EMI On Debit Card | Get EMI Facility On Debit Card, EMI Shopping By Debit Card
EMI on Debit Card
Do you know the facility which makes your shopping more pleasurable? We have something special for you i.e. EMI on Debit Card. Get EMI Facility on Debit Card and enjoy hassle free shopping. User can take the benefit of this facility only if his saving accounts linked with fixed deposit. As you know you can spend through debit card only that amount which you possess in your saving account. But if you have this facility, you can purchase more than your expenditure because rest of the amount will automatically deducted from your FD in small EMIs. It is great facility which is provided by few banks in India. So you can enjoy your shopping by your debit card.
How It Works?
For instance, a person possesses 50,000 in his saving account. And he liked a smart mobile which is carrying all latest features that he wants to purchase and its cost is 80,000. He purchased that smart phone by using his debit card. 50, 000 thousand is deducted from his saving accounts but rest of the amount will deduct AT small premium from his FD.
Assume he has 1, 00,000 amounts in his fix deposit. First month 10,000 rupees is deducted from his FD that means now the available balance is 90,000. Next month one more ten thousand is deducted from his fixed deposit. This procedure has been continued till the whole payment is not completed. That means you can take the benefit of your debit card like as credit card.
Technical limitation of card does not get affected For EMI (Equated Monthly Installments). For EMI any payment instrument can be used.
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EMI on Debit Card
- ICICI Bank
- Axis Bank
ICICI Bank Debit Cards for EMI
ICICI Bank is the number one private sector bank in India which is launched in 1994 and it’s headquarter is located in Mumbai (Maharashtra). It has widest network because 4,450 branches and 14,404 across the India and has a presence in 18 countries. This bank serves its facilities in numerous countries some of them are Singapore, Bahrain, Hong Kong, china, Sri Lanka, South Africa, Qatar, Oman, Dubai and many more.
EMI facility is launched by this bank for making the shopping of its customer’s more convenient. It is enormous news for non credit card holders .You can only take this benefit if you have minimum fixed deposit at least INR 10,000. EMI tenures depend on how much customer has enough money to pay as down payment. Customer can make his payment into small Monthly installments of high and luxury purchase.
Benefits of ICICI Debit Card for EMI:
- You need not to pay specific processing fees for this service.
- There is several EMI tenure options are available like as 3 months, six months, 9 months, 1 year, 18 months to 2 years etc. User can choose as per their convenience.
- Who will select tenures up to one year; they can obtain low interest rate as 13 percent.
- If the applier needs more than one year then he or she may acquire slightly more interest rate around 15%.
- Now days, ICICI Bank Savings Account holder as well as current account holder can obtain this facility.
- User is not able to associate any tax beneficial account like as public provision fund (PPF).
- Some people consider converting process is tedious but reality is quite different.
- ICICI has joined with more than 2000 stores for helping the Smart Phone purchaser.
- It has linked with many buyers of Samsung Smart phones, Tabs, LEDs, Fridge, Cooler, AC, and more.
- If you want to acquire more information you can contact to provider of Debit Card EMI of ICICI bank.
- If you desire to obtain this facility you can easily get by the popular online stores.
How to access of ICICI Bank Debit Card EMI facility:
- Customer can make transactions by participating in franchises and take the EMI tenure.
- Client needs to enter ATM PIN at specified terminals in franchises.
- Your Transaction is official and conversion to EMI completed corroboration of parameters.
- Conversion of EMI is completed within 2 business working days after the transaction date.
- Your first installment will be subtracted 30 days from reversal of the money.
- Account statement will display the transaction with appropriate narration.
Read Also – How To Protect Your Debit Card From Frauds
Axis Bank Debit Card for EMI Facility
Axis Bank is the third largest private sector bank in India. It’s headquarter is located in Ahmedabad and it possess 2,959 branches with 12,743 ATMs and nine international offices. Axis bank offers all banking services like as net banking, corporate banking, finance banking, insurance banking to its clients. As we know Credit card is still not as extensively used as debit cards by the Indian peoples.
Benefits of Axis Bank Debit Card EMI Service:
The best option of Axis Bank account holders that they can exchange standard and high-value purchases into easy month installments.
- Customer can select the target as per bank policy.
- Those entire bills which come under the rages of three to twelve months, user can select them to pay off.
- The plummeting balance rate of interest is 14 percent annually.
- The minimum amount which a customer must have in his account is INR 10000.
- User are not applicable to alter the transacted amount albeit partially.
- Applier needs to pay a few Processing Fee of one percent or INR 150 only one time.
EMI Conversion Procedure
Converting process is simple process which is mentioned below here;
- The easiest way to obtain this service is to call at the Mercantile from where the customer wishes to possess.
- After that you need to inform to store manager
- Then transaction will be sanctioned on customer’s debit card.
- This deal may be rejected in case if the sum is up to the available limit.
- When you deposit your money, it automatically transfers to your virtual account from where your EMI is deducting.
- If the customer becomes agree with all terms and conditions then he needs to sign the charge slip.
Check Also – Pros & Cons of Using Debit Cards
It is great news for credit card holders of ICICI bank and Axis bank. It is the latest technology. If you are connected with any of this bank, so you can take avail of this facility. If you want to purchase something but you don’t have sufficient amount in your saving account you can use this facility and obtain your product because it works just like a debit card.