SBI Customer Alert: SBI Offers Special EMI Facility For Its Debit Card Users Without Extra Charge. Here’s How to Avail it | Follow Step-by-step Guide

SBI Customer Alert: The SBI said the new scheme also features zero documentation and gives instant disbursal, making for a very streamlined process overall.

Author: India.com Business Desk Edited by: Manmath Nayak

Published: September 8, 2021, 4:55 PM IST

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SBI Customer Alert: SBI customers, here comes a piece of wonderful news for you. The State Bank of India is offering its customers a special EMI facility for its debit card users so that they can purchase consumer durables from their local merchant stores. The bank in a statement said that the customers can avail the services by simply swiping the debit cards at the POS terminal.

As per the latest updates from the SBI, bank customers can also avail this facility while buying things online via reputed e-commerce portals such as Amazon or Flipkart with the SBI debit card.

The SBI said the new scheme has quite a few features and benefits, one of which includes the fact that it carries zero processing fees. While availing the facilities, you will not have to pay extra charge. The new scheme also features zero documentation and gives instant disbursal, making for a very streamlined process overall.

As per the statement from the SBI, the new scheme also does not block the balance of Savings accounts. It must be noted that the SBI customers can expect a Standing Instruction equivalent to the monthly instalment amount to be set up on customers’ savings bank accounts automatically after they avail of this facility.

Here’s How to Avail Debit Card EMI and Online EMI

How to avail Debit Card EMI

1. First you will have to swipe your SBI Debit Card on the POS Machine at the merchant store of your choice.
2. Select – Brand EMI – Bank EMI.
3. Press Enter, Amount, then Repayment tenor
4. After that enter your PIN and press OK after the POS machine has checked the eligibility of the facility.
5. The loan amount is then booked after the successful transaction.
6. Finally, a charge slip containing the terms and conditions of the loan is printed and the customer has to sign it.

How to avail Online EMI

1. First you need to login to your online platform of choice, i.e., Amazon or Flipkart using the mobile number that you have registered with the bank.
2. Select whatever it is that you want to buy and then go to the payment option.
3. Select the Easy EMO option from the list of other payment options that the platform will show you. Then you need to select SBI.
4. The amount is processed automatically; all you have to do is enter the tenor and click on proceed.
5. The SBI Internet Banking login page will come up, enter your debit card details or your internet banking details.
6. The loan is booked, then the terms and conditions will be displayed. If it is accepted only then will the order be booked.

In a statement, the SBI said that its customers can avail loan amount that ranges anywhere from Rs 8,000 to Rs 1 lakh at an effective interest rate of 2-year MCLR plus 7.50 per cent, which at present stands at 14.70 per cent.  As per the bank, the tenure is flexible with several tenure options such as six months, 9 months, 12 months or 18 months, depending on the needs of the customers.