With SBI’s Debit Card, you can convert your high value transactions into easy EMI i.e. you will not need a credit card to buy any product on EMI, Debit card will work only.
New Delhi: If you are a customer of India’s largest bank State Bank of India (SBI), then this bank is now giving you a facility, so that you can manage your personal finance in the right way. Now you will not need a credit card (SBI Credit Card) to shop on EMI , debit card will also work. With SBI Debit Card, you can convert your high value transactions into easy EMI, that means you will not need a credit card to buy a product on EMI.
How to use EMI facility?
Offline EMI
- For this SBI customers can swap their debit card at POS (Point of Sale) machine and they have to select the option of Bank EMI.
- After this you have to select the repayment as per your convenience.
- Now you have to get your verification done by entering your PIN and clicking on OK.
- After the verification is successful, you will get ‘Charge Slip’, on which you will have to sign and accept the terms and conditions.
Online EMI
- For this, from whichever online platform you want to shop, you have to visit that website. After this, the number registered with the bank has to be entered. Whatever you want to buy from the site, you have to select its brand and product.
- Now go to Payment and select ‘Easy EMI’ option, then select State Bank of India in Bank section.
- After this, you EMI breakup will come on your screen where you can select EMI tenure as per your convenience.
- From here you will be redirected to SBI Internet Banking where sign in and approve your booked EMI after reading the terms and conditions.
- After this, you will be able to pay for the purchased product according to the EMI plan chosen.
Loan and interest rates
According to the information received from the official website of SBI, you can get a loan from Rs 8,000 to Rs 1 lakh. At present, the bank charges MCLR+7.50% i.e. 14.70% interest on the loan amount for 2 years.
