State Bank of India (SBI), the country's largest lender, has launched a debit card Equated Monthly Installment (EMI) facility for its point-of-sale customers. Under this service, customers can opt for an EMI tenure of minimum six months to 18 months, SBI said in a statement. "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," the lender added. The EMIs will begin one month after the completion of transaction. (Also read: SBI Links Repo Rate With Floating Rate-Based Loans)
"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," the lender said. "This facility can be availed in less than a minute irrespective of the existing saving bank account balance," it added.
All customers having a clean financial and credit history are eligible for availing the facility, SBI said. Such customers are being sent regular communications by the bank via SMS and emails. Customers can also check their eligibility by sending the text "DCEMI" in an SMS to the number 567676 from their registered mobile number.
"We are glad to launch this product for our customers so that they can have a pleasant shopping experience this festive season," said Rajnish Kumar, Chairman, SBI. "We believe the introduction of this new product is a step forward by the bank to offer delight of hassle free purchases and paperless loans," he added.
Customers can buy products at more than 40,000 merchants and stores in more than 1,500 cities having pine labs branded PoS machines totaling more than 4.5 lakhs, according to the SBI statement.