State Bank of India on Monday launched a debit card EMI facility under which consumers can opt for a monthly instalment tenure of 6 to 18 months.
The instalments will begin a month after the transaction is complete. All customers having a clean financial and credit history are eligible for availing the loans.
Consumers can buy the products at over 40,000 merchants and stores in more than 1,500 cities having point-of-sale (PoS) machines totalling over 4.5 lakh.
The benefits of new facility include zero documentation, no processing fee, no branch visit, instant disbursal and zero cost EMI on select brands.
“With SBI’s continued commitment towards customers’ convenience and satisfaction, we believe the introduction of this new product is a step forward by the bank to offer delight of hassle-free purchases and paper-less loans,” said Chairman Rajnish Kumar in a statement.