THIS bank's Debit cardholders can now buy everything on EMI - Here's how

Generally, the Equated Monthly Instalment (EMI) is only allowed through a bank undertaking, if the bank has a special tie-up with the merchant or if an individual has a credit card. EMI on Debit cards is a rare thing but Kotak Mahindra Bank Ltd (KMBL) has recently announced that it will now offer EMIs to all Kotak debit cardholders on all of their purchases keeping the price in mind on all offline and online stores across India. 

The scheme is offered under the #KotakSmartEMI initiative, this service will allow the KMBL customers to purchase anything from electronics to fashion accessories to groceries and other products via easy installments.

Here's how you can avail the #KotakSmartEMI service:

- When a customer makes a purchase on an online/offline store through their debit card, they will receive an SMS which will help them convert the transaction into an EMI. 

- The customer can then click on the link review transaction details, EMI tenure and choose the EMI option that suits them the best

- Once the customer decides which EMI option suits them the best, the transaction immediately turns into EMIs. 

- The amount spent by the customer gets credited to their account immediately

Keep in mind that only transactions worth Rs 5,000 or more can be converted into EMIs which do not require any paperwork. Also, the EMI provided by the KMBL is subjected to guidelines issued by RBI from time to time and may change in the future.