SBI Launches Debit Card EMI: Loans Under 60 Sec, Zero Documents! (Are You Eligible?)
India’s largest bank: State Bank of India, has launched one of the most unique financial products for debit card users, all over India.
Especially targeted for this festive season, SBI customers who own debit cards can now get instant loans, within 60 seconds.
Checkout how it works..
SBI’s Instant Loan Via Debit Card
State Bank of India has launched Debit Card EMI facility for all their debit card users. This instant loan on debit cards via EMIs can be availed right at the POS or Point of Sale.
Once the desired amount is converted into the EMI for debit card users, the repayment starts after one month.
The easiest, and the most convenient part of this facility is zero hassles structure.
How To Check Eligibility?
SBI saving account users will be allocated a credit limit, based on their account and spending history.
To know if you are eligible or not, SBI debit card users can send SMS typing DCEMI to 567676.
Loan Approval In 60 Seconds
This instant loan via debit card, can be availed within 60 seconds, and there is no requirement of documentation as well.
And the most interesting fact: No matter what is the current saving account balance of the user, the loan will be approved, and instantly converted into EMIs.
As per Rajnish Kumar, Chairman, SBI, this special credit facility has rolled out for the customers, keeping in view of the festive season.
He 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.”
Where Will This Credit Facility Be Available?
This unique debit card based EMI and loan mechanism will be applicable across 40,000 merchants, and stores, across 1500+ cities in India.
Pine Lab branded POS Machines, which are 4.5 lakh in circulation right now, are eligible to convert any payable amount into EMIs for the SBI users.
We will keep you updated, as more details come in.