- How can you get EMI facility on your SBI Debit Card seamlessly?
- What are the features of SBI Debit Card EMI and what is the interest you need to pay? - Check all these and more here!
You must have been familiar with the concept of EMI that helps you to repay the amount via easy monthly installments over a fixed tenure. But when you hear the term ‘EMI’, you often associate with it a Loan or a Credit Card. What if we tell you that your debit card can also give you the benefits of EMI, would it be hard to believe? You always expect the best things from the best-in-business and that’s why none other than SBI provides the option of Debit Card EMI. With this, you can convert your Debit Card Transactions into easy EMIs at both Point-of-Sale (POS) and E-commerce portals like Flipkart and Amazon.
When an individual wants to purchase something with an insufficient amount, the facility of ‘Pay Later in Easy Installments’ comes in handy. SBI Debit Card EMI provides the same option of converting purchases as low as INR 8,000 into easy installments. Customers can use their Debit Cards and enjoy this facility. But remember one important thing that not every customer will be eligible for this facility of SBI. Only a handful of pre-approved customers can convert their big-ticket purchases into monthly installments.
So, what is the interest rate that you will have to pay when using this EMI facility? What are its other features and benefits? How do you get EMI on your SBI Debit Card? In this article, we will provide answers to all these questions in detail.
So, if you are an existing SBI Customer and want to know about it, keep reading!
SBI Debit Card EMI Features and Benefits that you should Know
The first thing that you need to know about the Debit Card EMI facility is that only pre-selected customers can get this. As we told earlier, not everyone, who has an SBI Debit Card, can opt for this. We are showing some of the important features of this EMI facility from SBI below. Please have a look.
- SBI provides two options to pre-approved customers to convert their Debit Card purchases into EMIs. Either they can swipe their Debit Card at POS for purchasing Consumer Durables from Merchant Stores or while purchasing online from Flipkart & Amazon portals. The latter option is known as Online EMI.
- A customer can choose from any of these two options or both at the same time within the pre-approved limit decided by SBI. You would want to know how much your pre-approved limit will be? Well, you only need to text ‘DCEMI’ to 567676 from your registered mobile number to know the same.
- SBI provides the maximum pre-approved limit of INR 1 lakh to customers. This means you cannot convert any transaction above INR 1 lakh into EMIs while you need to make a transaction of at least INR 8,000 to opt for SBI Debit Card EMI.
- Customers can choose a tenure according to his/her repayment capacity for 6/9/12/18 months. Keep in mind that the interest amount will be higher in choosing a longer period.
- Coming to the most important thing, the interest rate on this Debit EMI facility will be fixed at 15.60% per annum for all customers.
- The best thing is you will only need to pay a nominal processing fee of INR 2 that will be collected upfront from your Debit Card.
- There will be no prepayment penalty on the transaction up to INR 25,000. If you want to prepay the loan amount above INR 25,000, there will be a prepayment charge of 3% of the prepaid amount.
- When you choose the SBI Debit Card EMI, you don’t need to worry about SBI Savings Account Balance as it will not be blocked.
- Since this facility is pre-approved, you don’t need to provide any documents and the loan disbursal will be instant.
- Customers will have to pay a penal interest rate of 2% over and above the applicable rate on missing any EMI.
How Many Times Can You Avail of the SBI Debit Card EMI Facility?
Pre-approved customers can avail of the SBI Debit Card EMI facility for upto a maximum of three times within the pre-decided limit and period communicated by SBI via SMS or email. Let’s say your overall pre-approved limit of INR 80,000, you can convert your transaction into EMI for a maximum of three times within this limit.
How SBI Debit Card EMI works?
After knowing all the features & benefits of SBI Debit Card EMI, you should know how this facility works. Well, as we said earlier only pre-approved customers can enjoy this facility. Such customers get a pre-approved limit upto which they can purchase anything and convert it into easy monthly installments within a fixed tenure. This pre-approved limit may be different for one customer to another.
Suppose you purchase a Fridge (consumer durable) worth INR 60,000 with your SBI Debit Card. So, what will the monthly installment that you will need to pay if you choose a tenure of 12 months and the interest rate is 15.60% per annum? Let’s find out!
|Debit Card EMI Details||Amount|
|Transaction Amount||INR 60,000|
|Rate of Interest||15.60% per annum|
|EMI Amount||INR 5,433|
So, for the transaction amount of 60,000, you will need to pay INR 5,433 for the next 12 months. Choose a tenure according to your repayment capacity. The interest amount will be INR 5,190 for this tenure. Also, it will be higher on choosing a longer tenure.
How to Opt for the SBI Debit Card EMI Facility?
Now that you have enough information about all the features of SBI Debit Card EMI, you would want to know the process through which you can opt for it. Well, the process of converting your debit card transaction into EMI is different at both POS and Online Portal. We are showing both of them step-by-step below. Have a look!
Debit Card EMI
- The first thing you will need to do is to swipe your SBI Debit Card on the POS Machine at the merchant store.
- After swiping, select Brand EMI and then choose the option of Bank EMI.
- After doing the last step, enter the desired amount and repayment tenure according to your convenience.
- The POS Machine at the merchant store checks whether you are eligible for the Debit Card EMI or not. Also, if the amount is within the pre-approved limit or not.
- On being eligible, enter your debit card PIN and press ‘OK’.
- As soon as you press the OK button, your loan amount will be booked and POS will receive a successful message.
- The POS machine will also print the ‘Charge Slip’ that will contain the terms and conditions of the loan. You will also need to sign on this slip.
- To opt for SBI Debit Card EMI, log in to Amazon or Flipkart via your registered mobile number with SBI.
- Choose the product that you want to purchase with your debit card and convert it into easy EMIs.
- After adding the product into the cart, proceed with payment.
- On the ‘Payment’ section, you will see multiple options – Net Banking, Debit/Credit Card, Payment Wallets ( PayTM, PhonePe, etc.), and Easy EMI. You will need to select the Easy EMI Option.
- After choosing Easy EMI, you will again see several bank options including SBI. Choose it to proceed further.
- The amount will be auto-fetched. You will only need to enter the tenure. After this, click on the Proceed.
- You will see the SBI Login Page where you will need to fill in your Internet Banking or Debit Card credentials.
- After logging in, your Debit Card EMI will be booked as soon as you accept the terms and conditions displayed on the screen.