Customer enters mobile number to check eligibility
If eligible, SBI Login Page appears Enters INB credentials or Debit Card credentials
System asks for OTP confirmation for authentication of transaction
After successful OTP confirmation, Successful message with Loan details gets displayed to the customer.
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Terms & Conditions
The minimum Transaction amount necessary for availing the EMI Facility is Rs. 8000.
The interest will be charged at 2 Yr MCLR + 7.50 % (presently 15.40% for all tenures).
The Loan amount is repayable in 6/9/12/18 equated monthly instalments (EMI).
A Standing Instruction equivalent to the monthly instalment amount will be set up on your SB account automatically upon availing this facility.
The liability to the bank will be extinguished only when the loan amount with interest including the penal interest, if any, is paid in full.
The loan amount is equivalent to the transaction amount and the loan account is created based on acceptance of Terms & Conditions mentioned herein.
The loan cannot be used for any other purposes other than purchase of products at online & offline stores/shops of our approved merchants’/ partners
Only 3 transaction within the approved loan limit are eligible for EMI facility both under online EMI & POS EMI and multiple loan accounts more than 3 are not permitted to a single customer in a calendar quarter.
A nominal processing fee of Rs 2 will be charged and will be collected upfront through your Debit card by the merchant.
Penal interest @ 2% p m will be charged on the irregular amount.
Penal charge as applicable will be charged on failed standing instructions due to insufficient balance in the account
Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount.
SBI is not liable for any technical errors that occurs while processing EMI at POS terminal.
SBI is not responsible for any issues related to purchased goods such as quality, delivery, etc. and should be taken up with the merchant only.
Cancellation of any successful EMI transaction may be allowed only if merchant agrees to the same and must be made well before the day end or merchant settlement whichever is earlier.
SBI is not responsible for any cash back promised by the merchant/OEM (Original Equipment Manufacturer). However, SBI agrees to pass on the cash back amount if any received from the merchant/OEM promptly to the customer.
All The decisions made by SBI, regarding eligibility and sanctioning of EMI facility to the customer are final and guided by the Bank’s internal guidelines.
TERMS & CONDITIONS MENTIONED ON CHARGE SLIP
Transaction Amount: Rs xxxxx ( as per POS print out
Loan amount: Rs xxxxxx ( as per POS print out)
Tenure: 6/9/12/18 months
Applicable Rate of Interest: 2yrMCLR+7.5% p.a
EMI Amount: Rs xxxxx ( as per POS print out)
I have requested SBI Bank to
1. Penal interest on irregularity: 2% above applicable rate
2. MEP fee: Rs 2 per transaction
3. Penalty for failed SI: Rs 500 + GST
4. Prepayment penalty: 3% of pre-paid amount.
5. SBI is not liable for any technical errors while processing
6. SBI is not liable for the quality of goods purchased
7. Transaction cancellation allowed. However, merchant may replace the defective goods.
8. Cash back and No Cost EMI offers, if any is the responsibility of the merchant/Brand
9. All the decisions of SBI, regarding EMI is final and guided by the internal policy
CUSTOMER CONSENT FOR EMI
10. I hereby request State Bank of India to convert this transaction in EMI facility on Debit Card as per the aforesaid tenure and rate of interest.
11. I have fully understood and accept the T&Cs of converting this transaction to EMIs and I agree to be bound by the detailed Terms and Conditions as mentioned on State Bank of India website (www.onlinesbi.com/sbi.co.in)
12. I understand that the transaction will be processed within 4 working days and no saving account interest will be offered to me on the said amount during the processing period.
13. Auto-debit facility will be enabled on my savings account for this EMI facility.
14. On failure of EMI payment dues, Bank can take legal action as per section 138 or collect the due amount by marking lien on my saving account to recover the outstanding due amount.
15. If I am ineligible for this facility, this transaction will be considered as a normal transaction.
16. I hereby undertake and declare that the said amount sanctioned and is utilised shall be deemed to be for my benefit and purpose.
17. Bank has the sole right to decline or accept any EMI conversion request subject to the eligibility of the customer.
18. The facility is subject to applicable laws and regulations and would be modified or terminated as per laws at any point of time without bank obligation to continue.