Now Avail EMIs with your Debit Card

Your Debit Card can now do a lot more than just allow you to access your money easily for transactions. You can now avail EMIs on your Debit Card for the things you need. E-commerce platforms like Flipkart and Amazon have partnered with banks to allow customers to avail EMI facilities on the Debit Cards. 

How do Debit Card EMIs work?

Debit Card EMIs work like an overdraft. When you use the Debit Card EMI facility to make a payment your bank pays the entire amount for the transaction and opens and overdraft against your bank account. You can pay this overdraft off in EMIs. So when you use the Debit Card EMI facility you are technically repaying the bank and not the vendor, so the interest rates and other charges are set by the bank. 

Which Banks offer Debit Card EMIs?

Presently, the two largest e-commerce platforms Flipkart and Amazon have partnered with HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, and State Bank of India (SBI).

Who is eligible?

Select Debit Cardholders of the above-mentioned partner banks are eligible for Debit Card EMIs. Not all Debit cardholders of the partner banks are eligible for this facility and the eligibility is left to the discretion of the bank. Banks determine eligibility based on a number of parameters like the relationship with the bank, transaction history, credit score, etc.


There is no additional documentation required to avail the Debit Card EMI facility as this will be against your existing bank account.

Interest Rates

Most partner banks and providing their customers with No-cost EMIs. This means that the EMIs come with no additional costs like interest, transaction fees, processing charges, etc. At the end of the EMI tenure, you will be paying only the cost of the product at the time you purchased it.


Debit Card EMI tenures are 3, 6, 12, 18, and 24 months. If there is interest being charged it varies for each EMI tenure. Shorter EMI tenures attract higher interest rates in this case.

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There are two methods to EMI repayment:

Auto repayment

This is a quick one-step process that can be set up at the time of purchasing the item. The auto repayment facility automatically debits the EMI amount from your bank account every month on a specific date. It is recommended to use this facility as it will help you stay on top of your EMI payments.

Manual repayment

The manual repayment facility allows you to use your Debit Card, UPI, Netbanking and other payment modes to make your EMI payments. You can use this facility for foreclosure of your EMI as well. It also gives you the flexibility to make payments when it is convenient for you, as long as it is within the payment cycle.

Late Payment Fees

Late payment of partial payment of EMI outstanding will attract a penalty of Rs. 500 plus GST @18%.

Minimum Purchase

HDFC Bank and Axis bank have a minimum purchase amount of Rs. 5,000 for Debit Card EMIs. Kotak Mahindra Bank, ICICI Bank, and SBI have a minimum purchase amount of Rs. 8,000 for Debit Card EMIs.

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Now Avail EMIs with your Debit Card

by CuriousPost time to read: 2 min