SBI To Offer No Cost Debit Card EMI At Stores

Country’s biggest lender SBI on Monday launched a debit card EMI (Equated Monthly Installment) facility for its point-of-sale customers.

Customers will be able to avail 6-18 months EMI schemes for purchasing any “consumer durable” product at more than 40,000 merchant stores in 1,500 cities having Pine Labs point-of-sale machines.

“Some of the benefits that customers can avail under this service include zero documentation, no processing fee, no branch visit, instant disbursal and zero cost EMI on select brands,” SBI said in a statement.

“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 entire amount immediately,” SBI said. “This facility can be availed in less than a minute irrespective of the existing saving bank account balance,” it added.

All SBI customers having a clean financial and credit history can avail this facility. Eligible customers are regularly notified by SBI via SMS and emails. To check eligibility, customers can send “DCEMI” in an SMS to the number 567676 from their registered mobile number.