Debit Card: How does Debit EMI work?

Getting a credit card is not always easy as it requires a good credit score,however, if you want to make the purchase using EMI, you can still do it without having a credit card. You can use your debit card to make any purchase above the balance in your bank account by using the overdraft facility of your debit cards—this facility to make the payment in easy installments known as Debit EMI.

How does Debit EMI work? 1. Several banks such as HDFC, SBI, Axis, ICICI, Federal and Kotak Mahindra allow you to avail the pre-approved overdraft facility on your debit cards. 2. You can use the debit EMI option on merchant websites such as Flipkart, Amazon, Paytm, Makemytrip etc. 3. Banks automatically deduct the EMI every month from the bank account. 4. To avail the debit EMI on your debit cards, you need to make a minimum purchase, which varies from bank to bank. 5. While you can avail the zero-cost EMI, with no extra charges; however, under the zero-cost EMI, banks will automatically adjust the interest amount in the purchase amount. Zero-cost EMI is available on specific products. 6. If you want to close the EMI facility on your debit cards before the determined tenure by paying the penalty charges. 7. You can choose the tenure of paying the EMI ranging between 3 months to 12 months. Read more about: How Does a Debit Card Works?