank will not block any amount on your card or savings account. So, the entire money for the purchase does not need to be available during the time of buying. The amount due must be available in your bank account only at the time of the next payable installment. You can choose a debit card EMI tenure of 3,6,9,12, or even 24 months at IndusInd bank.

Debit Card EMI Eligibility For IndusInd Bank

The debit card EMI facility is not available to everyone. It is based on multiple factors. Based on certain criteria, your bank will decide whether or not you are eligible for a debit card EMI on your purchase. If you want to check your debit card EMI eligibility with IndusInd bank, then you can SMS MYOFR to 5676757. Even if you are not eligible at the present, the bank can give this facility to you in future, as the eligible customer base is updated every couple of months.

Things To Keep In Mind Regarding An IndusInd Bank Debit Card EMI

Some of the important things to note regarding an IndusInd Bank Debit Card EMI are:

Some Things to Know Regarding EMI on IndusInd Bank Debit Card

  • You need not maintain a fixed or recurring deposit to avail this facility.
  • Even the IndusInd Bank debit card EMI scheme, taken as a loan, can be foreclosed. However, foreclosure charges will be involved.
  • The minimum purchase amounts may vary across banks.

Should You Opt For An IndusInd Debit Card EMI?

To decide this, let us analyze the benefits of the IndusInd Bank debit card EMI. Some of the benefits of the IndusInd Bank Debit Card EMI are as follows:

  • No down-payment is required
  • No money in your account is blocked.
  • You will get 100% funding to buy the products or services of your choice.
  • No lengthy documentation processes.
  • The money is disbursed instantly post the approval of the loan.
  • No extra costs are charged on the scheme.
  • Such schemes are usually a great option to fund your big-ticket purchases.
  • They enable you to buy what you want without going beyond your means.
  • Customers are given the option of No cost EMI allowing them to save a ton on interest.
  • You can use your debit card to buy products or services with a minimum cart value of Rs. 10,000 both at online merchants and from brick and mortar stores. The repayment options are quite affordable.

Fees And Charges On Debit Card EMI With IndusInd Bank

TenureInterest Rate
3 months.00%
6 months16.00%
9 months16.00%
12 months16.00%
18 months16.00%
24 months16.00%
  • Auto-Debit return charges: Rs.500 + applicable taxes
  • Late payment charges: Rs.450 + applicable taxes
  • Pre-closure/Foreclosure charges : 3% of balance principal outstanding + applicable taxes
  • The EMI will be calculated on monthly reducing balance.

Some Terms and Conditions of The IndusInd Bank Debit Card EMI

Given below are some of the terms and conditions of the IndusInd Bank Debit Card EMI

  • The debit card EMI facility will be provided to chosen pre-approved customers of IndusInd Bank. Without any prior notice, the facility and the pre-approved limit can be amended/removed.
  • The debit card EMI product is offered by IndusInd Bank while partnering with merchants, payment aggregator partners, and manufacturers. The facility for EMI conversion needs to be chosen at the time of transaction.
  • From the time of EMI transaction at the merchant, the EMI shall be auto booked within 2 to 3 working days.
  • Within 3 working days of the transaction, a detailed terms and conditions statement and a key fact statement for the IndusInd debit card EMI facility shall be shared with the customer on the registered email Id. The loan reference number in the key fact statement can be shared with the IBL contact center by the customer to seek the debit card EMI loan account number.
  • This debit card EMI facility is an option that is provided by merchants. Customers are not under any obligation to choose an EMI on the debit card.
  • Customers are requested to verify the selection of the correct scheme in EMI transactions where No-cost EMI discount/Cashback is being offered by the brand or the merchant.
  • The Discount/Cashback will be passed onto the customer according to the selected scheme. IndusInd Bank will not be liable for incorrect selection of scheme/offer at the time of transaction.
  • The No-cost EMI Cashback will be posted to the customer account linked to the Debit Card used for the IndusInd debit card EMI transaction on or before 120 days from the date that marks the end of the loan booking month. The No-Cost EMI Cashback is subject to the first 3 subsequent successful EMI re-payments.

For all the terms and conditions, you can refer to the IndusInd bank website: https://www.indusind.com/in/en/personal/cards/emi-on-debit-card.html

FAQs of IndusInd Debit Card EMI

1. What is the EMI facility on the IndusInd Bank Debit Card?

The EMI facility on the IndusInd Bank debit card is an added benefit to the customers. The customers can use this limit to buy the product in stores and online websites with affordable repayment options.

2. How can I check my eligibility for an EMI on the IndusInd bank debit card?

To check your eligibility for EMI on debit card, click here – CTA for Check Eligibility or SMS: MYOFR to 5676757

3. How can I check the EMI eligibility on my debit card EMI?

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

4. How can IndusInd bank customers avail the debit card EMI facility?

With the IndusInd bank debit card EMI facility, a debit card holder of IndusInd Bank can go into any participating store and use this by swiping or tapping their card at a merchant PoS (point-of-sale) terminal where retail transactions are completed.

5. What is the minimum cart value to avail debit card EMI from IndusInd bank?

The minimum cart value to get Debit Card EMI from IndusInd Bank is Rs.10,000 and customers have the flexibility to repay the loan over a duration of 3, 6, 9, 12, 18 and 24 months.

6. Can I use my debit card for EMI on Flipkart?

Flipkart offers a debit card for EMI. This allows us to buy those expensive products that we always desire. Thus you do not have to apply for a credit card anymore just to get the EMI option.

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