Debit Card Emi Option For Mobile Purchase Online
Online shopping has become a norm these days. You can buy anything under the sun, from groceries to electronics, without leaving the comfort of your home. With the increasing use of smartphones, mobile phones have become an essential part of our lives, and purchasing them online has become easier than ever. However, not everyone can afford to pay the full amount upfront. This is where the Debit Card EMI option comes in handy. In this article, we will discuss everything you need to know about Debit Card EMI options for mobile purchases online.
What is Debit Card EMI?
EMI stands for Equated Monthly Installments, which is a payment option that allows you to pay for a product or service in installments over a specific period. Traditionally, EMI options were only available for credit cardholders. However, in recent years, banks have started offering EMI options to debit cardholders as well. Debit Card EMI is a payment option that allows you to convert your purchase into easy monthly installments using your debit card.
How does Debit Card EMI work?
The process of availing a Debit Card EMI option is quite simple. When you are making a purchase online, you will be asked to choose a payment method. If the online retailer offers the Debit Card EMI option, you will see it as one of the payment options. You can choose this option and select the tenure for which you wish to pay in installments. The bank will charge you interest on the loan amount, which will be added to your monthly installment.
Advantages of Debit Card EMI
Debit Card EMI has several advantages over other payment options:
- No need for a credit card: Debit Card EMI is an excellent option for people who do not have a credit card. It allows them to make purchases on EMI without having to apply for a credit card.
- Lower interest rates: Debit Card EMI usually comes with lower interest rates compared to credit card EMI options.
- Easy repayment: Debit Card EMI allows you to pay for your purchase in easy monthly installments, making it easier for you to manage your finances.
- No prepayment charges: Some banks do not charge prepayment penalties, which means that you can pay off your loan before the tenure ends without any additional charges.
Disadvantages of Debit Card EMI
While Debit Card EMI has several advantages, it also has a few disadvantages:
- Not all banks offer Debit Card EMI: Not all banks offer Debit Card EMI options. Therefore, you need to check with your bank before making a purchase.
- Higher interest rates for longer tenures: If you choose a longer tenure to pay off your loan, you may end up paying a higher interest rate.
- Limited loan amount: The loan amount for Debit Card EMI is usually lower compared to credit card EMI options.
Conclusion
Debit Card EMI is an excellent payment option for people who want to buy mobile phones online but cannot afford to pay the full amount upfront. Before choosing Debit Card EMI, you need to check with your bank and compare the interest rates to ensure that you are getting the best deal. Lastly, make sure that you have a clear understanding of the terms and conditions before availing of the Debit Card EMI option.