How to Turn Your SBI Debit Card Purchases Into EMIs: Pay Easy Installments:

How to Turn Your SBI Debit Card Purchases Into EMIs: Pay Easy Installments

The State Bank of India (SBI) allows its customers to convert high-value purchases into affordable monthly instalments. SBI customer who do not have a credit card can still go for EMI using their debit card.

Who Are Eligible for SBI Debit Card EMI

To be eligible for this facility, your SBI card needs to be pre-approved for EMI transactions. SBI usually selects customers based on where the customers spend their money and their relationship history with the bank. You can check your eligibility by sending an SMS with DCEMI and the last 4 digits of your debit card to 567676. You will get a confirmation message whether your card is eligible or not. You can also visit their official website for the same.

Places You Can Use SBI Debit Card EMI Option

If your debit card is eligible for EMI, the EMI payment option automatically appears during checkout on platforms like Amazon, Flipkart, Croma, Reliance Digital, and more.

How to Turn a Purchase Into EMI During Payment?

• Select your product on the e-commerce website of the retail store.
• On the payment page, click on "Debit Card EMI" as the payment mode.
• Select SBI Debit card from the list of banks.
• If your card is eligible, you will see many EMI tenure options and the interest rates.
• Choose your plan and fill your debit card information to complete the transaction.
• The EMI amount will start appearing in your account based on the repayment schedule.

Rapayment of the Purchase

The EMI amount is deducted from your SBI savings account every month. It is important to have enough balance in your account to avoid any fines. You will also get SMS alerts each month before the date of EMI deduction.

What are the Interest Rates and Charges?

The interest rates on these EMIs usually range between 12% and 16% annually. The rate is influenced by the selected tenure of the EMI and seller as well. Some platforms offer no-cost EMI options where the interest is borne by the seller.

Key Points to Note

• EMI is available only on purchases above Rs. 5,000 or Rs. 8,000.
• Foreclosing the EMI may involve a penalty.
• Once chosen, EMI plans usually can’t be changed or cancelled.
• Not all SBI debit cards qualify; the eligibility depends on your account.