Imagine you have lost your mobile phone and want to get the smartphone of your choice; however, it will put a big hole in your pockets.  While you don’t want to compromise on your choice, you also don’t have sufficient money in your pocket. To deal with the situation, one option could be using the credit card to make payment using monthly instalments. However, you don’t have a credit card. Well, with the debit card EMI facility, you can buy your favourite mobile phone online conveniently with secure payments.

What is Debit EMI? 

The Debit EMI facility, provided by several banks such as HDFC, SBI, Axis, ICICI, Federal and Kotak Mahindra allows you to make equal monthly instalment on the purchase of your favourite product when you make any purchase above the balance in your bank account. The overdraft facility of the banks to make payments in easy instalments is known as debit EMI.

How can you buy a phone with Debit EMI?

There are few banks such as HDFC, SBI, Axis, ICICI, Federal and Kotak Mahindra, which allows you to make payments with the debit card in instalments. You can use this facility while using merchandising websites such as Flipkart, Amazon, Paytm, Makemytrip etc. You can also make payment by using the electronic facility at the purchase counter.

• Purchase the phone at your bank partner outlet, e. electronic outlets for which your bank has provided an additional facility.
• If you haven’t already completed your KYC or Know your Customer Procedure, sign up and upload the documents for the same.
• Make the first down payment.

 How does Debit EMI work?

To use the debit EMI facility, you need to submit any documents but need to make a minimum purchase of Rs. 8000 if you have a debit card of SBI and Kotak Mahindra Bank. The amount for minimum purchase varies from bank to bank. You must check this amount if you want to make payments in instalments with your debit card. Bank deducts the amount of EMI every month from your bank account based on the tenure that you have chosen. You can opt for paying the EMI ranging between 3 months to 12 months. Most of the banks charge interest on the EMI, while you may also avail zero cost EMI based on your credit history and relationship with the bank. If you want to make the payments before the predetermined tenure, you can do so by paying a penalty fee, which may vary from bank to bank.

Checking eligibility for debit card EMI:  Every buyer cannot use the debit card EMI facility, banks choose the customers based on their repayment record and credit history. You can check your eligibility on your debit card on the home screen of the merchant website or while making payment at the payment gateway using the net banking facility. There is also an option to check eligibility through SMS.

• If you have an ICICI card, you check the eligibility on your debit card by sending an SMS DCEMI<space><last four digits of Debit Card number> to <5676766>. If you are eligible for it, you will receive the status. 
• To know about eligibility on Kotak Mahindra Bank debit card, send DCEMI<space><last four digits of Debit Card number> to <5676788>

Conclusion:  Credit cards are difficult to get, there are additional requirements of a credit score plus a high interest on the credit cards puts a huge burden on your pockets; thus a debit card EMI facility can help you to make big and convenient purchases by paying easy and secure instalments at a lower interest rate than a credit card.

Summary:How to buy phones on EMI using a Debit Card?

The Debit EMI facility, provided by several banks such as HDFC, SBI, Axis, ICICI, Federal and Kotak Mahindra allows you to make equal monthly instalment on the purchase of your favourite product when you make any purchase above the balance in your bank account. The overdraft facility of the banks to make payments in easy instalments is known as debit EMI.

You can use this facility while using merchandising websites such as Flipkart, Amazon, Paytm, Makemytrip etc. You can also make payment by using the electronic facility at the purchase counter. To use the facility purchase the phone at your bank partner outlet, e. electronic outlets for which your bank has provided an additional facility. If you haven’t already completed your KYC or Know your Customer Procedure, sign up and upload the documents for the same. Finally,make the first down payment. To use the overdraft facility online, choose the debit card EMI option at the payment gateway on the merchandising website.

 Bank deducts the amount of EMI every month from your bank account based on the tenure that you have chosen ranging between 3 months to 12 months. Most of the banks charge interest on the EMI, while you may also avail zero cost EMI based on your credit history However, this facility is not available for everyone, thus you must check your eligibility.