Equated Monthly Instalments, or EMIs, are highly useful when you need to make a substantial purchase. The ease with which the money can be repaid allows the financial flexibility to manage cash without adding to the strain. Until recently, the only way to get an EMI was to use a credit card. While some banks and financial institutions provide EMIs on debit cards, this is usually only when the bank or financial institution has a particular relationship with the merchant. Customers can now use their debit card to get an EMI on any merchant of their choice, thanks to a new service from Kotak Mahindra Bank Ltd.
Customers can use the Kotak Smart EMI initiative to buy anything on EMI, including fashion items, gadgets, consumables, and almost anything else. The sole stipulation is that the transaction must be for a minimum of Rs 5,000. The EMI conversion process is simple and does not involve any papers.
— When a Kotak Mahindra Bank customer uses their debit card to make a purchase of at least Rs 5,000 online or offline, they will receive an SMS from the bank.
— An option to convert the purchase into an EMI will be included in the SMS.
— Customers who are interested can follow the link to check transaction information and choose an EMI duration and choice that best suits their needs.
— The transaction will be converted into an EMI after the consumer makes the relevant selections and submits their request.
— The money spent on the transaction will be refunded to the customer's account, and they will be required to repay it via EMI.
Kotak Mahindra Bank's new product is considered as an endeavour to expand its market presence and penetration among new clients. Customers, particularly those who do not use credit cards, are expected to respond positively to the offer.
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