Planning to purchase electronics for your new home? In such a case, you may not be able to buy the relevant products all at a time. Mostly, people prefer purchasing such goods using a credit card. Don’t have any credit card? Still, no worries!
With an SBI Debit Card EMI, you can fulfill your dreams of purchasing all the household products required for your beautiful home. Despite not having a credit card, you can proceed to avail of the EMI provision on your SBI Debit Card. Through the SBI Debit Card EMI Activation, one can break down their frequent transactions into easy monthly installments.
One can easily activate the EMI option on their SBI Debit Card online. Before planning to access the Debit Card EMI provision, the cardholders need to know the SBI Debit Card EMI Eligibility guidelines as well. In this post, we have presented the complete information about the SBI Debit Card EMI Activation, eligibility, and more. Have a glance!
Table of Contents
SBI Debit Card EMI
People who have a credit card might spend more bucks on a few unnecessary things in a few situations. On the other hand, the SBI Debit Cardholders will be more prudent in their frequent spending. Debit Card facility is one of the significant provisions offered by SBI to its customers.
EMI on Debit Cards is an exclusive feature through which cardholders can carry out online shopping at great ease. Irrespective of the bank balance, SBI Debit Card EMI enables the customers to buy any of the products. State Bank of India has rolled out an excellent EMI feature to its debit cardholders. EMI is an acronym for Equated Monthly Installments.
An EMI feature enables the customers to purchase a variety of products in manageable installments. As a result, there is no necessity of paying the whole amount on the spot of purchase. SBI Debit Card EMI provision comes with zero documentation so that the customers need not visit any of the SBI Bank branches. Cardholders can utilize this provision within no time. Once you access this benefit, the EMI [i.e. the amount you must pay every month on behalf of your transaction] for tha particular transaction kickstarts in the subsequent month.
Key Features of SBI Debit Card EMI
Usually, an SBI Debit Card EMI facility offers a loan amount of about Rs. 1 Lakh to the customers. The loan amount can be repaid easily in three different flexible tenure options i.e., 6 months, 9 months, 12 months, and 18 months. Individuals can access any of the tenure options. Some of the popular brands provide a variety of consumer durable goods to the customers at no cost EMI.
SBI Debit Card EMI Eligibility
Get to know more details about the eligibility criteria before accessing this SBI Debit Card EMI facility. The SBI Debit Cardholders need to SBI Debit Card EMI Eligibility Check whether they are eligible for the EMI feature or not. There are two different methods to check the SBI Debit Card EMI Eligibility criteria i.e., through the official website and via the SMS. In this guide, we have explained both the ways to check the eligibility guidelines to obtain the SBI Debit Card EMI facility.
Method 1: Official Website
- First of all, go to the official website of SBI from your device.
- Navigate to the offer page i.e., from https://onlineapply.sbi.co.in/personal-banking/sbi-flipkart.
- Soon, you will land on a web page wherein you will be prompted to fill in vital details such as the registered mobile number and SBI Account Number.
- Click on the button ‘Check Eligibility’.
- This way, you can easily check your eligibility.
Method 2: Through SMS
Another easy process to check SBI Debit Card Eligibility is through an SMS. All you need to do is to send an SMS from your registered mobile number to a specific customer care number of SBI. Check it out!
Type DCEMI in the body of the message and send it to 57575.
Immediately, you will receive an SMS notifying your eligibility. Certain charges will be imposed on the customers for each SMS you send to check the eligibility criteria. The eligible loan limit details of the SBI Debit cardholder will be received on the registered mobile number in the form of an SMS.
How to Activate EMI on SBI Debit Card?
Wondering How to Enable Debit Card EMI on SBI? Well, the cardholders can easily activate EMI on their SBI Debit Card. For SBI Debit Card EMI Activation, you can choose between two options. One is Online EMI and the second one is Debit Card EMI at POS. Follow the easy steps furnished below to activate EMI on your SBI Debit Card. Check it out!
1. Online EMI
- Initially, visit the online shopping website from where you wish to purchase your desired product.
- Choose a preferred product from the website.
- You can then proceed to checkout the product.
- On the payment page, you can select any of the payment options. As you are planning to pay through the SBI Debit Card, you must select the Debit Card EMI option.
- The amount that you have to pay every month as the EMI will be displayed on the screen automatically.
- You need to select your preferred tenure option.
- Click on the Proceed button.
- Log into your SBI Login page wherein you must fill in the Debit Card details or net banking credentials.
- Tick the checkbox to accept all the terms and conditions.
2. Obtain SBI Debit Card EMI at POS
Check the easy steps furnished below to avail of the SBI Debit Card EMI at the Point of Sale machine in any of the brand outlets.
- Initially, buy your favorite product at any of the outlets.
- Swipe the SBI Debit Card on the POS [Point of Sale] machine.
- Choose the brand EMI and select the Bank EMI option.
- You must select the preferred amount you wish to pay. Choose the repayment tenure period.
- The Point of Sale machine at the brand outlet finds out whether your SBI Debit Card EMI has been activated or not. The machine itself finds out whether the amount for which you have purchased the product is within the pre-approved loan limit or not of your debit card.
- Enter your Debit Card PIN Number and hit the ‘OK’ button.
- Your preferred loan amount will be registered successfully.
- You can view a message on the POS machine stating that the SBI Debit Card EMI Activation has been done fruitfully.
This way, you can easily activate SBI Debit Card EMI at POS.
SBI Debit Card EMI Tenure and Interest Rate
SBI Debit Card customers can get different tenure options to pay the EMIs upon making a specific transaction to purchase a product. Some of the available SBI Debit Card EMI Tenure options include 3, 6, 9, and 12 months.
An interest rate of 14 percent will be levied on the customers for the Debit Card EMI. Regardless of the EMI tenure, the customers will be charged the rate of interest.
A 3% of foreclosure charge will be imposed on the debit cardholder. A 2% of late payment charges will be levied in case the customers fail to pay the monthly EMIs in time.
If you have any doubts or queries regarding the SBI Debit Card EMI, just check the frequently asked questions furnished below. We even included the precise answers to the FAQs in this post. Check it out!
Why My SBI Debit Card Is Not Eligible For EMI?
SBI Debit Card of the customer may not be eligible for EMI for various reasons. One such reason is the CIBIL Score. If the customer doesn't maintain a decent CIBIL Score [Credit History], he/she may not be eligible for the debit card EMI facility as the bank assumes that the person is unable to pay the EMI.
Is Debit Card EMI Available For Online Transactions?
Yes, one can avail of the SBI Debit Card EMI option for online transactions i.e., products purchased on popular e-commerce platforms such as Flipkart and Amazon.
That’s all! This is everything you need to know about the SBI Debit Card EMI. We hope this guide has covered the crucial points like the SBI Debit Card EMI Eligibility guidelines, activation procedure, and more. For more doubts or queries, feel free to ask us in the comments space. Stay tuned to this site Moneycompass for more articles or posts regarding SBI accounts, debit cards, credit cards, etc.