The State Bank of India (SBI) provides Equated Monthly Instalment (EMI) facility for its customers using SBI debit cards to buy consumer durables from merchant stores by swiping their cards at the Point of Sale (POS). SBI customers can also avail the EMI facility while purchasing materials online via e-commerce portals such as Amazon & Flipkart through SBI debit cards.
SBI in an official statement explained that this facility includes benefits such as zero processing fee, zero documentation, instant disbursal and no blocking of the savings account balance.
"A Standing Instruction equivalent to the monthly instalment amount will be set up on customers' savings bank account automatically upon availing this facility," noted the SBI.
Loan amount and interest rate
SBI customers can avail the loan ranging from Rs 8,000 to Rs 1 lakh. This will be subject to an effective interest rate of 2 year MCLR + 7.50% which is 14.70% at present. SBI is offering loan tenure options of six, nine, twelve and eighteen months.
Customers who are interested in this facility can check if they are eligible for it by sending DCEMI to 567676 from their registered mobile number.
SBI customers can follow these steps to avail Debit Card EMI and Online EMI
EMI facility for customers using SBI Debit Card
Online EMI facility for SBI Customers
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