SBI launches debit card EMI on POS

The State Bank of India (SBI) has launched an EMI (equated monthly instalment) facility for its existing debit card customers. According to a press release issued by the bank, under the scheme, card holders will be able to avail the loans via point-of-sale (POS) machines across India. They can buy the products at 40,000+ merchants and stores in 1,500+ cities having Pine Labs branded POS machines totaling.

The consumer can opt for an EMI tenure of minimum six months up to 18 months. Card holders can also take loans for consumer durables in less than a minute.

SBI Chairman, Rajnish Kumar said, "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 entire amount immediately."


According to the press release, card holders can avail this facility with zero documentation, no processing fee, no branch visit, instant disbursal and zero cost EMI on select brands. This facility can be availed in less than a minute irrespective of the existing saving bank account balance. The EMIs would begin one month after the transaction is complete.

All customers having "clean financial and credit history are eligible for availing the loans". The release stated that such customers are being sent regular communications by the bank via SMS and emailers. To check the eligibility, customers can also send an SMS typing DCEMI to 567676 from their registered mobile number.