SBI Debit Card | State Bank of India-SBI is offering SBI debit card customers up to Rs 1,00,000 in loans. Learn how to get it.
Good news for State Bank of India-SBI customers. You can take a loan on your debit card. EMI will also be paid. It is common to use credit cards to pay bills to buy any items that do not have money in the account. It is enough to use the credit card limit and pay the bill between 15 days and 45 days. Or can be converted to EMI. Banks now offer similar services on debit cards as well. EMI facility on debit card for those who want to shop during this festival season. Buy the items you need without the tension of how much your bank account balance is. Will be paid through EMI. Not only online shopping … you can also shop online and convert your payment into EMI by shopping anywhere.
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If you look at the SBI debit card EMI benefits, you can get a loan of up to Rs 1,00,000. That means you can shop with your debit card for a minimum of Rs 8,000 and a maximum of Rs 1,00,000. That amount can be converted into EMIs for 6, 9, 12, 18 months. There is no documentation for this process. The loan will be approved immediately. Two years MCLR + 7.50% interest payable. The current two-year MCLR is 8.10% so if you add 7.50% interest to this, the total will be 15.60% interest. This means that if you shop with a debit card and convert it into EMIs, you will have to pay 15.60% interest per annum. However most of the items are offered by leading brands with no cost EMI offers. So buy through No Cost EMI. There will be zero processing fee for debit card EMI. There is no pre-payment penalty of up to Rs 25,000. If more than that, a penalty of Rs 2,500 or 3 per cent of the loan amount has to be paid.
If you select the debit card EMI option the bank will not block the balance in your account. The EMI is deducted from your savings account each month. A customer can avail the debit card EMI option only three times. To find out if you have a debit card EMI option, type SMS DCEMI and send an SMS from your registered mobile number to 567676. SBI is offering this service only to selected customers. So customers need to know the eligibility in advance and plan the shopping. If you have a debit card EMI, swipe the SBI debit card at the POS machine in the store where you shopped. Select the EMI option. Enter the PIN. Take the slip after payment is complete. While online, select the debit card EMI in the payment section and make the payment.
