SBI allows you to convert all the big purchases of Rs. 500 and above using your credit card to easy monthly instalments. If you have already applied and approved for the SBI Flexipay, the EMI amount will be billed along with the normal credit card outstanding.
EMI payment needs to be made without fail to the bank each month. Failure to pay will attract penalty. The EMI amount will be added to the minimum due amount to be paid for the month. For example, if you have EMI payment of Rs. 2000 and minimum due of Rs. 500 on the outstanding principal, your minimum due amount now for the particular billing cycle will be Rs. 2500.
You can apply for SBI Flexipay through the following ways.
Login to the official website of SBI Card using your credentials. You can choose the big purchase that needs to be converted to Flexipay. Once you are approved, you can start paying in easy monthly instalment.
Send an SMS of FP to 56767
You can call up the customer care executives of SBI at 1860 180 1290/ 39 02 02 02 and get help to convert your big purchase to EMI.
|Fees levied on Flexipay|
|Processing Fee||2%, minimum of Rs. 199 and maximum of Rs. 1000|
|Interest Rate||22% or as per applicable offer|
|Foreclosure or Cancellation Fee||3% of the outstanding amount|
You must convert the transactions into Flexipay within 30 days of the purchase.
Looking for a credit card that can help you earn more reward through big purchases and also offer EMI facility? You can check your eligibility here now for free.