SBI Debit Card EMI : In a bid to provide an affordable shopping experience to its existing customers this festive season, country’s largest lender State Bank of India (SBI) has launched much-awaited ‘Debit Card EMI facility’. Under this service, account holders can opt for an EMI tenure of minimum 6 months to 18 months, once the transaction is done using SBI debit card.

To avail the facility, the customer has to buy the products at 40000+ merchants and stores in 1500+ cities having Pine Labs branded POS machines totaling more than 4.5 lakhs.

The bank in a statement said that customers who have clean financial and credit history will be eligible for this facility. ‘To check the eligibility, customers can also send an SMS typing DCEMI to 567676 from their registered mobile number’, the SBI said.

After launching the EMI facility on debit card, Rajnish Kumar, Chairman, SBI said,”We are glad to launch this product for our customers so that they can have a pleasant shopping experience this festive season. Debit Card EMI will enable customers to buy consumer durable products on EMI at various merchant stores pan India using their debit cards without having to pay the entire amount immediately. We believe the introduction of this new product is a step forward by the bank to offer the delight of hassle-free purchases and paperless loans.”

Earlier, the SBI had given special offers for retail banking customers under-which they could apply for cheaper loans with additional benefits such as waiver in processing fees, pre-approved digital loans, and loans with no escalation in interest rates across categories. In view of the festivity, SBI had also waived the processing fees charged on car loans.