Debit Card

EMI on Debit Card: Can You Use Your Debit Card for EMI?

emi on debit card

The answer is yes. You can use your debit card for EMI, but it’s only when your debit card is from ICICI bank and Axis bank. Currently, these are probably the only two banks in India that allow its customers to use EMI on debit card. Not all banks offer this facility and there are many reasons why they don’t. ICICI is the first bank to introduce EMI (Equated Monthly Installment) on debit cards.

However, there are individual guidelines and terms & conditions of ICICI and Axis bank on which the EMI option on debit card is based on. Customers, who stand by the rules, can have the special feature on their debit card.

Moreover, the use of debit card for EMI is limited to some specific stores, since the banks are yet to extend this facility to popular online stores such as Flipkart and Amazon which we will be discussing later in the article. For now let’s get familiar with the rules and find out how to use debit card for EMI.

EMI on Debit Card- ICICI Bank         

The EMI option on ICICI debit card converts your high value transactions in to easy installments. Here’s what you need to know about it. All the information is given in the official webpage of ICICI. You can click here to go to the page or you can have a look at the summary given below.

Processing Fee?


What are the tenure options and respective interest rates?

You can take EMI for 3,6,9,12,18, or 24 months. The rate of interest is 13% (reducing basis) for 3, 6, 9, and 12 months and  18% for 18 and 24 months.

Who can use this facility?

All the existing savings account holders and some select current account holders of ICICI bank who have a fixed deposit or recurring deposit linked to the same account can use this facility.

Exceptions: This facility is not available against Tax Saver fixed deposit or PPF.

What is the minimum transaction applicable to this debit card EMI option?

EMI is available on transactions above Rs.10,000 made at participating stores.


  1. The maximum limit offered to customers will be 90% of the fixed deposit principal value or as on date value of recurring deposit.
  2. The EMI tenure should be less than the fixed deposit maturity date, failing which the bank can reject the EMI conversion request or auto renew the fixed deposit.

Read More on the Terms & Condition

What are the brands ICICI bank has a tie up with, for debit card EMI?

  • Apple for smartphones only
  • Samsung for smartphones and consumer products
  • Haier, Hero Motors, Firefox, Kurlon, Lenovo, Nikon, Sharp, Sleepwell, Suzuki Motors, TVS motors, Vespa Motors and VLCC are rest of the brands

How to check the nearest store for EMI facility?

To know your nearest ICICI debit card EMI stores,

SMS EMI<space>PIN CODE to 56886.

List of stores

How to Avail EMI on Debit card of ICICI bank?

Visit the participating merchant store with your ICICI bank debit card and go by the steps given below.

  • Buy a product that belongs to the partnering brands.
  • Inform the sales executive that you want to go for EMI option with your debit card and mention the tenure.
  • They will enter the total purchase amount and swipe your debit card and you have to enter your PIN to authenticate the transaction.
  • Now the entire amount is deducted from your savings account and a slip with details of EMI facility for the specific transaction will be generated.
  • Sign the slip and hand it over to the sales personnel.
  • The transaction will be converted to EMI and interest will be deducted on the basis of the tenure you have chosen.
  • Within two business working days the deducted transaction amount will be revered to your account.
  • First installment will be deducted 30 days from the date of reversal of the money in your account.
  • The transactions and EMIs will reflect on your statement.
  • You cannot cash the fixed deposit as long as the EMIs are not paid.

You can follow the same way to buy Samsung mobiles on EMI with your debit card. But you have to buy it from the participating merchant stores.

For now, you cannot use this debit card to buy items from online stores like Flipkart and Amazon on EMI basis.

Flipkart’s EMI payment option is available for American Express, Citi bank, HDFC and ICICI bank credit card holders only.

Likewise, Amazon accepts EMI payments from credit cards issued by ICICI Bank, HDFC Bank, Citibank, SBI Card, Standard Chartered Bank, Kotak Mahindra Bank, Axis Bank, and HSBC Bank.

The decision of conversion of EMI lies at the discretion of the bank.

EMI on Debit Card- Axis Bank

The EMI facility on Axis bank debit card is offered to select target customers who can convert their regular purchases into EMI at select merchant outlets and online stores.

Processing Fee?

1% onetime processing fee or Rs. 150 whichever is higher will be billed to the customer on the date of conversion of transaction in to EMI. Service tax applies on the processing and foreclosure fee.

What are the tenure options and respective interest rates?

The EMI is available for 3, 6, 9, 12 months and the interest will be 14% per annum calculated on reducing basis. Bank may revise the rate of interest without prior notice to the customers.

Who can use this facility?

To know whether you are eligible for the EMI feature on your Axis bank debit card, you have to send the following SMS.

SMS EMID<space> XXXX (last 4 digits of your debit card number) to 5676782

In response, you will receive an SMS about the eligible amount, validity, and the merchant sores where you can avail the EMI facility.

For further assistance, call 1800-103-5577 /1800-209-5577

What is the minimum transaction applicable to the debit card EMI option?

The minimum amount of transaction is Rs. 10,000 up to a maximum of Rs.1lac.

Read more on the T&C

Where you can avail this facility?

Currently, it’s way too limited. You can only avail the EMI on debit card at Jumbo Electronics.

How to check the nearest store for EMI facility?

When you send SMS to check the eligibility, it will send you the detail of stores where you can use EMI on debit card.

How to Avail EMI on Debit card of Axis Bank?

The process is almost same as that of ICICI bank.

  • Visit the specific merchant store and select the item you want to purchase.
  • Inform the merchant executive that you want to make payment on installment basis with your debit card and select your desired tenure.
  • If there is sufficient balance available in the savings account, the transaction will get approved. It will be declined if the transaction amount is higher than the balance available in the savings account.
  • The merchant personnel swipes the debit card in the EMI conversion mode and the transaction amount is debited from your savings account.
  • A charge slip will generate with Terms & Conditions mentioned on it. Agree the (if you want to) T&C, sign the charge slip and give it to the executive.
  • The transaction amount will be credited back to your savings account within 3 working days from the date of transaction and an installment account will be created which will be billed monthly according to the tenure you have selected.

Why Debit Cards are Usually Not Accepted for EMIs?

It’s probably because of the risk, a bank takes while providing a credit cards to its customers.

Credit cards are nothing but loans in disguise. Whether a credit card will be issued to a customer or not, depends on their credit worthiness. Again depending on the same credit worthiness the bank has to take a risk of not getting the repayment. Some banks accept fixed deposits in order to issue credit cards. And all the credit cards come with a sanctioned limit beyond which the credit card holders are not allowed to make transactions. Credit card being one form of loan, when you buy something on EMI with it, the bank has to agree if it’s within the sanctioned limit and charges interest according to the tenure.

But with debit card, things are much different. Debit card is not issued on the basis of credit worthiness. Anyone with a normal savings account can have it. Here, there’s no risk factor involved with the bank, since whatever you buy using your debit card goes from your own savings account. Unlike credit cards, debit cards are not loans, but your own money. Therefore, bank is not taking any risk on your debit card transactions. And it doesn’t stand for EMIs with debit cards.

Therefore, banks are less likely to offer EMI on their debit cards.

This is all about EMI on debit card in India. Considering the limited merchant stores, you can buy mobiles, consumer goods, electronic items using the EMI options of these debit cards. However, it’s up to the discretion of individual banks to offer this facility. Although for now, it’s not available for online stores, in near future we can expect them to have it for us. If you know about other debit cards that offer EMI facility, please share with us in the comment box.


  1. Mohit Sorout

    There has been a lot of innovation in finance technology space. A company called Finomena is providing EMI on debit card to people who do not own a credit card or people with low CIBIL score.

    Banks still need you to have a Fixed Deposit account before the give loan on debit card. Finomena doesn’t need a FD account.

  2. rani

    Can i use my debit card for purchasing mobile

  3. muthukannan

    can i use my hdfc debit card for emi

  4. Rajesh waddar


    I have axis bank debit card , actually I planned to take new laptop ,there is any EMI options in axis bank .

  5. Abhijeet Kumar

    can i use my debit card for EMI Kotak mahindra bank Visa Category For Purchasing laptop.

    • Gudiya Kumari

      can i use my debit card for EMI Kotak mahindra bank Visa Category For
      Gudiya Kumari

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