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Home / Money / Personal Finance /  SBI credit cardholders have to pay more for EMI purchases from tomorrow

SBI credit cardholders have to pay more for EMI purchases from tomorrow

SBI offers an EMI facility for its customers using SBI debit, credit cards in order to purchase consumer durables from merchant stores by swiping their cards at POS.

From 1 December, SBI credit cardholders will have to pay the processing fee of 99, as per the new rules

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The State Bank of India (SBI) has announced that it will charge a processing fee as well as tax from its credit card customers on all equated monthly instalment (EMI) purchase transactions. These charges are over and above the interest charges for converting the purchase into EMIs. The notification was sent to the SBI credit card holders on November 12 via e-mail. “Dear Cardholder, We would like to inform you that with effect from 01 Dec 2021, Processing Fee of Rs. 99 + applicable taxes will be levied on all Merchant EMI transactions done at Merchant outlet/website/app. We thank you for your continued patronage. Please click here to know more about Merchant EMI Processing Fee," the mail from SBICPSL read on the day.

The State Bank of India (SBI) has announced that it will charge a processing fee as well as tax from its credit card customers on all equated monthly instalment (EMI) purchase transactions. These charges are over and above the interest charges for converting the purchase into EMIs. The notification was sent to the SBI credit card holders on November 12 via e-mail. “Dear Cardholder, We would like to inform you that with effect from 01 Dec 2021, Processing Fee of Rs. 99 + applicable taxes will be levied on all Merchant EMI transactions done at Merchant outlet/website/app. We thank you for your continued patronage. Please click here to know more about Merchant EMI Processing Fee," the mail from SBICPSL read on the day.

SBI credit cardholders to pay more on EMIs from tomorrow

SBI credit cardholders to pay more on EMIs from tomorrow

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From 1 December, SBI credit cardholders will have to pay the processing fee of 99, as per the new rules set to be implemented by the state-owned lender. The processing fee of 99 will be charged on only those transactions which have been successfully converted into equated monthly instalments or EMI transactions.

SBI EMI facility

SBI offers an EMI facility for its customers using SBI debit, credit cards in order to purchase consumer durables from merchant stores by swiping their cards at POS. They can also avail of this facility while buying online via e-commerce portals such as Amazon & Flipkart through SBI debit cards.