ICICI Bank Debit Card Emi

ICICI Bank Debit Cards For EMI

ICICI Bank is India’s largest private bank. It provides the option of equated monthly installments (EMI) on debit cards for its customers. This is a great option for those who do not have a credit card as they can shop without worrying about the complete and upfront payment. The option to pay in monthly installments for a high-end purchase was a luxury available only to credit card users before this debit card EMI option was introduced. The only condition to avail of this feature is that the user should have a fixed deposit of at least INR 10,000 connected to their savings account to make use of this. EMI tenures vary according to the price and how much you can afford to pay as a down payment, though it ranges from 3 to 12 months. The FD has to be retained until you pay the due amount completely.

What Are The Features and Benefits of The ICICI Debit Card For EMI?

• There is no documentation process involved in converting the debit card transactions into EMIs.
• There is no particular processing fee charged to avail this service.
• There is no need for a security deposit or down payment.
• The EMI tenure options are flexible and can be anything from 3 months, 6 months, 9 months, 18 months, 1 year, and 2 years.
• The interest rate is as low as 13 percent on a reduction basis for those who choose tenures of up to one year. If you need more than one year to settle the bills, the rate will be slightly more, which is 15 percent on a reduction basis.
• Currently, this facility can be used by every ICICI bank savings account holder and some existing account users with a fixed or recurring deposit which is not less than INR 10,000. You cannot link any tax beneficial account such as PPF.
• This EMI feature can be availed for any kind of shopping transaction that exceeds INR 10,000 at partnered stores.
• ICICI has partnered with Apple in over 2000 stores across the country.
• ICICI has established ties with Samsung in over 9000 stores throughout India for purchasers of smartphones, tabs, LEDs, fridge, AC, cooler, microwave oven, and more.
• SMS EMI PIN CODE to 56886 or visit the website in order to get the details of your nearest outlet providing a debit card EMI facility.
• ICICI has partnered with big names in the automobile industry and others such as Haier, Firefox, Kurlon, Hero Motors, Lenovo, Nikon, Sharp, Sleepwell, Suzuki Motors, Vespa Motors, TVS motors, and VLCC.
• You can use the current fixed deposits to exchange luxury buys for effortless installments.
• You can also avail of this facility at popular online stores.

How To Access The ICICI Bank Debit Card EMI Facility?

• The customer transacts at a participating partner store and chooses the duration of the EMI.
• The customer pays through the ICICI Bank debit card and enters the ATM PIN at specific terminals in the store.
• The transaction is authorized and after successful evaluation of parameters, the transaction gets converted into EMIs.
• EMI conversion and reversal of the amount to the account happens within 2 business working days after the transaction date.
• The first installment will be deducted 30 days from the reversal of the money in the account.
• The account statement will show the transaction with suitable narration.

How Is The Debit Card EMI Different From No Cost EMI?

The debit card EMI is different from No Cost EMI or Zero Cost EMI. With No cost EMIs, you need not pay any price in excess of the product for which you availed the EMI. So, a No Cost EMI does not include any processing fee or interest charges. Even if any charge is applicable, it is adjusted in the form of a discount, which finally makes the total EMI equivalent to the price of the product. With regards to the debit card EMI facility, the amount is transferred to your bank account as a loan. So, you have to pay interest charges and processing fees. The EMIs, in this case, are thus exclusive of the interest charges, which makes the total EMI greater than the price of the product. Let us take an example: Suppose, you purchase a product of Rs. 21,000 for a duration of 3 months. If it is a debit card EMI, you will also be levied a processing fee equal to Rs. 99 and an interest rate of 12% per annum (1% per month). According to this, your EMIs will be as follows:

Computation is done on the basis of the daily reducing balance. The no-cost EMI option is provided on the basis of tie ups with the merchant and bank on the basis of ongoing offers, which may differ from time to time.

FAQs of ICICI debit card EMI