Sometimes we want to purchase high cost products, but don’t have sufficient balance in your bank a/c at that moment! In this cases, consumers prefer “Credit Cards” but not all are eligible to take credit cards.
For these type of customers, IndusInd bank allows “EMI Facility” to convert high cost purchases into Easy Monthly Installments(EMI’s).
How to check whether the customer is eligible to convert debit card purchases into EMI-To check eligibility, IndusInd Bank customers have to type “MYOFR” and send it to 5676757. Upon sending sms, you will receive confirmation sms whether you would be eligible or not
Features of converting debit card purchases into EMI–
- The Minimum Purchase amount should be 10,000 rupees.
- Customer can choose any of 3 months,6 months,9 months, 1 Year, 18 Months, 2 Year duration period to convert their purchases into EMI
- No documentation needed
- No processing fee would be levied
- No need to make down-payment
- 100% finance facility available
- Immediate Processing of EMI where the customer can choose from 3 months to 2 year period and can repay within that period
- Can repay EMI through concerned savings a/c
- No “Extra-cost” EMI on selective products
- You can use IndusInd Bank debit card either on shopping counters or on online shopping
- While doing Online shopping, click “Proceed to Pay” in the payment gateway and select “IndusInd Debit Card EMI” Facility at check-in
- Select the time period to repay as EMI
- After entering your card credentials, the transaction would be processed and your purchase would be converted into EMI’s as per the time period choosen by you.
Rates and Charges–
- If the customer’s bank a/c doesn’t have sufficient balance to auto-debit, service charge of 500 rupees+GST Would be levied
- If the customer fails to repay on-time, 450 rupees+GST would be charged
- If the customer wishes to fore-closure the EMI(Loan) 3% would be charged on the outstanding balance+GST would be charged
- The interest rate charged for 3 Months EMI is-13.99%
- The interest rate charged for 6 Months is-14.99%
- The interest rate charged for 9 Months is-14.99%
- The interest rate charged for 1 Year is-14.99%
- The interest rate charged for 18 Months and 2 Years is-15.99%
So if you want to make high purchase during this festive season, but unable to have sufficient cash as-of-now, make use of this offer of converting debit card purchases into EMI. But do verify the charges and rates and take a decision to make use of this offer or not!