Debit Card EMI is a new feature introduced by many banks, including Canara Bank, to provide their customers with the flexibility of converting their high-value purchases into EMIs. With this feature, customers can pay for their purchases in installments rather than paying the entire amount upfront. This helps them manage their finances better and also allows them to make bigger purchases without worrying about the immediate payment. In this article, we will discuss how to check Debit Card EMI eligibility in Canara Bank in detail.
What is Debit Card EMI?
Before we dive into the process of checking Debit Card EMI eligibility in Canara Bank, let’s first understand what Debit Card EMI is. Debit Card EMI is a facility that enables customers to convert their high-value purchases made using a debit card into equated monthly installments (EMIs). This facility is available for eligible customers and can be availed at the point of sale (POS) or online when making a purchase.
The interest rate charged on the EMI depends on the bank and the tenure chosen. The interest rate may vary from 13% to 24% depending on the bank, and the tenure can be anywhere between three months to three years. The EMI amount is automatically deducted from the customer’s account every month until the loan is fully repaid.
Checking Debit Card EMI eligibility in Canara Bank
To check your eligibility for Debit Card EMI in Canara Bank, follow the steps given below:
Step 1: Visit the official website of Canara Bank (https://www.canarabank.in/English/Home.aspx).
Step 2: Click on the “Personal Banking” tab on the top of the page.
Step 3: Under the “Personal Banking” section, click on the “Cards” option.
Step 4: From the drop-down menu, select the “Debit Card” option.
Step 5: On the Debit Card page, you will find a section on Debit Card EMI. Click on the “Know More” or “Check Eligibility” button.
Step 6: You will be redirected to a new page where you will have to enter your debit card number, CVV, and expiry date.
Step 7: After entering the required details, click on the “Submit” button.
Step 8: Canara Bank’s system will check your eligibility for Debit Card EMI based on your debit card usage and account history.
Step 9: If you are eligible, you will receive a message on the screen confirming the same along with the EMI options available to you.
Step 10: If you are not eligible, you will receive a message on the screen stating that you are not eligible for Debit Card EMI.
It is important to note that the eligibility criteria for Debit Card EMI may vary depending on the bank and the product. Some of the common eligibility criteria for Debit Card EMI include:
- Age: The customer should be at least 18 years old and not more than 70 years old.
- Credit Score: The customer’s credit score should be above a certain threshold, which varies from bank to bank.
- Debit Card Usage: The customer should have a good track record of using their debit card, with no defaults or delayed payments.
- Account History: The customer should have a good track record of maintaining their account with the bank, with no defaults or delayed payments.
Conclusion
In conclusion, Debit Card EMI is a useful feature that can help customers manage their finances better and make bigger purchases without worrying about the immediate payment. Canara Bank offers this feature to its eligible customers, and checking the eligibility is a straightforward process that can be done online. By following the steps