If you're a customer of State Bank of India (SBI), the country's largest government bank, you can completely rely on your Debit Card to convert your high-value transactions into easy EMI. Customers who use their SBI debit cards to buy household items from merchant outlets can get an EMI facility by using their cards at the point of sale (Point of sale). They can also use their SBI debit card to make online purchases through e-commerce sites like Amazon and Flipkart. Here are the benefits of using the SBI Debit Card EMI Facility and the process to use the same.
Loan tenure and eligibility
To use the debit card EMI facility anytime and anywhere, customers of SBI must first check their eligibility and for the same, they can send an SMS to 567676 by typing DCEMI from their registered mobile number. Upon successful verification of their eligibility, customers can choose the loan tenure in 6/9/12/18 months.
Loan amount and rate of interest
According to the official website of SBI, eligible customers can apply for a loan amount ranging from Rs 8000 to Rs 1 lakh. On the loan amount, SBI is currently charging an interest rate of 2-year MCLR + 7.50% i.e. 14.70% as of now.
Benefits of SBI Debit Card EMI facility
Following are the benefits of using SBI Debit Card EMI facility according to SBI:
- Zero processing charge
- Zero documentation and instant loan approval
- No blocking of the savings account balance of a customer.
- Customers' savings bank account will be automatically created with a Standing Instruction equal to the monthly installment amount when they use this service.
How to use EMI facility with SBI Debit Card?
Following are the steps to follow to use EMI facility with your SBI Debit Card:
- By visiting their preferred merchant store, customers can swipe their debit card at the POS Machine after which they have to select the Bank EMI option as Brand EMI.
- Now they have to enter the amount and select the repayment tenure according to their convenience.
- Now they need to enter their card PIN and press "OK" upon successful verification of their eligibility.
- Upon effective transaction, the loan amount would get registered on behalf of their name. Customers will now get a 'Charge Slip' which they need to sign after accepting the terms and conditions.
- Visit the official website of Amazon and Flipkart and then sign in with your mobile number that is registered with the bank.
- Now select the brand and product that you want to purchase.
- Now proceed to the payment option and select 'Easy EMI' option and then select SBI as your bank.
- The purchase or total billed amount will be auto fetched after which you need to select the EMI tenure and click on 'Proceed'.
- Now you will be redirected to the netbanking page of SBI where you need to sign in to your account.
- Now view and confirm the booked EMI amount and authorize the transaction only after reading the terms and conditions completely.