Getting an EMI on debit cards was never a plausible option but now with SBI Debit Card EMI on Flipkart, you’re just one click away from a shopping spree!

Today we’ll talk about how Flipkart is supporting the initiative of SBI by promoting Debit Card EMI on SBI, when a user shops from it. Isn’t it annoying and frustrating, not being able to buy something you desperately want to, just because your bank balance doesn’t support you? To overcome this problem the concept of EMI’s was introduced. Equated Monthly Installment, popularly known as EMI gained a lot of popularity over the years but in case of online shopping, it couldn’t gather a lot of limelight. Why? The reason being the compulsion to own a credit card, in order to be eligible to buy something online, in installments. Crazy how majority of the online shoppers owned a debit card but not a credit card. Taking this into account, SBI did something flabbergasting! It was now letting its users experience the ultimate online-shopping-experience by allowing them to purchase things on EMI with the help of their debit cards. Craaazzzzy, right? By this means, it’s safe to say that we can bid goodbye to those days when buying household items and appliances like televisions, air conditioners, mixers-grinders, beds, dressing tables or electronic gadgets like mobile phones, laptops, tablets were considered hefty investments. It’s all a child’s play now!

But what is the concept of an EMI?

An Equated Monthly Installment, known more popularly as an EMI, is a settled installment sum made by a borrower to a loan specialist at a predefined date each logbook month. Equated regularly scheduled payments are utilized to satisfy both interest and principal every month so that over a predefined period of time, the loan taken is satisfied in full.

What is SBI Debit Card EMI ?

For understanding what SBI Debit Card EMI is, we first need to understand the concept of Debit Card EMI . As most of us are well aware with the entire concept of EMI and debit cards separately, it shouldn’t be difficult to understand the concept which leads to the amalgamation of the two. Here, the entire concept and process of buying things on EMI remains the same except for the fact that now it can be availed on one’s Debit Card as well, unlike when it was only available on Credit Cards.

By this time you would be thinking why was the concept of Debit Card EMI introduced in the first place? Well, it has a very straightforward yet a very poignant reason behind it. Reserve Bank of India claims, a very large number of online shoppers do not hold a credit card, to be precise only 3.14 crore customers hold one, while 79.38 crore customers hold a debit card only. On observing these statistics, It was for someone to change the things. So, Flipkart came forward and took the initiative of enabling shoppers to purchase things on EMI, now using their debit cards as well.

Is shopping via SBI Debit Card EMI available on Flipkart or not?

Yes, SBI has collaborated with Flipkart and it is now very much possible to shop via a SBI debit card on Flipkart. Also, as aforementioned, you can now buy all that you want on EMI using the SBI debit card. Excited?

SBI Debit Card EMI on Flipkart

By joining forces with one of the best banks of India, SBI, Flipkart has now made purchasing costly things, that we’d for the most part put off, way too convenient and simple for every one of it’s clients. It bodes well, as clients pick the alternative of online shopping, in any case, to free themselves from all the hustle-clamor and bartering of face to face shopping. However, not generally did each customer owned a credit card, and that headed out a ton of potential clients and their fiscally substantial buys. By giving its clients a chance to buy costly stuff, now on their debit cards, Flipkart beyond any doubt landed itself in a win-win situation.

Also, as we are all familiar with the concept of buying things on EMI, this is no different. The entire process of buying things on EMI remains the same except for the fact that now it can be availed on one’s SBI Debit Card as well instead of Credit Card.

Perks of going for an EMI on SBI Debit Card are mentioned as follows:

  1. A user doesn’t require any minimum balance in their bank account to avail this service.
  2. Furthermore, no lengthy documentation process comes into the scene, it can all be done without a single piece of paper coming into action.
  3. Also, Flipkart doesn’t charge any processing fee from its users, which is another great news for the users.
  4. The user has the liberty to choose the adequate span for the EMI comprising 6, 9 and 12 months as options, at a very affordable interest rate of 13.55% per annum.

Let’s talk further on, as to how can you avail this, shall we?

How to perform SBI Debit Card EMI Eligibility Check on Flipkart ?

There are two ways to figure out if you’re eligible to avail the SBI Debit Card EMI, mentioned below:

To know if you’re eligible for availing an EMI on your SBI Debit Card simply send an SMS, stating, “DCEMI “, to 56767 and voila! you’d have the information. Also, your bank can send you an email about the same, in case you raise an informative query to them.

  • SBI Debit Card EMI option will appear automatically, under easy payments option, if the user is eligible.

How can one avail SBI Debit Card EMI on Flipkart?

To avail SBI Debit Card EMI on Flipkart, follow these four easy steps and you’d be sorted:

Step 1. Once you’ve selected the items that you want to purchase, proceed to checkout.

Step 2. Once you reach the payment page, navigate to the ‘Debit Card EMIs’ option. Under this option select SBI DEbit Card EMI and further select the tenure suitable to you.

Step 3. Once you’ve successfully completed the two aforementioned steps, you’d need to authorize your transaction on SBI’s official website, with your Debit Card Pin or Net Banking Credentials.

By now, I assume, you’re all ready to make that first purchase using your SBI Debit Card on EMI.

But just in case you have more questions, here are a few FAQs, I’d like to take up:

1. Is the SBI Debit Card EMI payment option available on all the products on Flipkart?

SBI Debit card EMI is accessible on the majority of the items available on Flipkart which incorporates a wide scope of electronics, gadgets, mobile phones, appliances and so on. For some select items, buy on EMI is confined and this installment alternative won’t ponder such items. The accessibility of EMI choice for a specific item can be checked in offers segment on the item detail page.

2. Does one need a minimum balance in their State bank account to avail the buy-on- SBI EMI payment option?

Presently, you don’t need any base monetary amount in your state bank of India account while putting in the SBI Debit Card EMI request, you have to guarantee that your account has adequate assets to pay the EMI as they end up due consistently every month.

3. Is one eligible to change the EMI plans after placing a certain order?

Unfortunately, no. Once the an EMI plan has been chosen and the order has been placed, it cannot be changed.

4. Can one foreclose their EMIs with ‘Debit Card EMI’ payment mode?

Yes, it can be done, by contacting the respective bank for foreclosure of ones EMIs.

5. Does one need to pay any processing fee to avail SBI debit card EMI facility?

Flipkart doesn’t collect any processing fee or extra charges for benefiting this installment choice. Ones bank may demand GST or different assessments on the interest of the EMI.

Wasn’t it a cakewalk, purchasing things on EMI with your SBI Debit Card on Flipkart?

I now take the liberty to presume that you have understood all about the SBI Debit Card EMI on Flipkart, as to how it can be availed, what shall be the eligibility for the same and lastly, what procedure should be adopted while this process. In case you have any more queries/remarks, please feel free to talk about them in the comments section and we shall get back to you!

Until then, keep reading and stay tuned!