You can use 'Secured Credit Cards' as an alternative option. This is issued against a security of a Fixed Deposit.
Banks such as Dena Bank and ICICI Bank offer 'Secured Credit Cards.'
Advantages:
- It's Instant! You can now walk in to our Branch and walk out with your Card. We issue this card over-the-counter at over 1,700 branches all over the country (this point taken from ICICI Bank website).
- It will help you build or repair your credit score (thus making it easier for you to get loans from banks in the future, loans with lower interest rates etc).
- You continue earning Fixed Deposit Interest.
PS: To the best of our knowledge, there is no established banking institution in the world that offers EMI on Debit Cards.
The very concept 'debit cards' means taking out money that you actually have (that is not buying things on 'credit'). Therefore, debit cards came into existence to prevent people from using credit cards and therefore over spending, that is spending money they do not have at that moment. If EMI is offered on Debit Cards, it beats the whole purpose of inventing debit cards because you are then buying an item on 'credit,' for which you already have credit cards.
