Card holders can avail this facility with zero documentation, no processing fee, no branch visit, instant disbursal and zero cost EMI on select brands
To encourage spending during the festival season, State Bank of India (SBI) on Monday launched 'Debit Card EMI facility' for its existing customers, whereby they can opt for an EMI tenure of minimum six months to 18 months.
SBI had 30.37 crore cards at the end of June, according to the figures from Reserve Bank of India, which is about 83 lakh cards lower than in December 2018. SBI said the card would enable customers to buy the products at 40,000 plus merchants and stores in over 1,500 cities having Pine Labs branded POS (point of sale) machines totalling more than 4.5 lakh.
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. We believe the introduction of this new product is a step forward by the bank to offer the delight of hassle-free purchases and paperless loans."
SWIPING IT RIGHT
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- Card holders can avail this facility with zero documentation, no processing fee, no branch visit, instant disbursal and zero cost EMI on select brands
- SBI said the card would enable customers to buy the products at 40,000 plus merchants and stores in over 1,500 cities
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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 EMIs would begin one month after the transaction is complete, it said.
All customers having clean financial and credit history are eligible for availing the loans.
The government and Reserve Bank of India (RBI) have been working towards making the cost of capital cheaper so that customers are able to avail loans at cheaper rates of interest. Banks, on their part, have been conducting loan melas, introducing new product offering so that customers would start consumption.
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