IDFC Bank Debit Card EMI: Benefits, Eligibility, Charges & How It Works

Key takeaways: 

• The debit card EMI option allows you to divide your purchase into smaller monthly payments instead of paying the full amount in advance. 

• Not all customers are eligible to use the debit card EMI option. You can check the eligibility by sending an SMS on 5676732. 

• One of the biggest advantages of using the IDFC Bank debit card EMI option is that it is an absolute paperless experience. 

Bonus tip: 

IDFC First Bank has revised the benefits on many of its credit cards. IDFC First Bank’s lifetime free cards, select and wealth will offer ₹200 per point as compared to ₹150 per point earlier, bringing the rewards down by 25%. 

Think of your IDFC First Bank Debit Card EMI like buying a new mobile phone but you are paying the amount like a monthly subscription of Netflix. You pay a small amount every month instead of paying a big amount at once. 

Usually when you swipe your card, the full amount is deducted. With the IDFC debit card EMI option, you are telling the bank “do not take my full money, I will pay you in small parts”. The bank agrees to your demand and converts your full amount to a monthly amount. 

For example, I am Neha and I bought a smart phone by using my IDFC debit card EMI of  ₹60,000 with 6 months of EMI option at an interest rate of 12%. 

Now, I will not pay the full amount of ₹60,000 at once. My monthly EMI will be ₹10,353 for next 6 months including the interest amount. Therefore, my total payable amount will be ₹63,210. 

This idea of paying monthly EMI helped me to manage my monthly expenses without any financial stress. 

What is IDFC First Bank Debit Card EMI 

Equated Monthly Instalment or EMI is a fixed amount that you pay monthly towards repaying for your purchase or loan. 

The IDFC First Bank Debit card EMI option allows you to divide your purchase into smaller monthly payments instead of paying the full amount in advance. This helps you to manage your expenses and monthly income without any financial stress. 

For example, I purchased a laptop of ₹50,000 by using my IDFC First Bank debit card EMI for 9 months. The interest rate is 15% per annum. By using the EMI calculator, I estimated my monthly EMI of ₹5,909. 

Read More - How Debt Affects Your Mental Health

IDFC First Bank Debit Card EMI Eligibility 

It is important to note that not all customers are eligible to use the debit card EMI option. You can check the eligibility by sending an SMS on 5676732. 

IDFC First Bank EMI calculator 

You can use an EMI calculator to estimate your monthly EMI. The IDFC First Bank has different types of EMI calculators like car loan EMI calculator, personal loan EMI calculator, Credit card EMI calculator etc. 

For example 1, Aditi purchased a TV for ₹30,000 and she got a No Cost EMI festive offer for 6 months. She used the IDFC Bank Debit card EMI calculator to estimate her monthly EMI. 

She will pay the monthly EMI of ₹5,000. Since, it was no cost EMI, her total payable amount will also be ₹30,000 only. 

Example 2, Karan bought a laptop of ₹45,000 and selected the EMI for 9 months with an interest rate of 15% per annum. With the help of IDFC First Bank Debit Card EMI calculator, he estimated his monthly EMI of  ₹5,318. 

Now he can balance his monthly expenses and the EMI without any stress. 

IDFC First Bank Debit Card EMI charges

Below table shows the charges on IDFC debit card EMI: 

These are the schedule of charges for the IDFC debit card EMI. 

IDFC Bank Debit Card EMI interest rates 

IDFC FIRST Bank offers “Easy buy” as a convenient way for the customers who hold a valid debit card which is issued by the Bank. This offer allows consumers to buy consumer durable products at selected merchant outlets. The paperless flow provides such a great customer experience to IDFC First Bank customers. 

Also Read - What Is No Cost EMI?
 

Rate of Interest as decided by the IDFC Bank, will be communicated to you at the time of availing the offer and it will also be mentioned in the charge slip. 

Benefits of using the IDFC Bank Debit Card EMI

Below are some of the benefits of using the IDFC debit card EMI: 

• It is convenient and easy to use as there is no paper work involved. 
• There is no blocking of the amount in the account.
• The rate of interest is low as compared to other banks. 
• You can easily repay the amount by IDFC First bank account. 

The IDFC debit card EMI is very helpful and beneficial to use.

Conclusion: 

Overall, IDFC First Bank Debit Card EMI is a good decision if you want to buy something expensive or big. Paying in small amounts rather than a big amount will help you to maintain your monthly budget. Whether you want to buy a TV, smart phone or laptop etc, it provides you with paperless process without any hassle. You just have to use your IDFC debit card to make payment and make your transaction into EMI. By checking your eligibility, you can easily get an IDFC debit card EMI. You can also use the EMI calculator to estimate your monthly EMI so that you have stress free financial future. 

FAQs: 

How can you check your eligibility for IDFC First Bank Debit Card EMI? 

You can check the eligibility FOR idfc First Bank Debit Card EMI by sending an SMS on 5676732. 

What are the benefits of debit card EMI? 

There are many benefits of debit card EMI like lower interest rates, you can pay small amounts for bug purchase rather than paying all at once. 

Can I buy something on EMI using a debit card?

Yes, you can buy anything on EMI using the debit card. You can also IDFC First Bank Debit Card EMI.

How does debit card EMI work? 

You can make a big purchase using your debit card and pay small amounts monthly. The IDFC First Bank Debit card EMI option allows you to divide your purchase into smaller monthly payments instead of paying the full amount in advance.

What is the benefit of IDFC's first wealth debit card? 

With IDFC First Wealth Debit Card, you get high withdrawal limits daily, free airport lounge access and many more.