What is SBI’s ‘Pre-approved EMI’?
‘Pre-approved EMI’ is an interest-based EMI payment mode offered on Flipkart by SBI. Eligible SBI account holders can shop for items from sellers on Flipkart with an EMI plan of their choice using this payment mode.
How is the ‘Pre-approved EMI’ payment option offered by SBI different from credit card EMI payments?
Unlike other credit card based EMI options, you don’t need to have a credit card to avail EMI plans when you pay using SBI’s ‘Pre-approved EMI’ payment option. Based on the EMI plan chosen, monthly installments are deducted by SBI from your SBI savings account.
Also, in credit card EMIs, banks charge a varying interest rate based on the EMI plan whereas with SBI’s ’Pre-approved EMI’ option, the interest charged is fixed* irrespective of the EMI plan chosen.
*Interest rates are subject to change based on SBI’s T&Cs.
What are the EMI plans available if I choose the ‘Pre-approved EMI’ payment option?
You can choose from the following EMI plans with zero processing fees:
Note: Interest rate is 14% irrespective of the EMI plan chosen and is subject to change based on SBI’s T&Cs.