State Bank of India (SBI) debit card holders can now convert their purchases into EMI or equivalent monthly installments. The country’s largest lender stated in the release that it offers “EMI facility using SBI debit cards to purchase consumer durables from retail stores by swiping their cards at PoS (Point of Sale).” Users can also take advantage of this facility while purchasing online through e-commerce portals such as Amazon and Flipkart via SBI debit card, it added.
Customers can verify eligibility by sending DCEMI to 567676 from their registered mobile number with the bank. They can avail the loan ranging from Rs 8,000 to Rs 1 lakh at an effective interest rate of 2-year MCLR (Marginal Cost of Funds based Lending Rate) + 7.50% which is currently at 14.70%.
MCLR is the minimum borrowing rate below which a bank may not lend.
The EMI facility comes with flexible tenure options of 6/9/12/18 months.
Some of the other benefits offered by the lender included zero processing fees, zero documentation, instant payout, and no hold on the savings account balance.
Here’s a step-by-step guide for SBI customers:
For debit card EMI
* Get the card on the POS machine in the merchant’s store
* Select – Brand EMI – Bank EMI
* Enter – Amount – Repayment term
* Enter the PIN (Personal Identification Number) and press OK after the POS machine checks the eligibility
* Loan amount will be posted after the successful transaction
* Charge slip with the Terms and Conditions of Loan is printed and the customer must sign on the same
For online EMI
* Login to Amazon or Flipkart from the mobile number registered with the bank
* Select the desired brand item and proceed to payment
* Select the Easy EMI option from several payment options that appear, then select SBI
* The amount will be automatically collected, enter the duration and click on continue
* SBI Login page appears, enter the internet banking or debit card credentials
* Loan has been booked, T&C is displayed, if accepted, the order has been booked
Meanwhile, SBI shares settled slightly lower (0.08%) on Monday.