Kotak Mahindra Bank today announced that all eligible Kotak debit cardholders can now avail of the Equated Monthly Instalments (EMI) on Debit Card facility on all their mid and high-value purchases, at all offline and online stores across the country.
Usually, banks and lenders offer/allows a purchase to be converted to EMI only if the purchase is made using a credit card be it online or offline. With this new facility by Kotak bank, purchases made through debit cards can also be converted into EMI.
The bank introduced this feature in a move that significantly expands the size, scope and reach of buy now, pays later financing and increases choice for consumers. This feature will enable KMBL customers to buy virtually anything and everything – from groceries and fashion to smartphones and electronics – at any merchant establishment and pay via easy instalments.
How to avail the Kotak EMI;
• One can purchase a Kotak debit card at any online/ offline store.
• The cardholder will get a link via SMS, which can be used to convert the transaction into an EMI.
• They can then click on the link, chooses her/his preferred EMI tenure, reviews details and confirms the transaction.
• The transaction is instantly converted into EMIs.
• The original amount swiped is credited back to the cardholder’s account.
Till now, shoppers could avail EMI on debit cards only at distinct outlets based on a tie-up in between the merchant and the bank. Now, beneath this initiative, the bank has extended the EMI on Debit Card facility to cover all permitted categories at any merchant shop across the nation, hence cardholders the comfort and freedom to obtain practically all the things on EMIs. Note that, transactions of Rs 5,000 or more can be converted into EMIs with no paperwork or documentation needed.
Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank says, “EMI on debit cards increases affordability for consumers, giving them the ability to pay for big-ticket purchases in small and easy instalments. In response to an increase in demand from our customers for EMI-based transactions, we are pleased to be able to significantly enhance the scope of our Pay Later offering for our customers by extending the EMIs on Debit Cards facility to almost all purchases made on one’s Kotak debit card.”
“Further, with debit cards far outpacing credit cards in terms of the number of cards, this initiative opens doors to affordable and convenient access to credit to a large, hitherto underserved market,” added Ambuj.