Debit Card EMI is a mode of payment in which you can purchase products & services by availing EMI on your Debit Card. While making the purchase, you are not required to keep the entire amount intended for purchase in your account. Bank will not block any amount on your debit card either. In the case of Federal Bank, this facility is currently available for resident customers only and NRI customers are not eligible.

With Federal Bank Debit Card EMI, you can even purchase a two- wheeler which is a completely paperless debit card linked EMI facility. The debit cardholders of the bank can book a two-wheeler for as low as Rs.1 and pay the remaining amount via Debit Card EMI. The offer will be applicable at select showrooms of Hero MotoCorp, Honda Motorcycle and TVS Motors across the country. There are no down payments or foreclosure charges.

How to know if you are eligible to avail Debit Card EMI

If you are a Federal Bank account holder, you can check your eligibility for availing Debit Card EMI in two ways:

1. Send an SMS to 5676762 in following format: DC<space>EMI
2. Give a missed call to 7812900900

Difference between Debit Card EMI and No Cost EMI

“No Cost EMI” is an EMI option provided by various merchants now a days. By availing “No Cost EMI” option, you need not pay any other interest / additional charges over the purchase price of the product(s)/service(s). While availing the service from an e-commerce site, you need to split the total price of the purchased item(s) and split it into equal monthly instalments. You pay only purchase price and nothing more!

In the case of Debit Card EMI, you shall repay the purchase price as EMIs at the interest rate agreed. In the case of Federal Bank Debit card EMI facility, Flexible Repayment Tenure ranging from 3 months to 12 months is available. The rate of interest for Federal Bank Debit Card EMI will be 14.5- 16% across all tenures. You can purchase for amounts ranging between Rs.5,000 and Rs.1,50,000/-.

Making EMI Payments

Bank will auto-enable standing instruction on your savings bank account, based on which your eligibility is determined, to enable debit of monthly payments for EMI. Please make sure you keep sufficient balance in your savings bank account to cover for EMI amount. In case you wish to re-pay the amount early, you can remit the outstanding amount of the loan into your loan account and the account can be closed.