Nowadays people buy costly goods easily through Equated Monthly Installments (EMIs). Traditionally, the concept of EMIs have been limited to credit cards but now you can also use your debit card to avail this facility.
State Bank of India (SBI) has come up with an option for customers to buy goods on EMI with SBI ATM card.
With SBI Debit Card, you can buy consumer durables on EMI at merchant stores across the country.
As per the research done by the CRED, a credit card bill payment online platform shows how digital payments peaked during the first wave of the pandemic, then progressively declined until the pre-second wave, and again soared back up to moderate usage during the second wave.
Internet banking, YONO, YONO Lite, UPI services would be unavailable.
However, interest is to be paid on this and only pre-approved customers of SBI can take advantage of this facility.
As of today, SBI is charging 14% interest, 3% forecloser charges and 2% late payment charges on debit card EMIs.
Simply put, the facility of making purchases on EMI through debit cards is available only to such customers who get prior approval from the bank for this.
To check your eligibility, you can send an SMS "DCEMI" from your registered mobile number to 567676. This will also let you know the limit up to which you can avail EMIs.
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