A debit card installment plan UAE is a feature that allows you to spread the cost of expensive items into small chunks. The costs paid regularly are set between two prices at 0% or a certain interest. You can choose to repay Plans over any time between 6 and 24 months.
Why the installment plan?
We can summarise the benefits in a couple of points: First, you will be able to pay no or a small amount of interest and be able to repay your item in equal, bite-sized chunks, which helps make what you’ve bought much more manageable. In addition to this, you will not need to do any paperwork when your purchase is moved to a plan. It also helps you avoid late payment, furthermore, you are required to mail a check or pay for postage each month and don’t have to worry about lost mail or misplaced payments.
Debit card installment plan UAE.
The installment plan in the debit card is different from the one in the credit card. In the debit card, we can directly land the specific amount from the bank that will charge us with the certain amount monthly which is called the debit card split instalment. On the other hand, we can directly use the intermediary companies offering us instalment payments where we can register both debit and credit cards.
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Five offerings that will help you with the instalment plan in UAE
- Postpay: offers several options depending on the retailer, including splitting payments in two – half today and a half next month – or in four instalments, either every two weeks or on a monthly basis, with no interest. Payments are automatically collected. “The inspiration for postpay was being fed up with the financial institutions charging fees and interest on the fees,” Said the founder
- Tabby: allows customers to purchase products online using only their mobile phone number and email address. They can check out without entering their credit or debit card details and can choose to pay within 14 days or agree to interest-free instalments for up to six months.”It’s interest-free on the customer,” says Hosam Arab, co-founder, and chief executive of Tabby
- Spotii: with spotii, you can split your purchases into four interest-free instalments with the first 25 percent paid on the spot.
- Aramex Smart: when purchasing from Aramex you will pay for a purchase 14 days after receiving it.
- Souqalmal.com: website Souqalmal.com is offering monthly instalment plans on car insurance for the first time, instead of having to pay on an annual basis. Instalments start at Dh199 with the choice of paying over three, six, or 12 months.”In the current economic scenario, customers are actively looking for ways to preserve cash. But standard easy payment plans on credit cards may only be a half-baked solution to their cash crunch troubles,” says Ambareen Musa, chief executive of Souqalmal.com.
debit card installment plan UAE allows you to make large purchases, like cars and homes, and everyday splurges on fashion, beauty, furniture, electronics, and travel without being charged hefty interest.