EMI on Canara Bank debit card is suitable for making high value purchases like mobile phones. You do not have to deplete your savings to make a complete down payment for mobile purchase. When you choose an EMI on your Canara Bank debit card, there is no need to block the funds in your account. The process is completely paperless. Let us now read on to find how to opt for a Canara Bank debit card EMI and what the eligibility for this is.  

Exclusive Features of Canara Bank debit card EMI 

You do not require any documents to avail this facility as you can opt for this with your existing debit card. 

  • The longer the tenure of the debit card EMI, the lower is the amount. 

  • When you have excess funds, you can make down payments for your EMIs and clear off your loans. Also, you can do a partial prepayment of your loan. This will however depend on the seller’s terms and conditions and will not be permitted by everyone.

  • No extra documentation required.

  • Available at popular online retail stores like Amazon, Flipkart, Paytm, etc. and multiple offline stores. 

  • You can easily repay from your linked savings account or credit card. 

How to Purchase a mobile on EMI Using the Canara Debit Card? 

Purchasing a mobile on EMI using the Canara Bank debit card is very easy. It is similar to other online or offline payment options like a credit card or internet banking. Here are the steps to follow to complete your mobile purchase on EMI: 

  • For purchasing a mobile with Canara Bank debit card EMI, all you must do is visit an eligible merchant store. Popular online marketplaces like Flipkart, Amazon, PayTM, and Mi as well as leading brick and mortar mobile showrooms like Poorvika, Croma, Reliance Digital, and Sangeetha also provide this facility. Ensure that the merchant you have chosen provides the option to complete your payment on EMI using a debit card. 

  • Choose your favorite smartphone from the available options and proceed to payment as usual. 

  • While checking out, choose “Debit Card EMI Option.” If you’re buying it offline, let the sales clerk know that you’ll be completing the payment using the EMI facility. 

  • Once you have chosen the “Debit Card EMI Option,” you will be prompted to select your bank. Choose Canara Bank from the list of banks. 

  • The next step is to choose the preferred tenure. The options are 3 months, 6 months, 9 months, or 12 months. Depending on your desired term, the cost of purchase will be divided into equal monthly instalments. Let's say you have purchased a mobile phone worth Rs. 30,000 and have opted for a six-month tenure. Then you will have to pay Rs. 5,000 for six months to complete the purchase.

  • The final step is to authenticate your payment option. You will have to provide the debit card number, cardholder name, expiry date, and CVV for online purchases. Complete the transaction using the 3D secure pin or OTP sent to your registered mobile number. 

Advantages of Buying a Mobile Using Canara Bank Debit Card EMI 

Here are the top benefits of buying a mobile on EMI using a debit card. 

  • Pocket-friendly – This is the most significant advantage. When you purchase a mobile on EMI, you don't have to pay the entire cost out of pocket. Instead, you can complete the purchase by paying a small amount every month. This is a considerable advantage, especially for those who have a tight monthly budget. With EMI, you can own your desired smartphone, without having to empty your pocket.   

  • No Compromise on the Model – The higher the price tag, the better the specifications. Often, our choices for mobile phones are limited by our budget. When you purchase via EMI, you don't have to pay the full price upfront. This means, instead of restricting yourself to a cheaper model, you can opt for the latest flagship phone.   

  • Zero downpayment and No Extra Interests – Contrary to popular belief, you don't have to pay anything extra when you purchase a smartphone on EMI. The total price you pay is the same as the full price you pay upfront. So, there is no downpayment or extra interest charged. 

Points to Ponder while Purchasing a Mobile With Canara Bank Debit Card EMI  

  • Remember that not all merchants offer this option. Before you go mobile shopping, check if the merchant allows you to convert your purchase into EMIs. 

  • Generally, there are no additional costs involved. For example, if the smartphone's total cost is Rs. 40,000, you will have to pay only this amount. There are no additional interests and other processing fees. However, make sure to check with the retailer for any hidden costs. 

  • Purchasing a mobile on EMI requires zero down-payments. You don't have to provide an upfront amount. However, the first EMI may commence immediately after the purchase. 

How is Debit Card EMI Different from No Cost EMI? 

Debit card EMI is different from No Cost EMI or Zero cost EMI. However, these are two different modes of payment. In the case of No Cost EMIs, you do not have to pay anything above the cost of the product for which you have availed the EMI. So, processing fees, interest,  etc. are not included in no cost EMI. Also, any applicable charge is given as a discount. So, in a No cost EMI, the total EMI is equivalent to the product’s price. The No-cost EMI option is given based on the tie-ups between merchants and banks or depending on ongoing offers. This varies from time to time. In the case of debit card EMI facility, the amount is transferred to your bank account as a loan. Therefore, you will have to pay interest charges and processing fees. This may make the EMI total greater than the price of the product.  

FAQS 

1. How can I activate an EMI on debit card? 

You can activate the debit card EMI by navigating to the merchant’s page or by getting in touch with customer care. 

2. Is EMI available on Canara Bank debit card? 

Yes, EMI is available on Canara Bank debit card.  

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.