When you set up a new house or move to on an unfurnished rented Flat you need some basic things like a sofa set, washing machine, TV set, etc. Some would directly buy from their credit card, while others who are cautions in their spendings would take a safer option of Debit Card EMI.
State Bank of India (SBI), has launched an Equated Monthly Instalments (EMI) Facility for its existing debit card customers at POS. It allows cardholders to buy consumer goods in instalments across PAN India without having to pay the entire amount immediately. This EMI facility on the SBI Debit Card comes with zero documentation and no branch visit. You can avail this facility in less than a minute irrespective of the existing saving bank account. The EMI begins in one month after the transaction.
To check your eligibility, if you can purchase goods in EMI via debit card, you need to follow these steps-
Alternatively, to verify the EMI offer eligibility, you can send an
SMS to DCEMI XXXX(last four digits of your debit card number) to 5676782. You will receive the information about the eligible amount of the loan, its validity and merchant stores where the offer can be availed.
Get Best Debit Cards Online
You can easily activate SBI Debit Card EMI by following the steps given below:
Flipkart is an online platform where there are thousands of consumer durable goods available for you. It has made our lives easier with the EMI facility so that you can buy expensive goods in instalments. With this option, you will definitely not get a huge dent in your wallet.
|Loan amount||Up to Rs. 1 lakh|
|Flexible tenure||6/9/12/18 months|
|Rate of interest||2-Yr MCLR + 7.50%|
|Pre-payment penalty||3% of the pre-paid amount|
Other features -
Enjoy plethora of options when it comes to buying consumer goods online. SBI debit cards have introduced easy buying expirence with EMI facility. Those who don’t want to opt for credit cards, can easily opt for this option.
A: Send an SMS, DCEMI, with the last four digits of your debit card to 5676782. You will then get the information as to the loan amount for which you are eligible. After that, you will have to check with the merchant whether the EMI facility is available. Once all of these have been evaluated, you can make the purchase. You can use the EMI facility on your debit card.
A: Usually, the rates of interest for EMI payments depend on the merchant. You will also have to pay foreclosure charges and penalties if you are late with the payment of your EMIs.
A: Yes, SBI debit card EMI facilities are available on eCommerce transactions made through portals like Amazon and Flipkart.
A: The bank has put a ceiling limit of Rs.1 lakh for pre-approved loans acquired through the SBI debit card.
A: There is no prepayment penalty for transactions for up to Rs.25,000. But for loans above Rs.25,000, you will have to pay a prepayment penalty of
3% on the prepaid amount.
A: No, the loan will not affect your account balance. The debit card is issued only to SBI account holders, yet the loan is given beyond and above your account balance. Hence, your account will not be blocked, and you will be able to make all transactions from your SBI account, despite the loan.