Debit Card Loan

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Easily make high-cost purchases with a Debit Card Loan

Key Takeaways

• Debit Card Loan is a loan on consumer durables.
• You can check if you are eligible on offline shopping websites and at merchant stores.
• Debit Card Loans are paperless and come with instant disbursals.
• You can repay the loan through easy EMIs.
• You can enjoy no-cost EMIs on selected brands.

Payment systems have evolved over the years. Loans have made our lives a tad bit easier. You can buy a home, a vehicle, a consumer durable, or just about anything with loans and credit cards. Additionally, there is no pressure to repay the loan at once. Today, the EMI facility is not limited to Home Loans and Credit Cards. Now, you can buy your favourite gadgets and consumer durables with a Debit Card Loan.

What is a Debit Card Loan?

A Debit Card Loan is a type of Consumer Durable loan. When you buy a product, you ideally pay the lump sum amount at once. However, with Debit Card Loans, you can buy the product in monthly instalments using your Debit Card.

Eligibility for Debit Card Loan

You can check your eligibility for Debit Card Loans online and offline in the following ways:

• Get in touch with the customer care department of your bank or send an SMS to check if you are eligible.
• When buying a product at merchant stores, enquire about any offers on Debit Cards. They will verify your bank Debit Card and inform you about applicable Debit Card Loan offers.
• When buying a product from an e-commerce website, you can check if your Debit Card is eligible for Debit Card Loans online when you reach the payment page.

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How Does a Debit Card Loan Work?

When you opt for a Debit Card Loan at retail stores, the loan amount gets converted into Equated Monthly Instalments (EMI). Here are the steps.

At Retail Stores

1. Visit the merchant store where you wish to purchase the desired product.
2. Check if you are eligible for EMI directly at the store or call the customer care helpline of your bank.
3. Inform the retail-store cashier to swipe your debit card in EMI mode and select your preferred repayment tenure.
4. The swiped amount will be deposited back into your account, usually within 3 to 4 days. A tentative EMI account will be generated per your loan tenure.

On E-Commerce Websites

1. Go to the payment page to check eligibility
2. If eligible, enter your bank debit card number, expiry date, and CVV
3. Select the ‘pay via EMIs’ option.
4. Complete the transaction and pay the first EMI.

Features and Benefits

• Enjoy flexible Debit Card Loan repayment tenures, with the maximum term usually ranging up to 2 years depending on the bank.
• Debit Card Loans are instant, paperless, and require no documentation.
• Enjoy speedy disbursals of loan amounts into your bank/savings account.
• Some banks, e-commerce websites and online retailers may offer no-cost EMIs on selected brands.
• Debit card loans online also come with waivers on loan processing fees.

Conclusion

So, opt for debit card loans online and offline to fund your various expenses. Ensure you use this facility during festive seasons and online sales. Many sellers offer 0% interest rates loans and opportunities to win cashback and discounts on shorter tenure debit card loans during festive season sales.

Happy shopping with the digibank by DBS debit card! Download the app to open your digiSavings account instantly and get your debit card!

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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.