Top Factors Affecting Debit Card EMI Eligibility

Top Factors Affecting Debit Card EMI Eligibility

The Debit Card EMI is a new EMI method using which consumers can avail EMI on their debit cards. Consumers utilising this method on merchant POS don't need to have the entire amount of the product in their accounts at the time of the transaction. 


In addition, such consumers are free to use the existing funds in their bank accounts. By using their bank's pre-approved overdraft facility, they will have their EMI amounts automatically deducted every month from their account, making it simple and completely hassle-free


 

Let us look into some of the factors that affect debit card EMI eligibility: 


  • Your phone number should be linked to your bank account: Debit card EMI eligibility is determined by the card number and registered phone number. Because of this, consumers should always use the phone number registered with the bank when making a payment.


  • Your account should have sufficient funds: Most banks do not require customers to have a minimum balance in their accounts to place orders. But to pay the monthly instalment, they must verify that they have sufficient funds available in their accounts.


  • Available upon request: You don't have the EMI option enabled by default. In order to enable the feature, debit card owners can request the same from their bank. After verifying your finances and credit history, the bank will determine whether or not you can avail debit card EMI. 


  • Enable Auto debit: In most cases, the customer's EMI amount will automatically be deducted from their savings account each month based on the applicable dates. But, it is best to enable the auto-debit option to ensure that you do not miss the date you need to pay the EMI. 


Top Tips for Debit Card EMI


  • Choose Your Tenure: As part of the Debit card EMI eligibility, the customer will repay the product's price, together with interest, to the bank in EMIs over a term of their choice. It may be 3-months, 6-months, 9-months, or 12-months, as chosen by the customer.


  • Get Early Access: E-commerce platforms, merchant POS or retailers form the initial shortlist of customers who qualify for debit card EMIs. If you fall into one of those buckets, you can easily join the bandwagon.


  • Don't Spend Money You Don't Have: A higher pre-approved limit does not mean that you should spend it all every month. If you make that a habit, you will accumulate a lot of debt which will further decrease your credit score. Use the EMI option only when you need it.


For people to be able to pay in instalments, they no longer need a credit card. You can now use your debit card on certain online platforms or with certain banks and vendors to enjoy the convenience of EMI payments. Debit cards are often ignored assets sitting right there in our wallets, allowing us to shop effortlessly.


Comments

Post a Comment

Popular posts from this blog

NFC Payments: You should to Know About Contactless Payments

Image
  Have you heard about NFC payments? With Apple Pay and Google Pay entering the market and tap-to-pay credit cards available, using both your phone and your wallet to pay for goods is easier than ever. Did you know that NFC-driven payments, such as Apple Pay and Google Pay are fast becoming a preferred consumer payment method? Don’t believe us? Check out this video to learn more: Eliminate the last remaining physical barrier between your customers and a completed payment by embracing NFC-enabled payments. Check out our resource to learn more about the factors driving this emerging payment method and where your brand fits in: Want to know why checks and payments feel like they belong in the Stone Ages? NFC technology has the answer. People are using this super-fast, highly-secure technology at checkout counters all over town. Learn more about what NFC can do for your business today. Read also: https://alamspy.com/benefits-of-bharat-qr-code-and-how-it-benefits-your-business/ Did you ...
Read more

Grow Your Business With A Wireless Pos Machine

Image
  If you have ever had a business that involved taking payments, than you already know how incredibly important it is to stay in touch with your processors. Most business owners have either used wired connections to take payments or some type of mobile device that was not truly mobile. Enter the pos machine. This wireless device should offer you all of the same access to your processor as the wired connection, but with the mobility to go anywhere and conduct business. The wireless pos machine is easy to use and enables customers to pay for services using a credit card, debit card and optionally using cash. The machine can be used on its own or connected to PC or tablet. After connecting the device to a computer it becomes a full functional POS system with all the necessary software installed. It enables the user to operate business in all possible directions: sales, accounting sale, goods receipt and other operations. How Does Wireless POS Machine Work? The wireless pos machine al...
Read more

NFC Impact on Our Lives

Image
You can already do a lot with your mobile phone—play games, surf the Internet, watch TV shows. Now with NFC on mobile you can make payments without a wallet or credit card. Just tap your phone to pay! It's convenient, easy to use, and works with more than just payment systems. Plus, it's more secure than using a credit card. Welcome to the world of NFC in mobile . NFC payments, or near field communications (NFC), is a payment process involving the transfer of data via radio waves. NFC payments are generally more secure than credit cards, and can be used on different machines like smart phones, tablets and devices across retail outlets. SIBYO has launched Mifare Plus IC Card with NTAG203, which works with NFC in mobile payments and offers more flexibility in encryption capacity.       Having a wallet is a hassle, and having a smartphone is convenient, but it's even easier to use NFC-enabled payment systems with Smartwatches. Samsung SM-R760 NFC, or Near Field Communicati...
Read more