How to convert your purchase via SBI Debit card into EMI --Check interest rate, tenure and eligibility

New Delhi: State Bank of India is offering EMI facility for its customers using SBI debit card in order to purchase consumer durables from merchant stores by swiping their cards at POS.

They can also avail this facility while buying online via e-commerce portals such as Amazon & Flipkart through SBI debit card.

Check the Features & benefits:

- Zero processing fee

- Zero documentation & instant disbursal

- No blocking of 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.

SBI Customers can avail Debit Card EMI & Online EMI using the following steps:

1. Debit Card EMI

a. Swipe SBI Debit Card on POS Machine at merchant store

b. Select - Brand EMI - Bank EMI

c. Enter - Amount - Repayment tenor

d. Enter PIN and press OK after the POS machine has checked the eligibility

e. Loan amount is booked after the successful transaction

f. Charge slip containing Terms & Conditions of Loan is printed and the customer has to sign on the same

2. Online EMI

a. Login on Amazon or Flipkart from the mobile no. registered with the bank

b. Select the required brand article and proceed for payment

c. Select the Easy EMI option from different payment options that appear and then select SBI

d. The amount is auto fetched, enter the tenor and click on proceed

e. SBI Login page appears, enter the internet banking or Debit Card credentials

f. Loan is booked, terms & conditions (T&C) is displayed, if accepted, the order is booked

Loan amount and interest rate

Customers can avail the loan ranging from Rs. 8000 to Rs. 1 lakh at an effective interest rate of 2 year MCLR + 7.50% which is 14.70% at present

Loan tenure – Flexible tenure options of 6/9/12/18 months

Eligibility – Customers can check their eligibility by sending DCEMI to 567676 from their registered mobile number with the bank.