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State Bank of India 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.
Launched to coincide with the ongoing festival season, India's largest bank said its customers could 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 lakhs.
"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 added.
All customers having clean financial and credit history are eligible for availing the loans.
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.
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