SBI customers can convert purchase to EMI via debit card; here's how

The State Bank of India (SBI) provides Equated Monthly Instalment (EMI) facility for its customers using SBI debit cards to buy consumer durables from merchant stores by swiping their cards at the Point of Sale (POS). SBI customers can also avail the EMI facility while purchasing materials online via e-commerce portals such as Amazon & Flipkart through SBI debit cards.

SBI in an official statement explained that this facility includes benefits such as zero processing fee, zero documentation, instant disbursal and no blocking of the savings account balance.

"A Standing Instruction equivalent to the monthly instalment amount will be set up on customers' savings bank account automatically upon availing this facility," noted the SBI.

Loan amount and interest rate

SBI customers can avail the loan ranging from Rs 8,000 to Rs 1 lakh. This will be subject to an effective interest rate of 2 year MCLR + 7.50% which is 14.70% at present. SBI is offering loan tenure options of six, nine, twelve and eighteen months.

Customers who are interested in this facility can check if they are eligible for it by sending DCEMI to 567676 from their registered mobile number.

SBI customers can follow these steps to avail Debit Card EMI and Online EMI

EMI facility for customers using SBI Debit Card

• Step 1: Swipe SBI Debit Card on POS Machine at merchant store
• Step 2: Select - Brand EMI - Bank EMI
• Step 3: Enter - Amount - Repayment tenor
• Step 4: Enter PIN and press OK after the POS machine has checked the eligibility
• Step 5: Loan amount is booked after the successful transaction
• Step 6: Charge slip containing Terms & Conditions of Loan is printed and the customer has to sign on the same

Online EMI facility for SBI Customers

• Step 1: Login on Amazon or Flipkart from the mobile no. registered with the bank
• Step 2: Select the required brand article and proceed for payment
• Step 3: Select the Easy EMI option from different payment options that appear and then select SBI
• Step 4: The amount is auto fetched, enter the tenor and click on proceed
• Step 5: SBI Login page appears, enter the internet banking or Debit Card credentials
• Step 6: Loan is booked, terms & conditions (T&C) is displayed, if accepted, the order is booked

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