State Bank of India (SBI) has introduced EMI facility on its debit card that allows its accountholders to shop for consumer durables and pay the money in instalments.
Using the new facility, the users can purchase products at over 40000 merchants and stores equipped with Pine Labs branded POS machines and repay the loan in up to 18 months.
Commenting on the launch of the new facility, SBI chairman Rajnish Kumar said: “We are glad to launch this product for our customers so that they can have a pleasant shopping experience this festive season.
“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.
“We believe the introduction of this new product is a step forward by the bank to offer the delight of hassle-free purchases and paperless loans.”
Customers can avail the facility with no documentation and zero processing fee without having to visit any branch.
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Regardless of the balance in the existing saving bank account, the EMI facility can be availed in less than a minute according to the bank.
The EMIs would begin one month later after completion of the transaction.
Last month, SBI announced plans to list its card joint venture (JV) early next year in the January-March quarter.
Earlier, SBI unveiled its plan to introduce credit cards in the country under the RuPay, a domestic card payment scheme developed by National Payments Corporation of India (NPCI).