What Exactly Is EMI On A Debit Card And Who Is Eligible For It?

What Exactly Is EMI On A Debit Card And Who Is Eligible For It?

Before, there was only one way to make a purchase. You had to visit a store or dealer, pick what you want then make your payment at the cashier. By then, cash registers were the merchant POS system, and cash or check was the popular mode of payment.

In case your money was not enough, there were several ways to make the purchase,

  Take a loan from your bank

  Take a credit card loan

  Use hire purchase

  Postpone your purchase until you can afford

None of these options was convenient or fair

But things have changed.

Today, making a purchase is so much easier, thanks to the rapid growth of the internet and technology. Online shopping has become so popular, and the number of goods or products available has increased drastically. Similarly, the modes of payment have also advanced so much. Nowadays, you don’t necessarily need to pay all the money upfront to complete a purchase. You can always choose to make your payments in installments through the Debit card EMI.

What Is Debit Card EMI, And How Does It Work?

Debit card EMI is a feature on your debit card that allows you to pay for your purchases in installments. It is one of the easiest and the most convenient ways for consumers to afford high-priced products. That explains why it is also so popular.

To enable the Debit Card EMI option, one must have a certain amount of money in their account available for purchase. The exact amount will vary from one bank to another. If the total purchase amount exceeds this pre approved amount, the consumer will receive an option to use the Debit Card EMI through the merchant POS system.

After choosing the Debit Card EMI Option, the consumer will enter their debit card details and validate the information with an OTP. Now you are ready to complete the rest of the payment in monthly installments.

Please note, EMI on Debit Card comes at an interest rate, which will vary depending on your bank. Your account balance and your relationship with the bank might also play a part in determining the interest rate on your loan.

The loan tenure will depend on the individual choice though the options will vary from one bank to another. For most banks, this can be anywhere between 3 and 24 months.

The merchant will also charge a convenience fee to the consumer. The purchase will be complete once the customer pays this convenience charge and the down payment.

Where Can I Get Debit Card EMI, And What Is The Eligibility Criterion?

If you wish to use the Debit Card EMI option, you’ll be happy to know that the facility is readily available on the following platforms,

All Major E-Commerce Platforms

Top banks in India. These include

  • SBI bank
  • ICICI bank
  • HDFC bank
  • Axis bank

When it comes to your Debit Card EMI eligibility, every institution has its own terms and conditions. You would have to check with your bank to confirm your eligibility. For most banks, you can either check online or send a message to a specific number. But you have to be a debit cardholder first to get here.


Is there a credit card EMI option? Yes, of course, there is a credit card EMI.

So why use EMI on a debit card instead of credit cards? Well, first, credit or debit card EMI, the choice is yours. But there are reasons as to why Mobile Phones on EMI are far more popular.

For one, qualifying for a credit card is not easy. There are so many limitations like poor credit score, so most applications don’t go through.

Apart from that, most people avoid credit cards because they make spending so easy. If you are not careful, you can easily find yourself in a lot of financial trouble.

With debit cards, you don’t have to worry about any of these things.

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