How To Check Debit Card EMI Eligibility? A Guide

If you are looking to purchase something expensive but don’t have the funds to pay for it upfront, you may consider using a debit card EMI option. However, before applying for a debit card EMI, it’s essential to check its eligibility to avoid rejection. In this article, we will guide you on how to check debit card EMI eligibility for SBI and Federal Bank.

How To Check Debit Card EMI Eligibility? A Guide

Person holding a card and using laptop

EMI stands for Equated Monthly Installment. Earlier it was possible to opt for EMI only through credit cards, however today the same can be opted for with a debit card as well. When you sign up for an EMI on a debit card the bank credits money to your account which is paid to the merchant and you then pay back the money to the bank in installments.

But not everyone is eligible for EMI on debit cards and so let’s see how to check eligibility for getting EMI on a debit card.

  • All you have to do is simply call or message the customer service people of the bank whose card you use. Every bank has its number where inquiries for your eligibility can be made.
  • Another option that you have is to head to the checkout page of an e-commerce website. There in the payments area if you see the option of EMI through a debit card then that means you are eligible for the same.

Before you proceed, make sure to remember three things about debit card EMIs:

  • Your card number and phone number are used to determine your eligibility. So, for this reason, when you are making a payment remember to use your registered phone number.
  • You don’t need to maintain any sort of minimum balance in your account for placing an order. But it needs to be verified that your account has a sufficient amount to pay up monthly installments.
  • Every bank offers a different amount for this feature. Your pre-approved value tells how much you are eligible to spend on EMI via debit card.

Now that we know how to check debit card EMI eligibility it is time to look at how to do the same for SBI and Federal Bank.

How To Check Debit Card EMI Eligibility for SBI

Now that we know about how EMI eligibility on debit cards works the next question is how to check debit card EMI eligibility for SBI. Well, it’s simple, all you have to do is:

1. Send an SMS to 5676782 in which you write DCEMIXXXX (XXXX being your last four card numbers).

2. You shall then receive a message regarding eligibility and validity.

3. Or you can simply head to the payment page of an e-commerce website and there you enter your bank account and mobile number to check for eligibility. For example, let’s take a look at the payment page of Flipkart.

Flipkart payment page for EMI
Image by flipkart.com

To activate EMI on the debit card:

1. Simply select the product you want to purchase and click the debit card EMI option on the payment page.

Simply select the product you want to purchase, go to the debit card EMI option on the payment page
Image by myntra.com

2. Select a suitable payment period and complete the transaction with your SBI card.

Select a suitable payment period and complete the transaction with your SBI card
Image by myntra.com

P.S.: We have showed the process for Myntra. However, it will be similar for other websites also.

You can sign up for payments up to 2 lakh rupees. There are multiple tenure options from 3 months to 36 months. The processing fee is 0 rupees but the prepayment penalty is 3% of the prepaid amount.

On using this feature your savings account balance won’t be blocked. There is no need for documentation to get to use this feature and also the amount is given away instantly. The rate of interest payable is 2-year MCLR plus 9.70% which comes to 18.30%. Also, the facility can only be used 5 times within a given period. So that tells us all about how to check debit card EMI eligibility for SBI Bank.

Cross-reference: How does an EMI on debit card work?

How To Check Debit Card EMI Eligibility for Federal Bank

Person using a smartphone | How To Check Debit Card EMI Eligibility? A Guide

Now it is time to ask how to check debit card EMI eligibility for Federal bank. The answer to this is again very simple: Firstly, you message DCEMI at 5676762 or can give a missed call to 7812900900 for an instant eligibility check. Secondly, the amounts you can be sanctioned are between 5,000 and 1,50,000 rupees. The repayment tenure can be chosen by you however, it needs to be between 3 to 12 months.

There is one more way to answer the question of how to check debit card EMI eligibility.

1. Head to Myntra or other eligible retail stores and check eligibility on their payment page. If you are eligible then you can proceed to make payment by clicking the debit card EMI option.

Simply select the product you want to purchase, go to the debit card EMI option on the payment page
Image by myntra.com

2. Select a suitable payment period and complete the transaction with your Federal Bank card.

You don’t need to produce any sort of documentation to get access to the feature. There are also no down payments or pre-closure charges to be paid.

Here also, your savings account balance won’t be blocked. You also can avail of zero-cost EMIs. Based on the tenure of the loan the interest rate payable comes between 14 and 16%.

Federal Bank is also allowing people to buy two-wheelers using the EMI debit card feature. You can use their card to book a two-wheeler for just 1 rupee and the remaining amount can be paid using the debit card EMI feature. The feature is also available on Hero MotoCorp, Honda Motorcycle, and TVS Motor showrooms across India. Now you know how to check debit card EMI eligibility for Federal Bank.

If you meet the requirements mentioned above, then you can avail of the option of buying goods on EMI. EMI not only makes things affordable, but also it is a very pocket-friendly benefit offered by the card company to its customers. We have also mentioned above how to check debit card EMI eligibility for banks like Federal Bank and SBI. So, if you use a card from either bank then we have got you covered.

sushma
Sushma is a dynamic and knowledgeable personal finance expert and entrepreneur with a rich background in business and finance, holding a bachelor's degree in the field. Her passion for financial empowerment and a drive to teach others how to navigate the world of online money-making, create passive income streams, and achieve financial freedom sets her apart. With a focus on user-friendly apps and engaging games, she guides readers through the most profitable and enjoyable digital earning opportunities.

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