New Delhi: When people buy an expensive phone, laptop, or any other item, credit cards prove to be very useful for them. You can easily pay in installments/EMI through a credit card. However, if you do not have a credit card then there is no need to panic. Do you know that you can also avail of EMI on the Debit Card facility on your ATM/Debit card? If you do not have a credit card, then an ATM card can be an option for you for the convenience of EMI (Equated Monthly Installment).
Some banks are offering EMI facilities to their debit card holders. For this, the eligibility prescribed by the bank has to be fulfilled. Generally, the facility of debit card EMI is given by the bank only to its best customers i.e. those who have a good credit/cibil score.
How to know the eligibility for Debit Card EMI
SBI customers SMS DCEMI to 567676 from their registered mobile number.
Axis Bank customers SMS DCEMI to 56161600 from the registered mobile number.
Bank of Baroda customers SMS DCEMI to 8422009988 from their registered mobile number.
HDFC Bank customers SMS MYHDFC to 5676712 from their registered mobile number.
ICICI Bank customers SMS DCEMI to 5676766 from their registered mobile number.
Kotak Mahindra Bank customers SMS DCEMI to 5676788.
Federal Bank customers SMS DCEMI to 5676762 or give a missed call to 7812900900.
The next step will be that you will have to choose the EMI scheme provided by the bank. This scheme can vary according to your financial needs and your capability. You should consider matters like interest rate, number of installments, and repayment period.
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