State Bank of India (SBI), announced strategic alliance with Flipkart to offer banks' consumers the facility of pre-approved EMI Facility on purchases.
Under this partnership SBI will provide overdraft facility to pre-qualified set of customers for transacting on Flipkart for a minimum purchase of Rs 5000.
The EMI facility will be available in 3 tenures - 6, 9 and 12 months. Bank will not charge any fees to process the facility.
Commenting on the launch, Rajnish Kumar, Managing Director (National Banking
Group), SBI said, "With the introduction of this product EMI facilities on Flipkart are
now not limited to just credit cardholders. The objective is to provide finance to credit
worthy individuals through an end-to-end online facility without having to go through
the process of applying for a personal loan for simple purchases"
Surojit Chatterjee, Senior Vice President and Head Consumer Experience & Growth,
Flipkart said, "Credit and consumer finance options in India are primarily limited to
credit cards, which is confined to ~1% of the entire population.
Through thisc ollaboration with SBI, we want to expand easy financing options to the debit and net-banking user base as well. Our aim is to make online shopping affordable and
seamless for our users and we will be working very closely with SBI to enable more
people get access to products they aspire for, added further.