Debit Card EMI Eligibility
Fund your Purchases Easily with EMI on Debit Card Facility
- You can make cashless transactions through a Debit Card linked to your bank account.
- EMI on debit cards is a facility that enables you to pay off high-value transactions in pocket-friendly, monthly instalments.
- The Debit Card EMI facility is available for online and offline purchases.
- Check eligibility for Debit Card EMI by contacting your bank.
- Check the payment section on online shopping portals to see if you are eligible for EMI on debit card facility.
Card-based shopping has become the new normal. Today, you can easily swipe your Debit or Credit Card at retail establishments, merchant stores, and online platforms to make purchases. However, sometimes, you may want to make big-ticket purchases with your debit card but may not have adequate funds in your account. In such a case, you can use the EMI on debit card facility to fund your purchases. Find out more about it in this article.
What is EMI on Debit Card?
The abbreviation EMI stands for Equated Monthly Installments and is generally used in the context of home loan, personal loan, auto loan, etc. The lender essentially loans you a fixed lump sum of money (known as the principal amount) and charges you interest on it. You can repay the principal amount along with the interest component in pocket-friendly instalments, known as EMIs.
Earlier EMIs were only available on big-ticket items. However, today, you can get the EMI on debit card facility on various online and merchant store purchases. For instance, if you wish to buy the latest smartphone or a luxury product like a watch or a designer bag, you can do so with the EMI on Debit Card Facility.
How to Check Debit Card EMI Eligibility?
EMI on debit cards is a relatively newer facility. As such, you will find this option only at select stores and online shopping platforms. You can run the debit card EMI eligibility check for online shopping websites in their payments section to check which debit cards you can use to avail of this facility. As for merchant stores and other retail outlets, it is best to call the stores ahead of your visit to check if you fit the debit card EMI eligibility criteria.
Steps to Follow for EMI on Debit Card Facility
- Visit a merchant store, retail establishment, website, or mobile app of the shopping platform, after checking if they offer the EMI on debit card facility.
- Select the product you want to purchase.
- Head to the payments page.
- Choose your preferred repayment tenure and select the option of Debit Card EMI while swiping the card.
If you are shopping online, you must provide the Debit Card details and verify the transaction via OTP. If you are shopping in person, you will have to input the Debit Card PIN to authenticate the purchase.
The EMI on debit card facility can help you fund your necessary purchases without burning a hole in your pocket. Unlike other loans, you can get this facility at very low interest rates (sometimes zero), but the repayment tenures are usually short, lasting only 3 to 12 months. Use your digibank by DBS Debit Card to avail of the EMI on debit card facility and make contactless payments with utmost ease and convenience.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.