For those customers of the State Bank of India (SBI), the bank is offering a special EMI facility. SBI announced in a press release that the lender will be offering its customers an EMI facility for its debit card users so that they can purchase consumer durables from their local merchant stores. This can be achieved by simply swiping the debit cards at the POS terminal. The bank stated that the customers can also avail this facility while buying things online via reputed e-commerce portals such as Amazon or Flipkart with the SBI debit card.
The scheme has quite a few features and benefits, one of which includes the fact that it carries zero processing fees. It also features zero documentation and gives instant disbursal, making for a very streamlined process overall, according to the release issued by the bank. This scheme also does not block the balance of Savings accounts. Customers can expect a Standing Instruction equivalent to the monthly instalment amount to be set up on customers’ savings bank accounts automatically after they avail of this facility.
How to Avail Debit Card EMI and Online EMI
Availing Debit Card EMI
Step 1: Swipe your SBI Debit Card on the POS Machine at the merchant store of your choice.
Step 2: Select – Brand EMI – Bank EMI.
Step 3: Press Enter, Amount, then Repayment tenor
Step 4: After that enter your PIN and press OK after the POS machine has checked the eligibility of the facility.
Step 5: The loan amount is then booked after the successful transaction.
Step 6: Finally, a charge slip containing the terms and conditions of the loan is printed and the customer has to sign it.
Availing Online EMI
Step 1: Login to your online platform of choice, i.e., Amazon or Flipkart using the mobile number that you have registered with the bank.
Step 2: Select whatever it is that you want to buy and then go to the payment option.
Step 3: Select the Easy EMO option from the list of other payment options that the platform will show you. Then you need to select SBI.
Step 4: The amount is processed automatically; all you have to do is enter the tenor and click on proceed.
Step 5: The SBI Internet Banking login page will come up, enter your debit card details or your internet banking details.
Step 6: The loan is booked, then the terms and conditions will be displayed. If it is accepted only then will the order be booked.
Customers can avail of a loan amount that ranges anywhere from Rs 8,000 to Rs 1 lakh at an effective interest rate of 2-year MCLR plus 7.50 per cent, which at present stands at 14.70 per cent according to the bank’s release. The tenure is flexible with several tenure options such as six months, 9 months, 12 months or 18 months, depending on your needs. In terms of eligibility, customers can check it be sending an SMS that says ‘DCEMI’ to the number ‘567676’ from the mobile number that is registered with the bank account.
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