SBI Debit card EMI on Flipkart

Things to Remember

• This facility can be availed only 8:00 AM to 8:00 PM
• Valid only on 1 item in cart
• Min ?5,000 and Maximum ?75,000 item
• 3,6 and 9 month emi with 14% interest.
• No cancellation fees up to 30 Days

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Detailed Terms and Conditions

• • The minimum cart amount necessary for availing the Pre-approved EMI is Rs. 5000.
  • This option is available in three tenors ? 6 months, 9 months and 12 months.
  • The interest will be charged at 14% (fixed) for all tenures.
  • The loan is processed as an overdraft (OD) at the bank, which is repayable in equated monthly instalments (EMI). A standing instruction (SI) equivalent to the monthly instalment amount will be set up automatically upon availing this OD.
  • The liability to the bank will be extinguished only when the outstanding in the OD account becomes Nil, on payment of residual amount, if any.
    Only one OD can be created at any point of time. Multiple ODs are not permitted.
  • Overdraft account cannot be closed with a residual credit balance in the account. After repayment of exact amount of all dues, the account can be closed through INB.
  • No processing fees will be charged.
  • Penal interest will not be charged for loans up to Rs 25,000. ? For Loans above Rs 25,000, if the irregularity exceeds EMI, for a period of one month, then penal interest would be charged @2% p.a. (over and above the applicable interest rate) on the overdue amount for the period of default. If part instalment or part EMI remains overdue then penal interest will not be levied.
  • All decisions regarding eligibility of the customer as decided by SBI is final.In case account is closed before the quarter end you will not be eligible for taking an OD till next calendar quarter start date.

• Premature closure within one month of availing the OD is not permitted – however, customer can return/cancel the order on Flipkart within 30 days of placing the order without any interest being charged to the customer.
• 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. SI failure will attract penalty of Rs.500.

Last Updated on 28st December 2018 with some details