Can I Get A Loan On Debit Card?

By Author: Nisha Scott
Total Articles: 2
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Planning to purchase a new high-end smartphone or a new home appliance but do not have adequate savings? Worry not as you can now get a loan on your debit card for such big-ticket purchases. While there are options such as credit cards and personal loans to take care of the expenses in case if you do not have the required funds, loan on debit card further enhances the convenience.

Offered by a few selected banks in India, this facility allows you to make a big purchase and then pay for the same in easy EMIs. Let us have a look at what this loan facility is and how it works

What is Loan on Debit Card?

This loan facility is generally available when you shop online. There are a few reputed e-commerce portals that offer this facility for selected banks. If your debit card is eligible for this facility, you can purchase a high-value product like a smartphone, home appliance, camera, etc. online and pay for the same in monthly instalments.

With debit card loan online, you also get to select the loan duration so that you can easily afford the EMI along with your other monthly expenses. The facility eliminates ...
... the need for you to use a credit card or take any other type of loan for such purchases.

Who is Eligible for Loan on Debit Card?

The banks that offer this loan facility have their eligibility criteria based on which they select the customers eligible for this facility. If you qualify, the bank will inform you about the same through SMS and email promotions. You can also get in touch with your bank to know more about the eligibility for this prepaid debit card loans facility.
In most cases, people who generally maintain adequate liquidity and balance in their savings bank account are eligible for this facility.

How to Use a Debit Card Loan?

Using this loan facility is as simple as selecting any other type of payment option for your online purchase. Just visit an online store or mobile app of the store and choose the product of your choice. On the payments page, select the "Debit Card EMI" option. You will then be asked to select between tenures like three months, six months, nine months, and twelve months.

Select the tenure and authorise the transaction by entering the details of your debit card. Use 3D secure PIN or OTP for completing the transaction. With instant debit card loans online, your bank will pay the entire amount of your purchase to the online store and then collect the same from you in monthly EMIs.

Benefits of Debit Card Loan

Some of the biggest advantages of this loan facility are as follows-
● No down payment or security deposit for taking the loan
● Zero documentation
● Instant approval
● Multiple tenures to choose from
● Re-payment directly from your bank account

Loan Facility Now On Debit Cards

Prepaid debit card loans are highly advantageous as they allow you to make big purchases and pay for the same in monthly EMIs. While this facility was only limited to credit cards in the past, even debit card users are now eligible for the same.

Check whether your bank offers this facility to be able to take instant loans for your big purchases without any hassles, time-consuming approvals, or documentation.