The offer, however, is available only to select customers whose eligibility is decided by the participating banks
After Flipkart, Amazon India has now started offering equated monthly installments (EMIs) on debit cards of ICICI Bank, HDFC Bank and Axis Bank.
The e-commerce company is allowing its customers to buy things worth up to Rs 1 lakh on credit using their debit cards.
The offer, however, is available only to select customers whose eligibility is decided by the participating banks.
Customers holding ICICI and Axis Bank debit cards need to make a minimum purchase of Rs 8,000, while those holding HDFC debit cards need to purchase products worth at least Rs 10,000 to be eligible for the offer.
- On the product page, click on 'Options' to explore the EMI options available for you
- Look for the name of your bank with the debit option
- Select EMI tenure, you will be directed to bank’s page to complete the transaction
The bank will use a pre-approved overdraft facility, which will be used for this payment and you need to pay monthly installments to your bank as per the EMI option selected by you. The installment will include the interest charged by your bank.
Customers should keep in mind that in case they cancel or return the product, though the EMI payment will be cancelled by the bank, it may charge a foreclosure or cancellation fee.In case, you cancel one product out of the many you may have purchased, the bank will adjust the refund amount and the EMI will be re-calculated on the basis of the new order.