Frequently Asked Questions (FAQs)
Find answers to frequently asked questions about EMI as a payment method supported at Razorpay Checkout.
Yes, they can avail offer on debit and credit card EMIs. Know more about
.Yes, you receive the full amount at once and the provider/bank converts it into EMI for the customer.
Eligibility is checked using the card number and registered phone number. Therefore, customers should always use the phone number registered with the bank while making a payment.
None. Customers need not have any minimum balance in their accounts while placing the order. However, they need to ensure that their accounts have sufficient funds to pay the EMI due every month.
Customers can check their eligibility by sending the SMS
DCEMI last 4 digits of Debit Card number to 56767, from their registered mobile number.
To avail
, your customers should pass the eligibility criteria set by their banks. The minimum order amount on the Checkout should be ₹5000 (for HDFC and IndusInd debit cards).5. Can you provide a list of the EMI plans and interest rates of different banks that support Debit card EMI?
The interest rates applied by each bank for Debit Card EMIs is provided below.
- The minimum transaction amount for which EMIs can be availed on debit cards can vary for each bank.
- The maximum transaction amount depends upon the available pre-approved limit for the customer.
For HDFC Bank (HDFC):
| Tenures in Months | Minimum Amount (in INR) | Interest rates | Maximum Amount |
|---|---|---|---|
| 3 months | 5000 | 16% | NA |
| 6 months | 5000 | 16% | NA |
| 9 months | 5000 | 16% | NA |
| 12 months | 5000 | 16% | NA |
| 18 months | 5000 | 16% | NA |
| 24 months | 5000 | NA | NA |
For IndusInd Bank (INDB):
| Tenures in Months | Minimum Amount (in INR) | Interest rates | Maximum Amount |
|---|---|---|---|
| 3 months | 5000 | 16% | 1,00,000 |
| 6 months | 5000 | 16% | 1,00,000 |
| 9 months | 5000 | 16% | 1,00,000 |
| 12 months | 5000 | 16% | 1,00,000 |
| 18 months | 5000 | 16% | 1,00,000 |
| 24 months | 5000 | 16% | 1,00,000 |
For Kotak Mahindra Bank (KKBK):
| Tenures in Months | Minimum Amount (in INR) | Interest rates | Maximum Amount |
|---|---|---|---|
| 3 months | 3000 | 19% | 100000 |
| 6 months | 5000 | 19% | 100000 |
| 9 months | 8000 | 19% | 100000 |
| 12 months | 8000 | 19% | 100000 |
No, EMI plans cannot be changed after an order is placed.
No, the customers need not pay any down-payment amount to avail the Debit Card EMI option.
Yes, Debit Card EMIs can be foreclosed after clearing the first three EMIs.
The Debit Card EMI payment method is not allowed for certain business categories. Refer to the status column of the
. Debit Card EMI is not allowed for categories with N as the status.Watch Out!
Due to our partner bank restrictions, the Debit Card EMI payment methods may not be available to all the Merchant Categories and Subcategories.
The 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 | Last Updated |
|---|---|---|---|---|---|---|---|---|---|
| AMEX | American Express | 5000 | 14% | 14% | 14% | 14% | 15% | 15% | October 12, 2023 |
| BARB | Bank of Baroda | 2500 | 13% | 14% | 14% | 15% | 15% | 16% | December 12, 2023 |
| CITI | Citibank | 2500 | 14% | 14% | 16% | 16% | 16% | 16% | December 12, 2023 |
| FDRL | Federal Bank | 2500 | 13% | 13% | 14% | 14% | 15% | 15% | March 29, 2023 |
| HDFC | HDFC Bank | 1000 | 16% | 16% | 16% | 16% | 16% | 16% | January 10, 2023 |
| HSBC | HSBC Bank | 2000 | 12.5% | 12.5% | 13.5% | 13.5% | 13.5% | 13.5% | NA |
| ICIC | ICICI Bank | 1500 | 15.99% | 15.99% | 15.99% | 15.99% | 15.99% | 15.99% | November 29, 2023 |
| IDFB | IDFC Bank | 2500 | 14% | 15% | 15% | 15% | 15% | 15% | October 12, 2023 |
| INDB | IndusInd Bank | 2000 | 14% | 14% | 15% | 15% | 15% | 15% | December 12, 2023 |
| KKBK | Kotak Mahindra Bank | 3000 | 16% | 16% | 16% | 16% | 16% | 16% | December 12, 2023 |
| RATN | RBL Bank | 1500 | 13% | 14% | 15% | 15% | 15% | 15% | April 05, 2023 |
| SBIN | State Bank of India | 2500 | 16.5% | 15% | 15% | 15% | 15.75% | 15.75% | January 17, 2024 |
| SCBL | Standard Chartered | 2500 | 11.88% | 13% | 14% | 14% | 15% | 15% | NA |
| UTIB | Axis Bank | 3000 | 16% | 16% | 16% | 16% | 16% | 16% | December 12, 2023 |
| YESB | Yes Bank | 1500 | 16% | 16% | 16% | 16% | 16% | 16% | December 12, 2023 |
The interest rates charged by other cards for EMI is given below.
| Code | Card Network Name | Minimum Amount (in INR) | 3 months | 6 months | 9 months | 12 months |
|---|---|---|---|---|---|---|
| Bajaj Finserv | Bajaj Finserv | 4999 | 5% | 7% | 10% | 12%+ |
| Onecard | OneCard | 2500 | 16% | 16% | 16% | 16% |
Watch Out!
Bajaj Finserv services are temporarily disabled.
The standard interest rates charged by various banks for cardless EMI are provided for your reference.
| Cardless EMI | Issuer Bank | Provider Code | Minimum Amount (in INR) | 3 months | 6 months | 9 months | 12 months | 18 months |
|---|---|---|---|---|---|---|---|---|
| InstaCred | CASHe | cshe | 1000 | 16% | 15% | 14.67% | 14.50% | NA |
| InstaCred | HDFC Bank | hdfc | 5000 | 16% | 16% | 16% | 16% | 16% |
| InstaCred | ICICI Bank | icic | 7000 | 16% | 16% | 16% | 16% | NA |
| InstaCred | IDFC First | idfb | 5000 | 24% | 24% | 24% | 24% | NA |
| InstaCred | Kotak Mahindra Bank | kkbk | 3000 | 20% | 20% | 20% | 20% | NA |
| InstaCred | KreditBee | krbe | 2400 | 18% | 18% | 18% | 18% | 18% |
| InstaCred | TVS Credit | tvsc | 3000 | 27% | 27% | 27% | 27% | 27% |
| axio | NA | walnut369 | 900 | 24% | 24% | 24% | NA | NA |
| Fibe | NA | earlysalary | 3000 | 30% | 30% | 30% | NA | NA |
| ZestMoney | NA | zestmoney | 99 | 22% | 24% | 24% | NA | NA |
The standard interest rates charged by the providers for Pay Later providers are given below:
| Pay Later | 15 days | 30 days | 45 days | 60 days | 90 days |
|---|---|---|---|---|---|
| NA* | NA* | NA* | NA* | NA* | |
| Simpl | Interest free | NA | NA | NA | NA |
| ICIC Paylater | NA | NA | Interest free | NA | NA |
| HDFC Flexipay | Interest free | 28% | NA | 28% | 28% |
| LazyPay | Interest free | NA | NA | NA | NA |
* Interest rates are determined on a case-to-case basis.
for more information.Watch Out!
- LazyPay services are temporarily disabled.
- All interest rates mentioned above are per annum.
You, as a merchant, would bear the cost of No Cost EMI. It will be given as an upfront discount on the product cost to the end consumer. The discount percentage will vary by the bank and period of EMI.
No Cost EMI is available on all credit card and debit card EMI banks.
Yes, the customers' banks will continue to charge them interest. However, this interest charge has been provided to the customer as an upfront discount at the time of purchase, effectively giving them the benefit of a No Cost EMI.
Yes. Razorpay enables you to display No Cost EMIs at the Checkout. Know more about
.Handy Tips
The banks charge GST to end consumers on the interest paid over and above the following amount.
Calculations on the cost incurred by the merchant at all standard plan and tenures are listed below:
| Amount (in INR) | Interest (in %) | Tenure (in Months) | Amount Paid by Customer | Monthly EMI | No Cost EMI Discount | Discount | Pricing | Total Cost (in %) |
|---|---|---|---|---|---|---|---|---|
| 10000 | 11% | 3 | 9,819.43 | 3333.33 | 180.57 | 1.81% | 3% | 4.81% |
| 10000 | 12% | 3 | 9,803.28 | 3333.33 | 196.72 | 1.97% | 3% | 4.97% |
| 10000 | 13% | 3 | 9,787.18 | 3333.33 | 212.82 | 2.13% | 3% | 5.13% |
| 10000 | 14% | 3 | 9,771.13 | 3333.33 | 228.87 | 2.29% | 3% | 5.29% |
| 10000 | 15% | 3 | 9,755.11 | 3333.33 | 244.89 | 2.45% | 3% | 5.45% |
| 10000 | 11% | 6 | 9686.85 | 1666.67 | 313.15 | 3.13% | 3% | 6.13% |
| 10000 | 12% | 6 | 9659.13 | 1666.67 | 340.87 | 3.41% | 3% | 6.41% |
| 10000 | 13% | 6 | 9631.53 | 1666.67 | 368.47 | 3.68% | 3% | 6.68% |
| 10000 | 14% | 6 | 9604.04 | 1666.67 | 395.96 | 3.96% | 3% | 6.96% |
| 10000 | 15% | 6 | 9576.68 | 1666.67 | 423.32 | 4.23% | 3% | 7.23% |
| 10000 | 11% | 9 | 9556.66 | 1111.11 | 443.34 | 4.43% | 3% | 7.43% |
| 10000 | 12% | 9 | 9517.80 | 1111.11 | 482.20 | 4.82% | 3% | 7.82% |
| 10000 | 13% | 9 | 9479.17 | 1111.11 | 520.83 | 5.21% | 3% | 8.21% |
| 10000 | 14% | 9 | 9440.77 | 1111.11 | 559.23 | 5.59% | 3% | 8.59% |
| 10000 | 15% | 9 | 9402.61 | 1111.11 | 597.39 | 5.97% | 3% | 8.97% |
| 10000 | 11% | 12 | 9428.80 | 833.33 | 571.20 | 5.71% | 3% | 8.71% |
| 10000 | 12% | 12 | 9379.23 | 833.33 | 620.77 | 6.21% | 3% | 9.21% |
| 10000 | 13% | 12 | 9330.04 | 833.33 | 669.96 | 6.70% | 3% | 9.70% |
| 10000 | 14% | 12 | 9281.21 | 833.33 | 718.79 | 7.19% | 3% | 10.19% |
| 10000 | 15% | 12 | 9232.76 | 833.33 | 767.24 | 7.67% | 3% | 10.67% |
| 10000 | 11% | 18 | 9179.92 | 555.56 | 820.08 | 8.20% | 3% | 11.20% |
| 10000 | 12% | 18 | 9110.15 | 555.56 | 889.85 | 8.90% | 3% | 11.90% |
| 10000 | 13% | 18 | 9041.13 | 555.56 | 958.87 | 9.59% | 3% | 12.59% |
| 10000 | 14% | 18 | 8972.85 | 555.56 | 1027.15 | 10.27% | 3% | 13.27% |
| 10000 | 15% | 18 | 8905.30 | 555.56 | 1094.70 | 10.95% | 3% | 13.95% |
| 10000 | 11% | 24 | 8939.84 | 416.67 | 1060.16 | 10.60% | 3% | 13.60% |
| 10000 | 12% | 24 | 8851.41 | 416.67 | 1148.59 | 11.49% | 3% | 14.49% |
| 10000 | 13% | 24 | 8764.21 | 416.67 | 1235.79 | 12.36% | 3% | 15.36% |
| 10000 | 14% | 24 | 8678.23 | 416.67 | 1321.77 | 13.22% | 3% | 16.22% |
| 10000 | 15% | 24 | 8593.43 | 416.67 | 1406.57 | 14.07% | 3% | 17.07% |
The order amount minus the entire interest subvented by you as a discount is settled in your bank account as per your
.Watch Out!
However, Razorpay pricing is not included in this settlement, it will be applied in addition to the above amount.
Running Low Cost EMI Offers helps you attract a wider customer base by reducing the upfront cost barrier. This leads to increased sales and higher average order values.
Additionally, offering discount on interest for longer tenures sets you apart in a competitive market and opens opportunities for upselling, contributing to overall business growth and financial stability.
As a business, you would bear the partial cost of Low Cost EMI, which appears as an upfront discount on the product cost to the end consumer.
You can decide the cost to subvent for each tenure and the customer bears the remaining cost. The interest percentage will vary by the bank and the EMI tenure. Know more about the
.Low Cost EMI is available on all credit and debit card EMIs.
Yes, the customers' banks will continue to charge them interest. However, partial interest subvented by you appears as an upfront discount to the customers at the time of purchase.
Yes. Razorpay enables you to display Low Cost EMIs at the Checkout. Know more about
.You can decide how much percentage of the total interest you want to subvent during offer creation. This appears as an upfront discount on the product cost and the customer bears the remaining cost.
The order amount minus the discount subvented by you is settled in your bank account as per your
.Watch Out!
Razorpay pricing is not included in this settlement, it will be applied in addition to the above amount.
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