Let your Debit Card give you joy on-the-go and EMI on-the-spot! With Debit Card EMI from SBI, you can conveniently convert your transactions to Easy EMIs at both POS and e-commerce portals (Flipkart & Amazon).
Debit Card EMI
EMI facility to pre-approved customers, for purchasing consumer durables from merchant stores by swiping their debit cards at POS.
Provides EMI facility to pre-approved customers, for purchasing consumer durables online from selective merchants.
Features and Benefits
Loan amount up to Rs 1 lakh
Flexible tenure options: 6/9/12/18 months
Applicable Rate of interest: 2-Yr MCLR + 7.50% However most of the Consumer Durable products are available at no cost EMI offered by Brands
Zero Processing Fee
Pre-payment penalty : 3% of the pre-paid amount.
No blocking of Savings account balance
Zero documentation & instant disbursal
Avail EMI facility to a maximum of three times within the limit & period communicated via SMS/E-mail
Avail either Online EMI or DC EMI or both within the given limit
To check your eligibility, SMS DCEMI to 567676 from your registered mobile no. with us
The facility is being offered to pre-selected customers of SBI
Loan Process Flow
1. Debit Card EMI
Swipe SBI Debit Card on POS Machine at merchant store
Select - Brand EMI - Bank EMI
Enter - Amount - Repayment teno
POS machine checks if customer is eligible
If eligible, Enter PIN and Press OK
Loan Amount Booked Success Message Received by POS
Charge Slip containing Terms & Conditions of Loan is printed
Customer signs the Charge slip containing Terms & Conditions
2. Online EMI
Customer visit merchant site (Where Billdesk or PayU is the payment gateway provider – at present)
Customer enters mobile number to check eligibility
If eligible, SBI Login Page appears Enters INB credentials or Debit Card credentials
System asks for OTP confirmation for authentication of transaction
After successful OTP confirmation, Successful message with Loan details gets displayed to the customer.
To know your nearest store offering EMI facility click here
Terms & Conditions
The minimum Transaction amount necessary for availing the EMI Facility is Rs. 8000.
The interest will be charged at 2 Yr MCLR + 7.50 % (presently 15.10% for all tenures).
The Loan amount is repayable in 6/9/12/18 equated monthly instalments (EMI).
A Standing Instruction equivalent to the monthly instalment amount will be set up on your SB account automatically upon availing this facility.
The liability to the bank will be extinguished only when the loan amount with interest including the penal interest, if any, is paid in full.
The loan amount is equivalent to the transaction amount and the loan account is created based on acceptance of Terms & Conditions mentioned herein.
The loan cannot be used for any other purposes other than purchase of products at online & offline stores/shops of our approved merchants’/ partners
Only 3 transaction within the approved loan limit are eligible for EMI facility both under online EMI & POS EMI and multiple loan accounts more than 3 are not permitted to a single customer in a calendar quarter.
A nominal processing fee of Rs 2 will be charged and will be collected upfront through your Debit card by the merchant.
Penal interest @ 2% p m will be charged on the irregular amount.
Penal charge as applicable will be charged on failed standing instructions due to insufficient balance in the account
In case the loan account is closed before the quarter end you will not be eligible for taking another loan till the beginning of next quarter. i.e. only one transaction is permitted in a calendar quarter for EMI.
Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount.
SBI is not liable for any technical errors that occurs while processing EMI at POS terminal.
SBI is not responsible for any issues related to purchased goods such as quality, delivery, etc. and should be taken up with the merchant only.
Cancellation of any successful EMI transaction may be allowed only if merchant agrees to the same and must be made well before the day end or merchant settlement whichever is earlier.
SBI is not responsible for any cash back promised by the merchant/OEM (Original Equipment Manufacturer). However, SBI agrees to pass on the cash back amount if any received from the merchant/OEM promptly to the customer.
All The decisions made by SBI, regarding eligibility and sanctioning of EMI facility to the customer are final and guided by the Bank’s internal guidelines.
TERMS & CONDITIONS MENTIONED ON CHARGE SLIP
Transaction Amount: Rs xxxxx ( as per POS print out
Loan amount: Rs xxxxxx ( as per POS print out)
Tenure: 6/9/12/18 months
Applicable Rate of Interest: 2yrMCLR+7.5% p.a
EMI Amount: Rs xxxxx ( as per POS print out)
I have requested SBI Bank to
1. Penal interest on irregularity: 2% above applicable rate
2. MEP fee: Rs 2 per transaction
3. Penalty for failed SI: Rs 500 + GST
4. Prepayment penalty: 3% of pre-paid amount.
5. SBI is not liable for any technical errors while processing
6. SBI is not liable for the quality of goods purchased
7. Transaction cancellation allowed. However, merchant may replace the defective goods.
8. Cash back and No Cost EMI offers, if any is the responsibility of the merchant/Brand
9. All the decisions of SBI, regarding EMI is final and guided by the internal policy
CUSTOMER CONSENT FOR EMI
10. I hereby request State Bank of India to convert this transaction in EMI facility on Debit Card as per the aforesaid tenure and rate of interest.
11. I have fully understood and accept the T&Cs of converting this transaction to EMIs and I agree to be bound by the detailed Terms and Conditions as mentioned on State Bank of India website (www.onlinesbi.com/sbi.co.in)
12. I understand that the transaction will be processed within 4 working days and no saving account interest will be offered to me on the said amount during the processing period.
13. Auto-debit facility will be enabled on my savings account for this EMI facility.
14. On failure of EMI payment dues, Bank can take legal action as per section 138 or collect the due amount by marking lien on my saving account to recover the outstanding due amount.
15. If I am ineligible for this facility, this transaction will be considered as a normal transaction.
16. I hereby undertake and declare that the said amount sanctioned and is utilised shall be deemed to be for my benefit and purpose.
17. Bank has the sole right to decline or accept any EMI conversion request subject to the eligibility of the customer.
18. The facility is subject to applicable laws and regulations and would be modified or terminated as per laws at any point of time without bank obligation to continue.