What EMI or Finance options are available?
Easy Monthly Installments (EMI) or Finance options are managed by your respective banks. Contact Your Bank for more information.
At Shop at SYG, You can purchase any gadget through an EMI option at our checkout page. Shop at SYG is the first-ever online website that helps its users to avail EMI/Finance options on Used Gadgets.
You can Avail yourself For Credit Card EMIs, Debit Card EMIs, and Cardless EMIs.
Credit Card EMIs
The standard interest rates charged by various banks for each of the tenures are provided for your reference. The minimum transaction amount for which EMIs are applicable can vary for each bank. The maximum amount is dependent on the card limit set by the issuing bank.
| Bank Code | Issuer Bank | Minimum Amount (in INR) | 3 months | 6 months | 9 months | 12 months | 18 months | 24 months |
|---|---|---|---|---|---|---|---|---|
|
AMEX |
American Express |
5000 |
14% |
14% |
14% |
14% |
14% |
14% |
|
BARB |
Bank of Baroda |
2500 |
13% |
13% |
13% |
13% |
15% |
15% |
|
ICIC |
ICICI Bank |
1500 |
12.99% |
13.99% |
13.99% |
13.99% |
14.99% |
14.99% |
|
INDB |
IndusInd bank |
2000 |
13% |
13% |
13% |
13% |
15% |
15% |
|
KKBK |
Kotak Mahindra Bank |
3000 |
12% |
12% |
14% |
14% |
15% |
15% |
|
RATN |
RBL Bank |
1000 |
13% |
14% |
15% |
15% |
15% |
15% |
|
SBIN |
State Bank of India |
2500 |
14% |
14% |
14% |
14% |
NA |
NA |
|
SCBL |
Standard Chartered |
2500 |
13% |
13% |
14% |
14% |
NA |
NA |
|
UTIB |
Axis Bank |
3000 |
13% |
13% |
14% |
14% |
15% |
15% |
|
YESB |
Yes Bank |
1500 |
13% |
13% |
14% |
14% |
15% |
15% |
Payment Flow
You can enter the necessary details on the Checkout and select EMI as the option.
From the EMI options available, you can select EMI on Cards. If you don’t see this option, Skip to 3. Point
On entering the credit card details, all the valid EMI plans are displayed.
You can select the required EMI plan and proceed to complete the payment.
When you complete the payment on the Checkout page, the entire transaction amount is authorized by your issuing bank and converted into EMIs within 3-4 days, depending on the payment terms agreed with the credit card provider.
Debit Card EMIs
At Shop at SYG, you can use Debit EMI as a payment method to buy various gadgets on EMI using your Debit Cards without paying the entire amount immediately. You do not need to have the whole amount in your accounts at the transaction time, and your banks will not block any amount on your cards.
Shop at SYG partnered with various banks to provide Debit Card EMIs at the Checkout so that you can avail of these EMI plans and repay them at their convenience.
As of now, you can avail EMIs on HDFC debit cards only.
| Bank Code | Issuer Bank | 3 months | 6 months | 9 months | 12 months | 18 months |
|---|---|---|---|---|---|---|
|
HDFC |
HDFC Bank |
16% |
16% |
16% |
16% |
16% |
Payment Flow
You can enter the necessary details on the Checkout and select EMI as the option.
From the EMI options available, you can select EMI on Cards. If you don’t see this option, Skip to 3. Point
On entering the card details, all the valid EMI plans are displayed.
If the order amount is eligible for debit card EMI, the corresponding EMI plans along with the interest rates are displayed and you can proceed to complete the payment.
Now you can select the EMI tenure. You will be prompted to enter the phone number linked to your bank account. If you are eligible for availing the EMI, OTPs are sent by your bank to validate your identity.
After the successful authentication, you will be redirected to your application or website. Your monthly debit card statements will reflect the EMI amount with the interest charged by the bank.
FAQs - Debit Card EMIs
1. How do banks perform the EMI eligibility check during the transaction flow?
Eligibility is checked using the card number and registered phone number. Therefore, you should always use the phone number registered with the bank while making a payment.
2. What is the minimum balance required in my account to avail of Debit Card EMI?
None. You do not need to have any minimum balance in your accounts while placing the order. However, you need to ensure that your accounts have sufficient funds to pay the EMI due every month.
3. How will I know that they are eligible for Debit Card EMI?
You can check your eligibility by sending the SMSDCEMI to <56767>, from your registered mobile number.
4. What are the criteria to avail of Debit Card EMI?
To avail of Debit Card EMI, you should pass the eligibility criteria set by your banks. The minimum order amount on the Checkout should be ₹5000 (for HDFC Debit Cards).
5. Can I change the EMI plan after placing the order?
No, EMI plans cannot be changed after an order is placed.
6. Do I need to pay any down-payment to avail of Debit Card EMI?
No, you don’t need to pay any down-payment amount to avail the Debit Card EMI option.
7. Is there a possibility to fore-close EMIs availed on Debit Cards?
Yes, Debit Card EMIs can be fore-closed after clearing the first three EMIs.
Cardless EMIs
At Shop at SYG, you can use Cardless EMI as a payment method to convert your payment amount to EMIs without the need for a debit or credit card. You can enjoy the benefits of the EMI as the payments are made using credits approved by the supported Cardless EMI Payment Partners.
Supported Payment Partners
Following is the list of supported Payment Partners for Cardless EMI and the minimum order amount stipulated by them:
| Bank | Minimum Order Amount |
|---|---|
|
HDFC Bank |
₹5000 |
|
Kotak Bank |
₹5000 |
|
ICICI Bank |
₹5000 |
|
IDFC Bank |
₹5000 |
|
Federal Bank |
₹5000 |
|
Home Credit |
₹500 |
Non-Banking Payment Partners
| Payment Partners | Minimum Order Amount |
|---|---|
|
EarlySalary |
₹3000 |
|
ZestMoney |
₹1000 |
Payment Flow
You can enter the necessary details on the Checkout and select EMI as the option.
You can select the preferred cardless EMI service provider. If you don’t see this option, Skip to 3. Point
If the amount entered in the Checkout is eligible for EMI, you will receive an OTP on your registered mobile numbers to authenticate your account with the selected cardless EMI service provider.
If the entered mobile number is invalid, an error message is displayed that you don’t have an account with the service provider.
Get in Touch with us if you receive an invalid message. Otherwise Skip to Step 5.
After the successful verification, you can now select an EMI plan of your choice and complete the transaction.
Based on the terms and conditions, you may pay the total payment amount with additional interest (if any) as EMIs to the provider.