Debit Card EMI facility launched by SBI; Check features, benefits and eligibility
Debit Card EMI : With the festivities all around, the shopping season is at its full throttle. As manufacturers and dealers dole out deals, offers and discounts to the consumers, not participating in the shopping extravaganza could be a tad difficult. If you as a SBI customer holding a debit card and want to shop but pay back in installments, the country’s largest lender State Bank of India has launched ‘Debit Card EMI facility’ for its existing customers like you.
While credit cards come handy in these times when you can pay the due amount at a later date or get it converted into EMIs, even your SBI debit card transactions can be converted into monthly installments now. Remember, it is always better to pay the entire credit card due amount on the due date rather than making partial payment and rolling over the balance. Shopping using a debit card is out of your own funds and hence converting it into EMI help in maintaining the household budget.
Once the transaction is done using the SBI debit card, one may opt for an EMI tenure of minimum 6 months to 18 months. The transactions have to be for buying the products at 40000+ merchants and stores in 1500+ cities having Pine Labs branded POS machines totaling more than 4.5 lakhs.
According to SBI, “All customers having clean financial and credit history are eligible for availing the loans. Such customers are being sent regular communications by the bank via SMS and Emailers. To check the eligibility, customers can also send an SMS typing DCEMI to 567676 from their registered mobile number.”
Debit Card EMI feature enables buyers to purchase consumer durable products on EMI at various merchant stores pan India using their debit cards without having to pay entire amount immediately.
Whats more, being a SBI bank account holder, the Debit Card EMI feature comes with zero documentation, no processing fee, no branch visit, instant disbursal and zero cost EMI on select brands. This facility is available instantaneous irrespective of the existing saving bank account balance, while the EMIs would begin one month after the transaction is complete.