Purchasing any commodity on EMI is the best way to pay for any of your expensive purchases over a reasonable period. Several online shopping platforms offer the facility of making payments on EMI using your debit card. In this way, you can easily convert your high-value transactions into small, easy installments using your debit card or opt for instant personal loans.
Numerous banks offer you the facility of online shopping in EMI on a large variety of products on different online platforms with no restricted limit. Moreover, you must also know that to make payments on EMI, you do not need a credit card; hence a debit card is more than enough to help you with this service.
You can pay your personal loans or EMI using your debit card with no additional security deposit or documentation. Once your current or savings account gets linked with your debit card, which is linked with the online shopping portal, your monthly EMI gets deducted automatically.
Pay EMI using a debit card.
The EMI payment process through a debit card is very efficient and easy. All You need to do is –
- Please choose the product you are willing to purchase and add it to your cart, And then proceed to checkout.
- If purchasing something from a retail store, visit the billing counter and ask them for different EMI options through a debit card.
- Choose the EMI payment tenure which suits your financial conditions the most.
- Link your current or savings account’s debit card With the online shopping portal.
- Authorize your transaction by providing details like debit card number, CVV, expiry, date, etc.
- Ensure to authenticate your transaction by providing the OTP received on your registered mobile number.
Several banks offer you to select to repay the easy emi loan over six months to a year, along with an affordable interest rate of 15% per annum. You can also pay relatively less while paying your emi through a debit card instead of using a credit card.
Acknowledge these points before making emi payments using debit cards.
Even though debit card EMI and an online loan app are efficient and affordable ways to make expensive purchases, you must be aware of all the terms and conditions that come along to avoid future mishaps and disappointments. Consider these important points before availing of the facility of a debit card EMI.
- Only the existing customers of a certain bank get to avail of a debit card EMI facility based on their repayment history, transactions in the bank account, banking, relationship and many other factors.
- By sending a message to your banks, a certain number available on bank websites, you can easily check your eligibility for this service.
- The eligible amount for different customers might vary from bank to bank.
- A maximum number of banks do not need a down payment.
- The minimum transaction amount criteria differs from bank to bank.
- It depends on the borrower’s profile what online loan and debit card EMI tenure is offered to them? Mostly it ranges from 3 to 36 months.
- None of the customers must submit any specific documents to avail this facility.
For individuals without a credit or debit card, EMI proves to be an affordable and convenient solution. Moreover, anyone wants to access the instant EMI option over availing of a personal loan. This is the best service they could go for. However, before proceeding with a debit card EMI facility, check the processing fee, interest rate, and late payment charges, and also carefully go through all the terms and conditions.