SBI's new zero-cost EMI facility, account balance doesn't matter: 5 points | Mint
Active Stocks
Thu Feb 29 2024 14:08:05
  1. Kotak Mahindra Bank share price
  2. 1,692.00 0.50%
  1. Tata Steel share price
  2. 140.40 -0.25%
  1. Power Grid Corporation Of India share price
  2. 280.00 0.16%
  1. Bharti Airtel share price
  2. 1,103.35 -2.25%
  1. ITC share price
  2. 407.80 -0.20%
Business News/ Money / Personal Finance/  SBI's new zero-cost EMI facility, account balance doesn't matter: 5 points
BackBack

SBI's new zero-cost EMI facility, account balance doesn't matter: 5 points

The EMIs would begin one month after the transaction is complete, SBI said
  • SBI account holders can check their eligibility by sending an SMS
  • This new SBI facility is available at more than 4.5 lakh POS machines across IndiaPremium
    This new SBI facility is available at more than 4.5 lakh POS machines across India

    To make the shopping experience better, India's biggest lender State Bank of India or SBI has launched a new debit card EMI facility for its customers. SBI debit card holders can avail this facility at 4.5 lakh POS (point of sales) machines across India. They can buy consumer durable products on EMI at various merchant stores pan India using their SBI debit cards without having to pay entire amount immediately. It comes with zero processing fee and zero documentation.

    “We believe the introduction of this new product is a step forward by the bank to offer delight of hassle free purchases and paperless loans," said chairman Rajnish Kumar.

    5 things to know about this SBI zero-cost EMI facility:

    1) Under SBI's debit card EMI facility, its customers can opt for an EMI tenure of minimum 6 months to 18 months.

    2) This facility is available at over 40,000 merchants and stores in 1,500 cities that use Pine Labs branded POS machines totaling more than 4.5 lakhs.

    3) Apart from zero documentation, no processing fee, other benefits include, no branch visit and instant disbursal and zero cost EMI on select brands, SBI said.

    4) This facility can be availed in less than a minute irrespective of the existing saving bank account balance, SBI said. The EMIs would begin one month after the transaction is complete.

    5) SBI account holders having clean financial and credit history are eligible for availing the zero-cost EMI facility (loans). SBI account holders can check their eligibility by sending an SMS typing DCEMI to 567676 from their registered mobile number.

    SBI is India's largest commercial bank in terms of assets, deposits, branches, customers and employees; it has a network of 22,088 branches in India.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
    More Less
    Published: 08 Oct 2019, 01:35 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App