Bank of Baroda (BOB) offers its customers the facility of converting their purchases made using debit cards into Equated Monthly Installments (EMI). This facility is available to select customers, and not all customers may be eligible for it. In this article, we will discuss how you can check your eligibility for BOB debit card EMI in detail.
Step 1: Check if your card is eligible The first step in checking your BOB debit card EMI eligibility is to ensure that your card is eligible for the facility. Not all BOB debit cards are eligible for EMI conversion. Only select cards are eligible, and you can find out if your card is eligible by contacting BOB customer care or visiting a BOB branch.
Step 2: Check your credit score Another important factor that determines your eligibility for BOB debit card EMI is your credit score. A good credit score indicates that you are a responsible borrower and are likely to repay your EMIs on time. BOB uses your credit score to determine your eligibility for EMI conversion.
You can check your credit score for free on the website of any of the four credit bureaus in India – TransUnion CIBIL, Experian, Equifax, and CRIF High Mark. You can also use online credit score checkers that provide your credit score for free.
Step 3: Check your repayment history BOB also considers your repayment history when determining your eligibility for debit card EMI. If you have a good repayment history and have made all your loan and credit card payments on time, your chances of being eligible for EMI conversion are higher.
Step 4: Check your income BOB also considers your income when determining your eligibility for debit card EMI. If you have a steady income and can demonstrate that you have the ability to repay the EMIs on time, you are more likely to be eligible for EMI conversion.
Step 5: Check your card usage BOB also considers your card usage when determining your eligibility for debit card EMI. If you have been using your card frequently and have a good transaction history, your chances of being eligible for EMI conversion are higher.
Step 6: Apply for EMI conversion Once you have checked your eligibility for debit card EMI, you can apply for EMI conversion. You can do this by logging into your BOB net banking account or by visiting a BOB branch. You will need to provide details such as the transaction amount, the duration of the EMI, and your personal and contact information.
If your application is approved, your purchases made using your BOB debit card will be converted into EMIs, and you will need to pay the EMIs on time every month.
In conclusion, to check your eligibility for BOB debit card EMI, you need to ensure that your card is eligible, check your credit score, repayment history, income, and card usage, and then apply for EMI conversion. BOB has specific eligibility criteria for EMI conversion, and meeting these criteria is essential for getting your purchases converted into EMIs.