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Axis Bank is partnering with Innoviti Payment Solutions to provide equated monthly installment (EMI) options on debit cards swiped at Innoviti point-of-sale (POS) terminals. The collaboration has provided new credit options for Axis Bank debit card customers in the country.
Customers can use their debit card to purchase a number of products on merchant establishments and ecommerce sites, and repay the amount in easy EMIs. They can avail up to 12 months to repay the bill amount. And customers don't have to pay any processing fees or down payment. Cardholders can repay their purchases through expanded EMI options at over 70,000 Innoviti POS terminals in over 1000 cities across India, particularly in smaller Tier 2 or Tier 3 towns.
Let us learn more about this Debit Card EMI feature on Axis Bank debit cards.
Axis bank debit card holders can convert their transactions of Rs.8000 and more into easy EMIs. This credit facility is offered to pre-approved customers of Axis debit cards. It is similar to a pre-approved overdraft facility credited to your savings bank account.
It is very much a credit line, a loan, so it will be reported to the credit bureau. Debit Card EMIs do have an effect on your credit score so users have to be mindful of that.Axis Debit Card EMI is an excellent option for customers who want to make a large purchase but prefer to pay it in smaller installments. They can better manage their budgets this way. It could even be an emergency medical need or another personal need that necessitates a large sum of money right away. Axis Debit Card EMI provides this credit line to much-needed customers, allowing them to focus on what is important rather than filling out loan applications and wasting time in bank queues.Here is how to choose the best credit card for maximum rewards every time you shop!Debit Card EMI – Online Transaction
1. The buyer must first determine which products are eligible for Axis Debit Card EMI. This is available on the product information page.
2. Once you've confirmed your choice, go to the checkout page. Choose Debit Card EMI and then Axis Bank from the payment options.
3. You will be shown the various tenure options and interest rates. Choose the best option for you and complete the payment.
4. You will be required to provide additional authentication in the form of a PIN or an OTP. The order is placed once you enter the information.
5. The entire loan amount is credited to your savings account, from which the EMI amount is debited every month. The EMI conversion and processing is completed within two business days of the transaction date. The first installment will be deducted 30 days after the money is reversed in the account.
Debit Card EMI – At POS Location
1. Locate a merchant who offers Debit Card EMI on your Axis debit card
2. Shop for the items you want and present them for billing
3. Inform the biller in advance that you would like to use the debit card EMI offer
4. Swipe your Axis debit card at the merchant store's POS terminal
5. The biller then selects the EMI option, bill amount and the repayment tenure
6. You will be required to authenticate the transaction with your PIN number and an OTP
7. Once approved, the transaction shows ‘Success’ and the charge slip is printed
8. Remember to save this charge slip as it contains the terms & conditions of the EMI transaction
It is as simple as that!
Interesting Read: Debit Cards Vs Credit Cards Which One To Use While Traveling Abroad
- Upon successful approval, the transaction amount is disbursed into a customer linked active saving account within 4 working days from the date of transaction. Post which the EMI will be debited on a monthly basis from customer linked active saving account.
- The Card member shall be charged an interest rate on monthly reducing balance basis, for availing the EMI facility. This interest will be mentioned on the charge-slip for customer consent.
- The current interest rate on Axis debit card EMI is around 16% per annum. The final interest rate is based on the total bill amount and the tenure chosen
- The card member may pre-close the facility (prepayment of the outstanding amount) at any time by contacting AXIS Bank's Customer Care to avail of the foreclosure. No Pre-payment charges on foreclosure of the EMI facility
- In the event the payment is not made by the due date as specified, it shall be construed as a default by the card member and card member shall become liable to pay the entire due amount.
1. How to check if I am eligible for the debit card EMI option on Axis debit card?
SMS DCEMI space Last 4 Digits of Debit Card to 56161600; this will show your debit card EMI eligibility.
2. Can I get no cost EMI on Axis Bank debit EMI?
Currently No Cost EMI is only available on credit card EMI options. However, banks and merchants are working to extend this feature on AXIS Bank Debit EMI also. We can expect it to be launched very soon.
3. How do I use an Axis debit card to make an EMI transaction?
On the merchant’s payment page, choose "EMI Menu" and then enter your bank's debit card. Continue with the transaction after selecting the appropriate tenure. You will be redirected to a bank page to complete the payment, just like with a debit card.
4. When does my first EMI begin?
The first installment will be deducted 30 days after the transaction.
5. How will I repay my EMI?
Axis bank will automatically enable standing instructions on your SB A/C to enable debit of monthly EMI payments. Please keep a sufficient balance in your SB A/C to cover the EMI amount. You can contact Axis Bank to close the EMI if you want to repay the amount early. There are no pre-closure charges with Axis debit card EMI.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application