State Bank of India launches debit card EMI facility for account holders; instalments to begin a month after completing transaction

State Bank of India launched ‘Debit Card EMI facility’ for its existing customers, whereby they can opt for an EMI tenure of minimum six months to 18 months on Monday. To coincide with the festive season, the country’s largest lender, State Bank of India (SBI) launched the ‘Debit Card EMI facility’ for its bank account holders. Rajnish Kumar, Chairman, SBI said, “Debit Card EMI will enable customers to buy consumer durable products on EMI at various merchant stores pan India using their debit cards without having to pay the entire amount immediately. [caption id=“attachment_4198517” align=“alignleft” width=“380”]  Representational image. Reuters[/caption] Under this service, consumers can opt for an EMI tenure of minimum 6 months to 18 months during SBI card bill payment. They can buy the products at 40000-plus merchants and stores in 1500-plus cities having Pine Labs branded POS machines totaling more than 4.5 lakhs. “Some of the key benefits that customers can enjoy while using this facility are zero documentation, no processing fee, no branch visit, the instant disbursal and zero cost EMI on select brands. This facility can be availed in less than a minute irrespective of the existing saving bank account balance,” the bank said in a statement. The instalments will begin a month after the transaction is complete. All customers having a clean financial and credit history are eligible for availing the loans. Consumers can buy products at over 40,000 merchants and stores in more than 1,500 cities having point-of-sale (PoS) machines totalling over 4.5 lakh. The benefits of new facility include zero documentation, no processing fee, no branch visit, instant disbursal and zero cost EMI on select brands.