After the country's top lender State Bank of India (SBI), IndusInd Bank has now launched the EMI (Equated Monthly Instalments) facility on their debit cards. This will allow their customers to convert their high value transactions into simpler instalments.
With this facility, a debit card holder of IndusInd Bank can walk into any participating store, and avail it by swiping or tapping their card at a merchant PoS (point-of-sale) terminal - where retail transactions are completed.
IndusInd Bank has partnered with over 60,000 offline merchant outlets - including large format retailers, hypermarkets, multi-brand and stand-alone stores to facilitate purchases across categories such as electronics, consumer durables, apparels, home décor, automobiles, hospitals and more.
The bank will also partner with leading e-commerce platforms to enable online purchases as well.
The debit card holders can avail the facility of buying products and then choose an EMI option with tenures varying from 3, 6, 9, 12, 18, and 24 months.
Customers can even check their eligibility for availing the option through SMS - by typing 'MYOFR', and sending it to 5676757.
Ms. Charu Mathur, Chief Digital Officer & Head-Business Strategy, IndusInd Bank said, "We are delighted to launch an EMI facility for our debit card holders that will enable them to purchase products of their choice from a wide array of categories, and also give them the flexibility of making payments in easy instalments over a period of time.''
On Wednesday, October 20, shares of IndusInd Bank settled 0.56 per cent higher at Rs 1,201.1 apiece on the BSE. IndusInd Bank opened on the BSE at Rs 1,193.80, swinging to an intra-day high of Rs 1,213.35 and an intra-day low of Rs 1,172.35, throughout the trading session today.
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