How Debit Card EMI Works? EMI on Debit Cards Guide

With the growth in the digital world, the payment methods after purchase of goods have also evolved over the years. Nowadays people do not have to pay in cash. Instead, they convert purchases into installments on their cards. However, not all people may have the credit card. Such people may use the EMI on debit card. The EMI on debit card is also found on big online shopping portal like Amazon & Flipkart. It allows the Amazon & Flipkart shoppers to pay for the orders they make in an easy way by using monthly installments. 

How Debit Card EMI Works?

Having a debit card is like an individual carrying his or her savings or current account with him/herself. It is directly linked to an individual’s account and every purchase made by the individual debits the account straight away. In this manner, a debit card does not limit the user so much. The quantity of money available to be spent in the bank account is the same amount that is available to be used up for purchase. With the rising number of people having debit cards, traders as well as banks have invented  an option to convert high cost purchases to an EMI on debit cards.

I hope you got an idea about, how debit card EMI works? You can use our EMI Calculator to Calculate the EMI.

EMI on Debit Card Process

The EMI process is not such complex as one may think. Each bank has a given least amount of purchase to be carried out. Once an individual’s total purchase amount surpasses his or her defined amount, the individual has the choice to pay through the Debit Card EMIs. Once an individual has chosen on the EMI option, he or she needs to insert his or her details corresponding to those on the card, then afterwards confirm them with a one-time password. After the confirmation with the one-time password, one’s purchase is made through an EMI. 

After the purchase is made through an EMI, he or she is given an offer based on a Pre-approved Limit indicating the loan amount that is approved, the interest rate, and the Down Payment. The offer is given needs to be accepted alongside providing consent for the loan instructions on loan EMI recovery from Debit cards linked to the savings account. The merchant charges expediency fee to the individual, who is the customer. Immediately the fee and the down payment is done by the customer, the purchase is fully accomplished. 

When using the EMI on Debit Card the customer should be informed about the idea that the bank charges interest for this facility. The interest rate on the EMI will differs from one bank to another. This means that each bank has its own interest rate. The interest also depends on one’s account balance as well as one’s relationship with the given bank.

Approval Process

Most banks auto-approve customers when it comes to availing EMI on Debit card. Individuals can always send messages on a certain given number. The number then checks whether one is eligible for EMI on debit card or not. In case an individual is qualified for the Debit card EMI, it will display as a payment mode at the checkout page. For easier verification, one should use the same details as the ones with the bank.

The EMI on Debit cards has some exclusive features that greatly benefit customers. Such features include the following; there’s no need for documentation, there is no need for an individual to pay security deposit, one only requires a one-click transaction to EMI, the instant approvals and disbursals cut the waiting and processing time hence saving the customer’s time, there is flexibility in repayment tenure. Lastly, there are easy re-payments from linked savings or an individual’s current account.

The EMI on debit card provider takes around three to five days in order for it to get processed. After the processing is done, the EMI is charged on a monthly basis as per an individual’s payment instructions, or rather as per one’s card billing cycle.

The no-cost EMI is also made available on a wide range of categories. Such categories include mobiles phones, electric appliances like fridges, desktops, laptops, kitchen appliances among other products. The bank charges interest , which is provided as an upfront discount the time a customer purchases a good.  S

Indian Banks Offering the EMIs on Debit Card

In India, there are top four banks that offer EMI on debit card.  These banks include; the state bank of India, HDFC bank, the ICICI bank and the Axis bank. 

  1. The State Bank of India – the state bank of India started the EMI on debit cards facility in the year 2019. The Indian citizens who have the debit card get access to the facility without any processing fee and without any documentation. Afterwards, they get an immediate disbursal. 
  2. HDFC Bank – HDFC is one of the most top-ranked banks in India. The bank provides EMI on debit card facility thereby giving the Indian citizens better experiences when it comes to shopping. The citizens are able to acquire a flexible repayment tenure. They are also advantaged to get instant approvals. 
  3. ICICI Bank – this banked started the EMI on debit card facility in the 2018. Customers enjoy the EMI on debit card facility under one condition that an individual should have a fixed deposit of Rs 10,000 in their savings account.
  4. Axis Bank – Axis bank is also one of the banks in India offering the EMI on debit card facilities. This facility enables Indian citizens to be in a position to convert their high-end purchases to monthly instalments.  


Summarily, EMI on debit card is buying any product of one’s choice as well as services on monthly instalments using one’s debit card. The EMI is found in most debit cards and has proven to be perfect when it comes to purchase of products or services that are costly due to a number of reasons; there’s no need for documentation, there is no need for an individual to pay security deposit, one only requires a one-click transaction to EMI, the instant approvals and disbursals. This was the whole guide about how debit card EMI works?

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