Bank Customer Alert: Till now, the bank customers were paying the EMI installments through credit card, but thanks to Kotak Mahindra Bank for bringing a new facility in which now the customers will be able to pay their EMIs through debit card also. Now the bank customers can buy anything – starting from fashion accessories to electronics and groceries to almost anything on EMI with the debit card facility of the Kotak Mahindra Bank. The new scheme is called as Kotak Smart EMI initiative.Also Read - Home Loan Interest at All-Time Low: HDFC Announces Home Loan at 6.7% Interest, Here’s How to Apply

However, the customers must note that the only requirement is that the transaction should be worth at least Rs 5,000. As per the updates from the bank, the EMI payment process is hassle-free without the requirement of any paperwork. Also Read - Good News For Loan Seekers As Banks Offer Record Low Rates. Details Here

Notably, the EMI facility provided by the bank is subject to RBI guidelines and terms and conditions may change depending upon the change in rules and regulations by the RBI. Also Read - Good News For Home Buyers: Kotak Mahindra Bank Slashes Home Loan Interest Rates To 6.5%  | Here’s How to Apply

Here’s how you can convert Kotak Mahindra Bank’s debit card purchase into EMI.

  1. As customers make a purchase of a minimum of Rs 5,000 online or offline using their debit card, they will receive an SMS from the bank.
  2. Notably, the SMS from the bank will let you know the options to convert the purchase into an EMI.
  3. After this, they can click the link to review transaction details and select EMI tenure and option according to their needs.
  4. After making the required selection and submitting the request, the purchase will be converted into an EMI for the customers.
  5. After this, the money spent on the transaction will automatically reversed to the account and customers will have to pay it back in EMI.

Interestingly, the new initiative from the bank will increase its market presence and penetration among the new customers. The new plan of the bank is expected to get good response from customers especially the one who do not use credit cards.