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SBI Debit Card EMI is a great offer for customers looking to make a large purchase and prefer to pay it in smaller installments. This way, they are able to manage their budgeting better. It could even be an emergency medical need or some other personal need that requires a large amount of money urgently. SBI Debit Card EMI offers this credit line to much needed customers so that they can take care of what is important, instead of filling loan applications and wasting time in bank queues.
Let us take a look at how SBI Debit Card EMI works and what are its features
SBI Debit Card EMI is a pre-approved credit offer to eligible SBI debit card holders. Users can convert their transactions into instant EMIs at merchant POS machines or online ecommerce sites.
If you are looking for a personal loan, learn more about SBI Personal Loans
About SBI Debit Card EMI
Debit Card EMI
1. Swipe your SBI debit card at the merchant store's POS terminal
2. The biller then selects on the POS device the brand EMI and SBI EMI choices
3. Enter the sum and the repayment tenure
4. The POS system verifies the customer's eligibility
5. If approved, enter your PIN and Hit "OK"
6. The EMI facility is activated & the POS receives a success message
7. The terms and conditions of the loan are mentioned on the charge slip
8. Customer signs the Terms & Conditions-containing charge slip
SBI Debit Card EMI for online purchases
1. Access retailer website where Billdesk or PayU payment gateway is offered.
2. Shop for the things you wish to buy and place them in your shopping cart.
3. Continue with the payment and select the "Easy EMI" option. Select SBI
4. You now choose an EMI Plan (6, 9, 12, or 18 months).
5. To check eligibility, you have to provide your mobile number.
6. The system checks your eligibility. If eligible, the SBI Login Page is displayed
7. You have to login with your online banking credentials to sign in and authenticate the transaction
8. For transaction authentication, the system requests OTP confirmation. Upon successful OTP confirmation, the customer is shown a success message with loan details.
If you have any questions, you can always call the SBI Customer Care for more information!
1. Is there a minimum transaction amount to avail SBI Debit Card EMI option?
Yes, a minimum transaction of Rs.8000 and above is only eligible under this facility.
2. Is this facility, the SBI Debit Card EMI, considered a loan?
Yes, this is considered a loan and a loan account is created under your name. The loan details are even reported to the credit bureau.
3. What is the maximum amount I can avail under this scheme?
Eligible users can get credit limits of up to Rs. 1 lakh under this scheme.
4. Can a Debit Card EMI affect my credit score?
Yes, very much. Though the name implies debit card, this is still considered a loan and is reported to the credit bureaus. So they do affect your credit score.
5. What items can I purchase using this Debit card EMI facility?
SBI Debit Card EMI facility can be used to purchase consumer durables.
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