ICICI Debit Card EMI Payment Options Guide

ICICI Bank provides a convenient payment option for customers looking to make purchases on popular e-commerce platforms like Amazon and Flipkart. With the ICICI Debit Card EMI facility, select savings account holders can avail equated monthly installments (EMIs) on their debit card transactions.

To check eligibility and avail this offer, customers can visit the designated webpage or send an SMS. Once eligible, customers can enjoy the flexibility of making EMI payments on their ICICI debit card for a wide range of products.

The monthly payments are automatically debited from the linked savings account, providing customers with ease and convenience. However, in the event of a failed auto-debit, customers may need to make manual payments for the outstanding EMI amount. It’s important to note that cancellations of EMI transactions may incur processing fees and cancellation charges.

Key Takeaways:

  • ICICI Bank offers an EMI facility on debit card transactions.
  • Eligible customers can make EMI payments on popular e-commerce platforms like Amazon and Flipkart.
  • Monthly payments are automatically debited from the linked savings account.
  • Manual payments may be required in case of failed auto-debits.
  • Cancellation of EMI transactions may incur processing fees and cancellation charges.

How to Use ICICI Debit Card EMI

Using ICICI Debit Card EMI is a straightforward process that allows you to conveniently make purchases on e-commerce platforms using your ICICI debit card. Whether you’re shopping on Amazon, Flipkart, or Paytm, follow these steps to take advantage of the EMI option:

  1. Select the desired product from the merchant’s shop.
  2. At the time of payment, choose the EMI option on your ICICI debit card.
  3. Ensure that the merchant you’re purchasing from is an eligible partner. It’s always a good idea to check with ICICI Bank for the updated list of eligible merchants to avoid any confusion.
  4. Keep an eye out for exciting discounts and offers that you may be eligible for when using the EMI option.
  5. Once your purchase is complete, you will receive a monthly bill via email. The bill will contain your EMI account number, which you can use for future reference.
  6. Payments can be made in various installment periods, allowing you to choose a repayment plan that suits your needs.
  7. During the payment process, you will need to authenticate the transaction using either an OTP or a 3D Secure PIN.

By following these simple steps, you can enjoy the convenience and flexibility of ICICI Debit Card EMI for your online purchases.

ICICI Debit Card EMI

Quotes:

“ICICI Debit Card EMI simplifies the payment process and provides customers with a hassle-free way to make purchases on popular e-commerce platforms.” – ICICI Bank spokesperson.

“The EMI option on ICICI debit cards enables customers to manage their expenses efficiently while enjoying the convenience of installment payments.” – Financial Analyst.

 

Benefits of ICICI Debit Card EMIKey Features
ConvenienceFlexible Repayment Options
Easy Application ProcessChoose from a Wide Range of Merchants
No Need for a Credit CardAttractive Discounts and Offers
Transparent BillingSecure Transaction Authentication

ICICI Debit Card EMI Eligibility Check

ICICI Bank offers an exclusive debit card EMI facility to select account holders, providing them with the convenience of making purchases on an installment basis. To check your eligibility for ICICI Debit Card EMI, you have two options:

  1. Send an SMS: Send an SMS with the last four digits of your ICICI debit card to the designated number. This will allow you to check if you qualify for the EMI facility.
  2. Online verification: Alternatively, you can visit the ICICI Bank website and access the online payment page for ICICI debit card EMI. If you are eligible, the option will be displayed, allowing you to proceed with your purchase.

It’s worth noting that not all debit cards offer the facility for EMI transactions. However, ICICI Bank provides this feature to select account holders, allowing them to easily make purchases using the EMI facility and repay the bank in equated monthly installments.

icici debit card emi eligibility

Fees and Charges for ICICI Debit Card EMI

When opting for ICICI Debit Card EMI, it is essential to be aware of the associated fees and charges. These costs are applicable in addition to the EMI amount and may vary depending on the specific terms and conditions.

Processing Fee:

The processing fee, including GST, is non-refundable and is charged at the time of availing the EMI facility. It is important to note that this fee is separate from the purchase amount and will be added to the total repayment amount.

Auto Debit Return Fee:

In case the auto debit for the EMI payment fails due to insufficient funds or any other reason, there may be a fee charged for the return of the payment. It is advisable to maintain sufficient balance in the linked savings account to avoid such charges.

Early Closure Fees:

If a customer chooses to close the EMI facility before the agreed-upon term, there may be early closure fees applicable. These charges vary depending on the remaining duration of the EMI period and should be considered before opting for early closure.

Late Payment Fees:

If the customer fails to make the EMI payment within the specified due date, late payment fees will be charged based on the outstanding amount. Timely payment of EMIs is crucial to avoid additional charges and maintain a good credit history.

Interest Charges:

Interest charges are applicable to the EMI amount at a specific rate as determined by ICICI Bank. These charges accrue over the duration of the EMI period and are added to the repayment amount. It is important to carefully review the interest rate and consider its impact on the total cost of the purchase.

Being aware of the fees and charges associated with the ICICI Debit Card EMI facility is crucial for customers to make informed decisions. By understanding these costs, customers can effectively manage their finances and ensure a smooth repayment experience.

How to Make ICICI Debit Card EMI Payments Online

Making ICICI Debit Card EMI payments online is a convenient and easy process. Customers have multiple options to initiate the payment, including visiting the merchant’s physical location or using the ICICI website or mobile app. To complete the payment, follow the steps below:

  1. Select the desired product from the merchant’s shop
  2. Choose the ICICI Bank Debit Card EMI option
  3. Select the term period that suits your preference
  4. Enter your debit card details, including the card number, expiration date, and CVV
  5. Authenticate your identity using OTP or 3D Secure PIN

Once you have authorized the transaction, monthly EMIs will be automatically deducted from your linked savings or current account. It’s important to ensure that you have sufficient funds in your account to cover the EMI payments.

Additionally, it’s recommended to regularly check your account statements and monitor the EMI deductions to stay updated on your payment status. In case of any discrepancies or issues, reach out to ICICI Bank’s customer support for assistance.

By following these simple steps, you can easily make ICICI Debit Card EMI payments online and enjoy the convenience of installment-based transactions.

Benefits of Making ICICI Debit Card EMI Payments OnlineThings to Keep in Mind
  • Convenience of online payment
  • Easy access through the ICICI website or mobile app
  • No need to visit a physical branch
  • Option to choose from various term periods
  • Ensure sufficient funds in your account for EMI deductions
  • Regularly check your account statements for payment updates
  • Contact ICICI Bank’s customer support for any payment-related issues

Points to Remember for ICICI Debit Card EMI

Using the ICICI Debit Card EMI facility comes with a few important points to keep in mind:

  1. Repayment: Customers are required to repay the bank in equated monthly installments. The interest rate for the EMI facility is set at 16% per year.
  2. Automatic Deduction: The monthly EMI amount will be automatically deducted from the customer’s card-linked account.
  3. Processing Fees: ICICI Bank charges processing fees for availing the EMI facility. However, these fees may be reduced during special occasions or promotions.
  4. E-Statements: Customers will receive monthly e-statements detailing their EMI transactions.
  5. Cancellation and Refunds: In case of cancellation, ICICI Bank follows its pre-approved EMI terms for refunds.
  6. Purchase Limit: The ICICI Debit Card EMI facility can be used to purchase items within a certain price range. It is important to check the eligibility criteria beforehand.

“With the ICICI Debit Card EMI facility, customers can conveniently make purchases and repay the bank in installments. By keeping these points in mind, users can maximize the benefits of this flexible payment option.”

Take a look at the image below to understand how the ICICI Debit Card EMI facility works:

Points to Remember for ICICI Debit Card EMI
RepaymentCustomers need to repay the bank in equated monthly installments, with an interest rate of 16% per year.
Automatic DeductionThe monthly EMI amount is automatically deducted from the card-linked account.
Processing FeesThe bank charges processing fees, although these may be reduced during special occasions or promotions.
E-StatementsCustomers receive e-statements every month.
Cancellation and RefundsIn case of cancellation, the bank follows its pre-approved EMI terms for refunds.
Purchase LimitThe facility can be used to purchase items within a certain price range, and the eligibility criteria should be checked beforehand.

Conclusion

ICICI Bank provides a convenient solution for debit cardholders to avail EMI transactions, allowing them to make purchases on popular e-commerce platforms like Amazon and Flipkart. By following the simple eligibility check process and making timely payments, customers can take full advantage of the ICICI Debit Card EMI facility. It’s crucial for customers to be aware of the associated fees and charges to make informed decisions and avoid any surprises.

The ICICI Debit Card EMI payment option offers flexibility and convenience for customers seeking installment-based payment options. With the option to make purchases on various platforms and the ease of repayment through automatic deductions from the linked account, this facility simplifies the shopping experience. By taking advantage of this service, customers can manage their finances effectively and enjoy the convenience of EMI payments.

Whether it’s buying new electronics, home appliances, or any other desired product, the ICICI Debit Card EMI feature empowers customers with the ability to make affordable payments over time. With just a few simple steps, customers can quickly and easily make their purchases and repay them in convenient monthly installments. This facility is a testament to ICICI Bank’s commitment to providing flexible and user-friendly banking solutions.

FAQ

What is ICICI Debit Card EMI?

ICICI Debit Card EMI is a payment option offered by ICICI Bank that allows select savings account holders to make purchases on e-commerce platforms like Amazon and Flipkart using their ICICI debit card on an EMI basis.

How can I use ICICI Debit Card EMI?

To use ICICI Debit Card EMI, simply select the desired product from a participating merchant’s shop, such as Amazon or Flipkart. At the time of payment, choose the EMI option on your ICICI debit card and select the term period for repayment.

How do I check my eligibility for ICICI Debit Card EMI?

You can check your eligibility for ICICI Debit Card EMI by sending an SMS with the last four digits of your debit card to a designated number. Additionally, the online payment page for ICICI debit card EMI will display the option if you are eligible.

What are the fees and charges associated with ICICI Debit Card EMI?

There are various fees and charges associated with ICICI Debit Card EMI, including processing fees, auto debit return fees, early closure fees, late payment fees, and interest charges at a specific rate. It’s important to be aware of these fees and charges before opting for the EMI facility.

How can I make ICICI Debit Card EMI payments online?

To make ICICI Debit Card EMI payments online, visit the merchant’s physical location or use the ICICI website or mobile app. Select the desired product, choose the ICICI Bank Debit Card EMI option, select the term period, and enter your debit card details for authorization. Monthly EMIs will be automatically deducted from your linked savings or current account.

What are some key points to remember for ICICI Debit Card EMI?

When using ICICI Debit Card EMI, remember to repay the bank in equated monthly installments at an interest rate of 16% per year. The monthly EMI amount will be automatically deducted from your card-linked account. You will receive e-statements every month, and refunds for cancellation follow the bank’s pre-approved EMI terms.

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