Customers of State Bank of India (SBI) now have the option to convert any big ticket purchase done via debit card into equated monthly instalments (EMIs).
The EMI facility will be available across SBI merchant stores and can be availed by swiping the debit card at POS (point of sale).
Apart from this, SBI customers can also avail the EMI feature while shopping online from e-commerce platforms like Flipkart and Amazon, among others.
To confirm the amount you’re eligible to claim for the EMI facility on your debit card, send an SMS ‘DCEMI’ to 567676 from the registered mobile number with the bank.
To avail the EMI facility at a merchant store, swipe your SBI debit card on POS machine at merchant store, select
Brand EMI, then click on Bank EMI and press enter.
Next, add the amount and repayment tenor. After the POS machines checks your eligibility and approves the transaction, enter the PIN and press OK.
The loan amount is booked after the transaction and a charge slip containing terms and conditions of the loan is printed. This slip should be signed by the customer.
If the EMI is availed at an E-commerce store, login on to the website from the mobile number registered with the bank and select the brand, article and proceed for payment.
Now, choose the ‘Easy EMI’ option from different payment options in the dropdown list that appears. Then select SBI as the preferred banking partner.
The amount is auto fetched so you just have to enter the loan tenor and proceed.
The SBI Login page will appear where you enter the internet banking or debit card credentials and book the loan.
As per SBI, the customers can avail loan of Rs. 8,000 to Rs. 1 lakh at an interest rate of 2-year MCLR + 7.50% which is 14.70% currently. Options for loan tenor are limited (6/9/12/18 months).
The country’s largest lender also announced that no extra processing fee or documentation is required to avail the instant EMI facility on SBI debit cards.
Once the EMI facility is availed by the customer, a standing instruction similar to the monthly instalment amount will be set up on customers’ savings bank account.
