Many people like to own the costliest smartphone, laptop, LED TV and so on. Unfortunately, not everyone can buy the costliest things by making one shot payments. This is when EMIs come into place. You might have seen your friends and colleagues buying smartphones, TVs on EMI with a credit card and so on. But, what if you don't have a credit card? Yes, not everyone has a credit card. Banks have very strict rules while issuing a credit card. For banks to issue a credit card, you must have good stable income.
There is no need to worry if you don't have a credit card as you will be allowed to buy things on EMI with debit cards. Yes, it’s true, as many online shoppers do not have credit cards and e-commerce sites like Flipkart have introduced EMIs on debit cards in partnership with the top banks in India. This payment feature makes online payments easy and affordable to customers. In this blog, we will discuss everything you need to know on debit card EMIs from Flipkart.
1. Non-credit cardholders can purchase items on EMI.
2. Online shoppers will be allowed to make payments in instalments.
Flipkart debit card EMI is available only for selected online shoppers. Flipkart is not the one who determines eligibility, as it is determined by the bank partner based on the customer’s past transaction history and relationship with the bank.
At present, Flipkart has partnered with four banks like Axis Bank, State Bank of India (SBI), HDFC Bank and ICICI bank to offer debit card email facility to online shoppers.
You can identify if you are eligible for EMIs on debit cards from Flipkart just by sending an SMS to 57575. The content of SMS should be DCEMI.
In case you are eligible for a Flipkart debit card EMI option, you can see ‘debit cart EMI available’ text on the app or website under easy payment options.
To avail Flipkart debit card email service, there is a minimum amount of purchase you must make. The minimum purchase amount differs across banks. While ICICI bank has a Rs 5000 minimum purchase amount, axis bank and SBI have Rs 8,000.
How to avail debit card EMI service on Flipkart?
1. To avail debit card EMI service on Flipkart, you need to check if Debit Card EMI is applicable on your purchase or not while making the payment. If you are a pre-approved customer of your bank, the option will be displayed on the screen. You must select the Debit Card EMI options available.
2. After selecting the Debit Card EMI option, you need to select the applicable bank for Debit Card EMIs. You will be shown the bank option only if you use the same email address or phone number for your bank account and Flipkart account.
3. After selecting the bank, you need to select your EMI tenure. Based on the tenure selected, the interest amount charged by your bank will be shown along with payment amount.
4. You need to enter your debit card number and CVV.
5. After you enter all the required details, OTP will be sent to your registered mobile number. To complete the transaction you need to enter the OTP.
6. In the end, you need to agree on the terms and conditions by checking the box to complete the transaction successfully.