With debit card equated monthly installment (EMI) facility from State Bank of India (SBI), one can conveniently convert the transactions to easy Equated Monthly Installments (EMIs) at both point of sale (POS) and e-commerce portals such as Flipkart and Amazon.

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The debit card EMI facility is available for pre-approved customers, for purchasing consumer durables from merchant stores by swiping their debit cards at POS. The online EMI option, on the other hand, provides an EMI facility to pre-approved customers, for purchasing consumer durables online from Flipkart and Amazon portals.

Here are key things to know about SBI's consumer durable loans:

The amount allowed under consumer durable loans (debit card EMI and online EMI) is up to Rs 1 lakh.

It has flexible tenure options of 6, 9, 12 and 18 months

The applicable rate of interest is 2-year Marginal Cost of Funds based Lending Rate (MCLR) plus 7.50 percent rate. However, most of the consumer durable products are available at no cost EMI offered by brands.

It involves zero processing fee. There is no pre-payment penalty on loan up to Rs 25,000 and 3 percent on a loan amount of more than Rs 25,000.

There is no blocking of the savings account balance in this case.

One can avail EMI facility to a maximum of three times within the limit and the period is communicated via SMS/e-mail

One can avail of either online EMI or debit card EMI or both within the given limit. To check the eligibility, customers can SMS DCEMI to 567676 from the registered mobile number.

The minimum transaction amount necessary for availing of the EMI facility is Rs 8,000.

The loan cannot be used for any other purposes other than the purchase of products at online and offline stores/shops of approved merchants/partners.

Only 3 transactions within the approved loan limit are eligible for EMI facility both under online EMI and POS EMI and multiple loan accounts more than 3 are not permitted to a single customer in a calendar quarter.

A nominal processing fee of Rs 2 will be charged and will be collected upfront through a debit card by the merchant.

In case the loan account is closed before the quarter-end, the customers will not be eligible for taking another loan till the beginning of next quarter. i.e. only one transaction is permitted in a calendar quarter for EMI.

Any prepayment of EMIs in full or in part and closure of account before the end of the term will attract the prepayment charges of 3 percent on prepaid amount.

(Edited by : Abhishek Jha)