After ICICI Bank, SBI offers EMIs on all online and debit card payments

Like private lender ICICI Bank, the largest bank of the country SBI has decided to extend EMI facility for all transactions through debit cards and net banking. In a step that is certainly going to boost consumer spending in the forthcoming festive season, SBI has made shopping convenient for millions of SBI debit card and net banking users. SBI customers can take the benefit of this EMI facility without any documentation.

The benefit can be taken while making purchase online or swiping cards at merchant outlets. ICICI Bank has already extended the facility to its customers through net banking.

SBI has at least 46 crore customers.

The EMI facility

SBI is the first public sector bank to offer this facility. No preapproved amount or documentation is needed to avail the loan. Neither is any processing fee needed. The benefit can be obtained for any transaction between Rs 8,000 and Rs 1 lakh.

Advantages

To avail this EMI facility customers don’t have to pay any processing fee. Besides zero documentation and instant disbursal is there. It is not going to block any savings account balance of the customer.

A standing instruction equivalent to the monthly instalment amount will be set up on customers’ savings bank account automatically and the amount will be deducted at a specific date.

Flexible tenures

Customers can select tenures of their choice from six months, nine months, 12 months and 18 months. Customers can check their eligibility by sending DCEMI to 567676 from the registered mobile number which is submitted in the bank.

Interest rate

The effective interest rate on these loans will be two-year MCLR + 7.50% which is 14.70% at present, reads a SBI statement. No zero EMI facility is available with this offer.

The procedure

There are two ways before the SBI customers to avail the EMI facility, i.e. debit card EMI and online EMI. Here is the brief procedure of how to avail this facility.

Debit card EMI

Swipe SBI Debit Card on POS Machine at merchant store.

Select brand EMI and then bank EMI.

Enter the amount and repayment tenor.

Enter PIN and press OK after the POS machine has checked the eligibility of the customer.

Loan amount is booked after the successful transaction.

Charge slip containing terms and conditions of loan is printed and the customer has to sign on the same.

Online EMI

Login on Amazon, Flipkart or any other e-shopping portal from the mobile number registered with the bank.

Select the required brand article and proceed for payment.

Select the Easy EMI option from different payment options that appear and then select SBI.

The amount is auto fetched. Enter the tenor and click on proceed.

SBI net banking login page appears, enter the internet banking or debit card credentials and proceed.

Loan amount is booked, terms & conditions (T&C) is displayed in the screen, if the customer accepted, the loan order is booked successfully.