Here are some of the features of this new service:
- Zero cost EMI
- Zero documentation
- Instant disbursal
- No branch visit required
- No processing fee
- No minimum savings account balance requirement
- Loans are processed in less than a minute
- EMI will begin a month after the transaction is completed
- EMI can be opted for a minimum tenure of 6 months and up to a maximum of 18 months
- Available on select brands
- Can be used at 40,000+ merchant and stores and in 1,500+ pan India cities that have Pine Labs branded POS machine totalling
- Customers need to have a clean financial and credit history to avail the facility
- To check eligibility, SBI customers can send "DCEMI" to 567676 via SMS facility using their registered mobile number
SBI recently revised its service charges with effect from 1 October. These include changes in charges on ATM transactions, non-maintenance of minimum balance, cheque book issues and internet banking transactions among others.
The new EMI scheme coincides with the festive season, allowing shoppers across India to make purchases with instant credit. The country's largest bank has been known to be among the first to push new banking facilities. From being the first bank to make repo rate its lending rate benchmark to making EMI facility available over debit cards, SBI has been aiding the government's aim to make funds more accessible to revive economic activity in the country.