Yes, you can play FM Radio on Vivo V5s.
Yes, you can get EMI on a debit card, conditionally, your card is eligible for it. Check with your bank (ICICI & AXIS) if your debit card is eligible or not.
Yes, you can use Jio 4g sim card in this phone.
Vivo V5s comes with latest Android 6.0 Marshmallow OS which has got Vivo's patented FunTouch 3.0 skin layer. Since the device is newly launched, we do not expect that company will release the new software update immediately.