Check Your Debit Card's Eligibility for EMI Payments
Make your Purchases Easier with the Debit Card EMI Option
Key Insights
A Debit Card is a cashless payment method linked to your bank account. You can use the Debit Card EMI facility to pay for high-value transactions in small, monthly instalments. This service is available for both online and offline purchases. Check with your bank to confirm your eligibility for Debit Card EMI. You can also verify on the payment section of online shopping portals.
Today, card-based transactions are the new norm. You can effortlessly swipe your Credit or Debit Card in retail and merchant stores, as well as online marketplaces to buy products. However, you may have to make a significant purchase using your debit card, but you do not have enough funds in your account. In such cases, you can leverage the Debit Card EMI facility to finance your purchases. Learn more about this service in this article.
Debit Card EMI Explained
The abbreviation EMI represents Equated Monthly Instalments, typically utilized in home loans, personal loans, auto loans and such. The lender provides you with a fixed lump sum of money (called the principal amount) and charges you with interest. You can settle the principal with the interest component in small instalments called EMIs.
Formerly, EMIs were exclusively for significant purchases. However, nowadays, you can get EMI on Debit Card service for various online and merchant store purchases. So, whether you're looking to buy a luxury item such as a designer bag or seeking the latest smartphone, you can avail of the EMI on Debit Card facility.
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Checking Debit Card EMI Eligibility
The EMI on Debit Card facility is relatively new, so not all stores and online platforms offer it. In online purchases, go to the payments section to verify which debit cards you can use for this service. As for retail outlets and other merchant stores, call them ahead of your visit and check for Debit Card EMI eligibility criteria.
Steps for Using EMI on Debit Card
Visit any merchant store, retail outlet, or website of the shopping platform that offers the service. Choose the product you want to purchase and proceed to the payments page. Opt for the Debit Card EMI and pick your preferred repayment tenure. If you are shopping online, provide your Debit Card information and verify the transaction via OTP. For in-person payment, input your Debit Card PIN for authentication.
Final Considerations
The Debit Card EMI service is an excellent way to finance your purchases without breaking the bank. Unlike most loans, this option has low-interest rates (sometimes zero), but the repayment tenures are relatively short, typically lasting from 3 to 12 months. Use the digibank by DBS Debit Card for contactless transactions and experience ease and convenience.
Happy shopping with the digibank by DBS debit card! Download the app today to obtain your digital savings account instantly and obtain your brand new debit card!
It is highly recommended that you reach out to your income tax advisor or CA for professional guidance, as the following article is solely intended for informative purposes.
Should you be interested in downloading digibank, please use this redirect link: Download digibank Now. Please note, however, that our article is not an endorsement for this product. Our aim is to provide informative resources without bias. As such, we once again encourage you to speak with your income tax advisor or CA for specific and accurate advice on any financial matters you may have."
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