ICICI Bank is one of the largest private sector banks in India, offering a range of banking and financial services. One such service is the EMI (Equated Monthly Installment) option on debit card transactions. With EMI, you can convert your high-value purchases into affordable installments over a certain period, allowing you to manage your expenses better. However, not all ICICI Bank debit cardholders are eligible for EMI transactions. In this guide, we will discuss the various factors that determine ICICI Bank debit card EMI eligibility and how to check it.
Factors That Determine ICICI Bank Debit Card EMI Eligibility
- Credit Score:
- Your credit score is a reflection of your creditworthiness and plays a crucial role in determining your EMI eligibility. A high credit score is an indication of your financial discipline and timely repayments, which increases the chances of your EMI application getting approved.
- Debit Card Type:
- ICICI Bank offers different types of debit cards, such as Coral, Expressions, Rubyx, Sapphiro, and more. Not all cards are eligible for EMI transactions, and you need to check if your debit card is eligible for EMI transactions.
- Transaction Amount:
- The minimum and maximum transaction amount for EMI transactions varies depending on the card type. You need to check your card’s terms and conditions to know the minimum and maximum transaction amount for EMI transactions.
- Merchant Category:
- The merchant category is another factor that determines your EMI eligibility. Not all merchants are eligible for EMI transactions, and you need to check with the merchant if they offer EMI transactions on ICICI Bank debit cards.
- Repayment Tenure:
- The repayment tenure for EMI transactions varies from 3 months to 24 months, depending on the card type and transaction amount. You need to check your card’s terms and conditions to know the repayment tenure for EMI transactions.
How to Check ICICI Bank Debit Card EMI Eligibility
You can check your ICICI Bank debit card EMI eligibility in the following ways:
- Internet Banking:
- You can log in to your ICICI Bank internet banking account and check your EMI eligibility. Here’s how you can do it:
a. Log in to your ICICI Bank internet banking account.
b. Click on the ‘Cards’ tab and select ‘Debit Card.’
c. Select ‘EMI Transactions’ from the drop-down menu.
d. Enter the transaction amount and repayment tenure.
e. Click on ‘Check Eligibility’ to know your EMI eligibility
- Mobile Banking:
You can also check your ICICI Bank debit card EMI eligibility through the ICICI Bank mobile banking app. Here’s how you can do it:
a. Log in to your ICICI Bank mobile banking app.
b. Tap on the ‘Services’ tab and select ‘Debit Card Services.’
c. Select ‘EMI Transactions’ from the drop-down menu.
d. Enter the transaction amount and repayment tenure.
e. Click on ‘Check Eligibility’ to know your EMI eligibility.
- Customer Care:
If you’re unable to check your EMI eligibility through internet banking or mobile banking, you can call ICICI Bank customer care and ask them to check your EMI eligibility. Here’s the toll-free customer care number:
a. For ICICI Bank customers: 1860 120 7777
b. For Non-ICICI Bank customers: 1860 120 6699
- Merchant:
You can also check your EMI eligibility with the merchant before making the purchase. The merchant will be able to tell you whether your debit card is eligible for EMI transactions and the repayment tenure for the EMI.
Conclusion:
In summary, ICICI