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SBI Debit Card EMI
SBI is the largest banker of our country and has more than million debit card holders. SBI Debit Cards are frequently used for purchases, both offline and online. To suit customer needs, SBI has debit cards in several variants – Rupay, Visa or MasterCard. Customers can shop at more than a million sellers offline and online and avail attractive discounts, rewards and cashbacks.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.
| Debit Card EMI At POS Machines | Debit Card EMI Online |
|---|---|
| Pre-approved customers can use EMI to buy consumer durables from merchant stores by swiping their debit cards at the POS. | Provides pre-approved customers with an EMI option while purchasing consumer durables online from select merchants. |
If you are looking for a personal loan, learn more about SBI Personal Loans
SBI Debit Card EMI Features
- Users can get credit limit of up to Rs.1 lakh
- Options for flexible tenure: 6/9/12/18 months
- Applicable Interest rate: 2-year MCLR plus 7.50%. Effective interest rate comes to 15.10% as per latest MCLR rates.
- There is no processing fee
- Prepayment penalty: 3% of the amount prepaid
- Savings account balances are not blocked
- There is no paperwork and the funds are disbursed immediately
- The EMI facility can be used up to three times within the limit and time period communicated via SMS/E-mail
- You can either use online EMI, POS EMI or both – within the period and limit
- Just SMS DCEMI to 567676 from your registered mobile number to check your eligibility.
- The service is available to SBI's pre-approved customers.
How To Avail SBI Debit Card EMI Facility?
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!
Rate Of Interest On SBI Debit Card EMI Facility
| Scheme | 2 Year MCLR | Spread over 2 Year MCLR | Effective Interest Rate |
|---|---|---|---|
| Online Debit Card EMI | 7.60% | 7.50% | 15.10% |
| Debit Card EMI at POS Locations | 7.60% | 7.50% | 15.10% |
Other Charges
| Penal interest on missed payments | 2% above applicable rate |
| MEP fee | Rs 2 per transaction |
| Penalty for failed Standing Instructions | Rs 500 + GST |
| Prepayment penalty | 3% of pre-paid amount |
Important Points Regarding SBI Debit Card EMI Scheme
- The EMI Facility requires a minimum transaction amount of Rs. 8000.
- The loan is repaid in 6/9/12/18 equated monthly instalments (EMI).
- When you use this service, a Standing Instruction for the monthly instalment amount will be automatically created on your SB account.
- The loan amount is equal to the transaction amount, and the loan account is established upon acceptance of the Terms & Conditions outlined below.
- The loan cannot be used for anything other than purchasing products from our approved merchants'/partners' online and offline stores/shops.
- Only three transactions within the approved loan limit are eligible for EMI, both online and POS, and a single customer may not have more than three loan accounts in a calendar quarter.
- Failure to follow standing instructions due to insufficient account balance will result in a penalty charge.
- If the loan account is closed before the end of the quarter, you will not be eligible for another loan until the beginning of the next quarter. EMI transactions are limited to one per calendar quarter.
- Prepayment of EMIs in full or in part, as well as account closure before the end of the term, will result in prepayment charges of 3% of the prepaid amount.
- Cancellation of any successful EMI transaction is permitted only if the merchant agrees and must be made well before the end of the day or merchant settlement, whichever is earlier.
FAQs of SBI Debit Card EMI:
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.
