IndusInd Bank Debit Card EMI

The IndusInd debit card EMI is quite similar to a credit card EMI. At the time of the transaction, it is not required to have the entire amount payable in your bank account. Also, the bank will not block any amount on your card or savings account. So, the entire money for the purchase does not need to be available during the time of buying. The amount due must be available in your bank account only at the time of the next payable installment. You can choose a debit card EMI tenure of 3,6,9,12, or even 24 months at IndusInd bank.

Debit Card EMI Eligibility For IndusInd Bank

The debit card EMI facility is not available to everyone. It is based on multiple factors. Based on certain criteria, your bank will decide whether or not you are eligible for a debit card EMI on your purchase. If you want to check your debit card EMI eligibility with IndusInd bank, then you can SMS MYOFR to 5676757. Even if you are not eligible at the present, the bank can give this facility to you in future, as the eligible customer base is updated every couple of months.

Things To Keep In Mind Regarding An IndusInd Bank Debit Card EMI

Some of the important things to note regarding an IndusInd Bank Debit Card EMI are:

Some Things to Know Regarding EMI on IndusInd Bank Debit Card

• You need not maintain a fixed or recurring deposit to avail this facility.
• Even the IndusInd Bank debit card EMI scheme, taken as a loan, can be foreclosed. However, foreclosure charges will be involved.
• The minimum purchase amounts may vary across banks.

Should You Opt For An IndusInd Debit Card EMI?

To decide this, let us analyze the benefits of the IndusInd Bank debit card EMI. Some of the benefits of the IndusInd Bank Debit Card EMI are as follows:

• No down-payment is required
• No money in your account is blocked.
• You will get 100% funding to buy the products or services of your choice.
• No lengthy documentation processes.
• The money is disbursed instantly post the approval of the loan.
• No extra costs are charged on the scheme.
• Such schemes are usually a great option to fund your big-ticket purchases.
• They enable you to buy what you want without going beyond your means.
• Customers are given the option of No cost EMI allowing them to save a ton on interest.
• You can use your debit card to buy products or services with a minimum cart value of Rs. 10,000 both at online merchants and from brick and mortar stores. The repayment options are quite affordable.

Fees And Charges On Debit Card EMI With IndusInd Bank

• Auto-Debit return charges: Rs.500 + applicable taxes
• Late payment charges: Rs.450 + applicable taxes
• Pre-closure/Foreclosure charges : 3% of balance principal outstanding + applicable taxes
• The EMI will be calculated on monthly reducing balance.

Some Terms and Conditions of The IndusInd Bank Debit Card EMI

Given below are some of the terms and conditions of the IndusInd Bank Debit Card EMI

• The debit card EMI facility will be provided to chosen pre-approved customers of IndusInd Bank. Without any prior notice, the facility and the pre-approved limit can be amended/removed.
• The debit card EMI product is offered by IndusInd Bank while partnering with merchants, payment aggregator partners, and manufacturers. The facility for EMI conversion needs to be chosen at the time of transaction.
• From the time of EMI transaction at the merchant, the EMI shall be auto booked within 2 to 3 working days.
• Within 3 working days of the transaction, a detailed terms and conditions statement and a key fact statement for the IndusInd debit card EMI facility shall be shared with the customer on the registered email Id. The loan reference number in the key fact statement can be shared with the IBL contact center by the customer to seek the debit card EMI loan account number.
• This debit card EMI facility is an option that is provided by merchants. Customers are not under any obligation to choose an EMI on the debit card.
• Customers are requested to verify the selection of the correct scheme in EMI transactions where No-cost EMI discount/Cashback is being offered by the brand or the merchant.
• The Discount/Cashback will be passed onto the customer according to the selected scheme. IndusInd Bank will not be liable for incorrect selection of scheme/offer at the time of transaction.
• The No-cost EMI Cashback will be posted to the customer account linked to the Debit Card used for the IndusInd debit card EMI transaction on or before 120 days from the date that marks the end of the loan booking month. The No-Cost EMI Cashback is subject to the first 3 subsequent successful EMI re-payments.

For all the terms and conditions, you can refer to the IndusInd bank website: https://www.indusind.com/in/en/personal/cards/emi-on-debit-card.html

FAQs of IndusInd Debit Card EMI