State Bank of India (SBI) offers Equated Monthly installment (EMI) facility for its customers using the bank’s debit card in order to purchase consumer durables from merchant stores by swiping their cards at POS. Customers can also avail this facility while doing online purchase via e-commerce portals such as Amazon and Flipkart through SBI debit card.

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For the same, the bank said it charges zero processing fee and there is no blocking of the savings account balance.

"A standing instruction equivalent to the monthly installment amount is set up on customers’ savings bank account automatically upon availing this facility," it said.

Here are the steps to avail debit card EMI and online EMI facilities via SBI:

Debit Card EMI

Step 1: Swipe SBI Debit Card on POS Machine at a merchant store

Step 2: Select - Brand EMI - Bank EMI

Step 3: Enter - Amount - Repayment tenor

Step 4: Enter PIN and press OK after the POS machine has checked the eligibility. The loan amount is booked after the successful transaction. A charge slip containing terms and conditions of the Loan is printed and the customer has to sign on the same.

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Online EMI

Step 1: Login on Amazon or Flipkart from the mobile number registered with the bank

Step 2: Select the required brand article and proceed with payment

Step 3: Select the Easy EMI option from different payment options that appear and then select SBI

Step 4: The amount is auto fetched, enter the tenor and click on proceed.

Step 5: SBI Login page appears, enter the internet banking or Debit Card credentials. The loan is booked, terms and conditions are displayed, if accepted, the order is booked.

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Using these, customers can avail the loan ranging from Rs 8,000 to Rs 1 lakh at an effective interest rate of 2-year, MCLR + 7.50 percent which is 14.70 percent at present. The bank claims to offer flexible tenure options of 6/9/12/18 months.

For the same, customers can check their eligibility by sending DCEMI to 567676 from their registered mobile number with the bank.

(Edited by : Ajay Vaishnav)