IDFC Bank Debit Card EMI
Customers can convert expensive purchases into smaller payments every month with IDFC Bank's beneficial Debit Card EMI option. This feature allows debit cardholders to benefit from various payment methods without requiring a credit limit, compared to credit card EMIs.
With IDFC Bank's Debit Card EMI option, you can easily manage the money you spend whether you are buying online or offline.
What is Debit Card EMI?
Debit Card EMI is a payment option that allows customers to divide their purchases into smaller, free-interest or low-interest monthly payments instead of paying the full amount in advance.
How Can We Use the Debit Card EMI Facility?
You can choose to use a debit card EMI service by following the instructions listed below.
- From the menu, select Debit Card EMI option and enter the duration of the EMI.
- In general, you can choose a duration between three and twelve months, yet this can vary according to the bank or vendor.
- After selecting the duration, enter the debit card information, including the card number, CVV, expiration date, and savings or current account information, to confirm the transaction.
- After that, an OTP will be sent to the registered mobile number.
- Enter the OTP which has sent to your registered mobile number.
- When the transaction is approved, the necessary amount is credited to your account and the merchant receives full payment.
Eligibility for Debit Card EMIs
Not everyone may be able to use the debit card EMI option. The decision made by the bank is the most important factor among several others. Your bank will choose if you qualify for the debit card EMI on your purchase based on a number of conditions. To check your Debit card EMI eligibility, you can SMS the following number: <5676732>.
Steps to get IDFC Debit Card EMI Option
Given below are the following steps for IDFC Debit Card EMI option:
- Visit the merchant store.
- Select the product you want and make the payment.
- Using the IDFC First debit card, select the IDFC Debit Card EMI option.
- Depending on your choice, the merchant provides the amount and the repayment time.
- The charge slip with the loan's terms and conditions is produced.
- The transaction is finished.
Fee Structure for Debit Card EMI
The following are the expenses and fees associated with a debit card EMI:
Type of Fee | Fee Charges |
Service Fee | Rs.199 plus applicable goods and service tax (GST). The service fee charge is non-refundable |
Return cost by auto debit (SI return) | Rs.400 |
Late Payment Fees | Rs.300 or 2% of the remaining EMI per month, whichever is bigger |
Charges for Loan Modification | 5% of the remaining principal amount |
Features of IDFC Bank Debit Card EMI
Here are some of the features of IDFC Debit Crad EMI such as:
- An absolutely paperless experience
- The account balance will not be blocked.
- Low rates of interest
- Loans starting as Rs.2000 are available.
- Various payback terms, including 3, 6, 9, 12, 18, and 24 months
- Repayment is simple using your IDFC FIRST bank account.
- The IDFC FIRST Bank mobile app gives you immediate access to loan details.
FAQs on IDFC Bank Debit Card EMI
- Axis Bank Debit Card EMI
By having IDFC Bank's Debit Card EMI, you may use your debit card to make big purchases in simple monthly installments without using a credit card.
- How does EMI for debit cards work?
Your purchase is divided into monthly installments that are automatically taken away from the bank account you have linked, rather than being paid in full at once.
- Does the EMI on a debit card charge interest?
Yes, while some offers may have a minimal interest rate, others may be interest-free.
- Is it possible to convert a previous transaction to EMI?
Yes, you can use IDFC's mobile app or internet banking to convert qualified transactions in 3–7 days.
- What occurs if an EMI payment fails to be processed?
Future EMI facilities may be blocked due to repeated defaults, and there may be a late fee.
- Does my EMI from a debit card affect my CIBIL score?
No, it has no effect on your credit score because it is connected to your savings account.
- Is there any extra charge if I pay my EMI in advance?
The majority of IDFC Debit Card EMIs allow modifications to the loan without generating additional fees; but please clarify with the bank.
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