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.