State Bank of India is the biggest public sector bank of India. It was established under a parliament act in July 1955. In 1959 State Bank of India (Subsidiary Banks) Act was passed, enabling SBI to take over eight former state-associated banks and its subsidiaries. It is headquartered in Mumbai, Maharashtra. It offers financial services and products for Indians and non-resident Indians (NRIs).
Types of Loan on SBI Credit Cards:
1) Balance Transfer on EMI
Transfer high-rate credit card balance of other accounts to your SBI credit card to get best repayment deals in the form of EMI.
|Plans Available||Processing Fee|
|0.5%* p.m. for 3 months||1.5% or Rs 199 (whichever is higher)|
|0.75%* p.m. for 6 months||1.5% or Rs 1999 (whichever is higher)|
- Your SBI credit card allows you to convert your big-ticket purchases into easy instalments. Enjoy doing flexible payments with SBI’s Flexipay option. Flexipay enables SBI credit card holders to convert their transaction greater than Rs. 2,500 into easy instalments within 30 days. Delinquent or blocked cardholders won’t be able to avail this service.
Features of Flexipay:
- Cardholders can convert their transactions of big ticket purchases within 30 days from the date of purchase.
- Transactions above the amount of Rs. 2,500 or above can be converted into Flexipay
Fees and Charges:
- Flexipay would levy a one-time processing fee of 2%, which can be minimum of up to Rs.199 and maximum of up to Rs.1,000.
- A flat rate of interest, 14.5% p.a. would be levied
- If a credit card holder wishes to foreclose or cancel their Flexipay, then a foreclosure charge of 3% is levied on the outstanding principal amount.
3) Easy Money
It allows you to buy anything from a holiday trip to a mobile phone by delivering money at your doorstep in the form of cheque or draft.
|Plans Available||Processing Fee|
|Offers vary periodically||2% with min. Rs. 499 and max. Rs 3000 (whichever is higher)|
Get cash on call for a holiday, education or marriage etc. over and above your credit limit. Avail flexible repayment tenure of 12, 24 and 36 months.
SBI Encash is pre-approved loan or we can say money on demand facility which is given to SBI credit card holders. Cardholders can get an encash amount over and above the existing credit limit or within the existing credit limit on the card. The desired amount can be disbursed through a payable cheque.
Features of Encash Facility
- Encash has comparatively low rate of interest than other traditional loans.
- It is pre-approved loan which is provided over and above or within your existing credit limit.
- This loan is processed immediately on your credit card. It doesn’t require any documentation, paper work or post-dated cheques.
- The desired amount will be delivered at your doorstep within 3 working days if you reside in a metro city in the form of a cheque.
- For other cities, the payable cheque will be delivered within maximum 5 days.
Fees and Charges
- A Fixed rate of interest is applicable
- Cardholders who want to avail this facility need to provide a one-time processing fee of 2%, which can be up to a minimum amount of Rs.499 and a maximum of up to Rs. 3000.
- In case the cardholder wants to foreclose the Encash booking, then he/she has to pay 3% foreclosure fee on the outstanding principal amount.
How to book Encash?
Encash can be instantly requesting in 3 simpler ways:
- Through Website:
Login to the official website of SBI Card using your SBI Card credentials, if you are eligible for encash facility on your card then you will see the encash link given under the benefits section. Click on the given link and mention the desired amount, select the tenure and interest rate and confirm your booking by clicking the “confirm” tab.
- Through Mobile App: Login to the SBI Card mobile app using your username and password. Click on the benefits option and select “Encash” (in case you are eligible) from the menu, enter the required details and book encash in just 3 steps.
- Through helpline number: If customers do not wish to book encash through website or mobile app, then they can also call up the SBI Card helpline number to check whether they are eligible for encash or not, if yes then they can book it over the call.39 02 02 02 (prefix local STD code)Or 1860 180 1290
Why opt for SBI Loan on Credit Cards?
- Save on high interest rate of other cards
- Continue shopping even after you’ve opted for balance transfer
- Transaction can be converted to Flexipay within 30 days of purchase
- Flexipay carries low interest rates as per available offer.
- No need to withdraw cash from ATM and repay at higher interests
- Repay the amount in flexible tenure
- No documents or post-dated cheques
What is the Repayment Process?
The Minimum Amount Due will be mentioned in the SBI credit card statement that you will receive every month. The statement will include billing of EMI amount, education CESS and service tax beginning from the immediate billing cycle date. For unrestricted use of card, deposit the minimum amount due regularly. Interest and other charges are calculated on the outstanding balance.