Online shopping websites and retail vendors generally do not offer EMI on Debit card purchases.This is applicable to purchases made on Amazon, Flipkart, retail stores, etc. There are more debit cards in use than credit cards in India. For every credit card holder, there are over 25 debit card holders in India. Therefore, Flipkart bridged the gap with respect to purchasing goods on EMI with a debit card in India.

How To Pay Using EMI on Debit Card?

Flipkart is pioneering new ways for customers to make online payments with EMI credit cards, EMI debit cards and no cost EMI. Expensive goods and services can be paid for overtime through equated installments on a debit card because of the EMI option. This includes the purchase of phones, TVs, fridge, gaming consoles, etc.to a lot more customers in India. Consequently, customers that wish to make purchases on EMI using their debit card can now check if they are eligible to make debit EMI purchases instead of getting a credit card.

EMI on Debit Card – Banking Partners

Currently, four major banks are partnered with Flipkart for issuing a debit card on EMI. ICICI, HDFC, Axis Bank and State Bank of India have the largest customer base. Additionally, several of these debit card holders are also Flipkart customers. As a consequence, this overlapping database enables these debit card holders to make EMI purchases with Flipkart.

EMI on Debit Card – Eligibility

A debit card holder of any of the partner banks needs to check if they are eligible for making an EMI purchase with a debit card. Banks pre-approve customers that are eligible for a debit card EMI based on their transaction history. Especially relevant, Flipkart doesn’t determine customer eligibility for EMI debit cards.

Eligible customers will see a customized section on the Flipkart homepage, the product page and the checkout page. This customized section will alert Flipkart customers that are eligible for the EMI debit card option. Customers that are not eligible for EMI on their debit card will have to contact their issuing bank. A customer must meet the eligibility criteria set out by their bank.

Features And Conditions

  • The EMI interest rates vary from bank to bank. As a result, a customer has to check with their bank for EMI rates.
  • Each bank has a minimum purchase amount that a customer has to meet to make a debit EMI purchase. Especially relevant, the minimum purchase amount is at ICICI (INR 5,000), SBI & Axis Bank (INR 8,000) and HDFC (INR 10,000).
  • Availing debit cards on EMI requires no additional documentation. Preapproved customers are automatically eligible.
  • Preapproved customers can choose the bank and EMI tenure (3, 6, 9 & 12 months) during payment. A customer must enter their debit card number, expiry date, CVV, etc. In addition, a customer must then authenticate their details using an OTP (mobile/email) sent to the registered customer.

Alternatives To Debit Card EMI for Mobile Purchase

Zest Money, SlicePay, Kissht, etc. are alternative payment methods for individuals that may not have a bank account with any of the listed approved banks. This enables a customer to sign up with these aggregators by providing PAN, Aadhaar, etc. and avail a loan or make a EMI on Debit Card. More so, without the need for a credit card. Furthermore, these payment aggregators enable payments to Amazon, Flipkart, Xaiomi, etc.

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