The process for activating EMI (Equated Monthly Installment) on a debit card may vary depending on the bank or financial institution that issued the card. However, here are some general steps that may be followed:
- Check if your bank offers EMI on debit card: First, you need to check if your bank offers the EMI facility on debit cards. You can either visit your bank’s website or contact their customer care to inquire about this.
- Select the product you want to purchase: After confirming that your bank offers EMI on debit card, select the product that you want to purchase. Make sure that the merchant accepts payment through your debit card.
- Choose the EMI option: During the payment process, select the EMI option. You may be asked to choose the EMI tenure (i.e., the number of months over which you want to repay the loan) and the interest rate.
- Enter your debit card details: Enter your debit card details, such as the card number, CVV, and expiry date.
- Confirm the transaction: After entering your debit card details, confirm the transaction. You may receive an OTP (One-Time Password) on your registered mobile number to authenticate the transaction.
- Sign the loan agreement: After confirming the transaction, you will be asked to sign a loan agreement, which outlines the terms and conditions of the EMI facility.
Once you complete these steps, the EMI facility should be activated on your debit card, and you can start repaying the loan in monthly installments as per the agreed terms.