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SBI Allows Debit Card Users To Conver Online Purchases on Amazon/Flipkart Into EMI

Writer: MyRupayaMyRupaya
Dec 31, 20212 min read

Debit card customers of the State Bank of India (SBI) will now be able to convert their purchases into an EMI (equivalent monthly payment). According to a press release, the country's largest lender is giving "EMI facility utilising SBI debit card to purchase consumer durables from merchant establishments by swiping their cards at PoS (Point of Sale)." Users may also use their SBI debit card to shop online at e-commerce sites like Amazon and Flipkart, according to the statement.


Customers may find out if they are eligible by texting DCEMI to 567676 from their bank-registered phone number. They can get a loan ranging from 8,000 to 1 lakh at a 2-year MCLR (Marginal Cost of Funds based Lending Rate) + 7.50 percent effective interest rate, which is currently at 14.70 percent.


The minimum lending rate (MCLR) is the rate at which a bank is not authorised to lend.


The EMI facility has six different tenure options: six, nine, twelve, and eighteen months.


The lender also provided zero processing fees, zero paperwork, rapid disbursement, and no blockage of savings account balances.


For SBI clients, here's a step-by-step guide:


EMI using a debit card


* At the merchant's store, swipe your card at the POS machine.


* Choose between Brand EMI and Bank EMI.


* Enter the amount owed and the length of time it will take to repay the loan.


* After the POS system has validated your eligibility, enter your PIN (personal identification number) and hit OK.



* After a successful transaction, the loan amount is recorded.


* A charge slip outlining the loan's terms and conditions is printed, and the consumer must sign it.


For EMI payments through the internet


* Log in to Amazon or Flipkart using the bank's registered mobile number.


* Choose the desired brand item and complete the payment process.


* From the several payment choices that display, pick Easy EMI, and then SBI.


* The amount is automatically calculated; input the tenor and click "Continue."


* On the SBI Login screen, enter your online banking or debit card details.


* The loan is booked, the terms and conditions are shown, and if approved, the order is booked.

 

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