Debit card EMI (Equated Monthly Installments) is a facility provided by banks to their customers to convert their big-ticket purchases into easy monthly installments. This facility helps customers to make their purchases without putting a strain on their finances. IndusInd Bank is one of the leading banks that offer debit card EMI facility to its customers. In this article, we will discuss the steps to check debit card EMI eligibility in IndusInd Bank.
Step 1: Check the eligibility criteria
The first step to check your eligibility for debit card EMI in IndusInd Bank is to check the eligibility criteria. The eligibility criteria may vary from bank to bank and also depends on the purchase amount. Generally, banks provide debit card EMI facility to their customers if they meet the following criteria:
- The purchase amount should be above a minimum threshold amount.
- The customer should have a good credit score.
- The customer should have a stable income source.
- The customer should have a savings account with the bank.
- The customer should have a debit card that is eligible for EMI.
Step 2: Check the purchase amount
The next step is to check the purchase amount. Debit card EMI facility is generally provided for purchases above a minimum threshold amount. The minimum threshold amount may vary from bank to bank. In IndusInd Bank, the minimum purchase amount for debit card EMI is Rs. 2,500. If your purchase amount is below the minimum threshold amount, then you will not be eligible for debit card EMI.
Step 3: Check your credit score
The credit score is one of the most important factors that banks consider while providing debit card EMI facility to their customers. The credit score is a numerical representation of your creditworthiness. A good credit score increases your chances of getting a debit card EMI facility. In IndusInd Bank, a credit score of 750 and above is considered good. You can check your credit score on the official website of credit bureaus such as CIBIL, Experian, etc.
Step 4: Check your income source
The income source is also an important factor that banks consider while providing debit card EMI facility to their customers. The customer should have a stable income source to be eligible for debit card EMI. In IndusInd Bank, the minimum income required to be eligible for debit card EMI is Rs. 25,000 per month.
Step 5: Check your savings account with the bank
To avail of the debit card EMI facility, the customer should have a savings account with the bank. In IndusInd Bank, the customer should have a savings account to be eligible for debit card EMI.
Step 6: Check if your debit card is eligible for EMI
Not all debit cards are eligible for EMI facility. In IndusInd Bank, the customer should have a debit card that is eligible for EMI. You can check the eligibility of your debit card on the official website of IndusInd Bank or by contacting the customer care.
Conclusion
In conclusion, checking the eligibility for debit card EMI in IndusInd Bank is a simple process. The customer should check the eligibility criteria, purchase amount, credit score, income source, savings account, and debit card eligibility to know if they are eligible for debit card EMI. The customer can also contact the customer care of IndusInd Bank to know more about the eligibility criteria and other details related to debit card EMI.