State Bank of India (SBI) on Friday partnered with Flipkart to offer pre-approved equated monthly instalment (EMI) facility to the bank's customers. Under this partnership, SBI will provide an overdraft facility to pre-qualified set of customers for transacting on Flipkart for a minimum purchase of Rs.5,000.
The EMI facility will be available in three tenures - 6, 9 and 12 months - and the bank will not charge any fees to process the facility. The interest rate s for such overdrafts will be same as personal loan the bank offers. Rajnish Kumar, managing director (National Banking Group), SBI, said: “We have identified 1 million SBI account holders who have qualified for the overdraft.” He said this facility aims to bring EMI facilities on Flipkart to people who do not have credit cards.
“The objective is to provide finance to credit worthy individuals through an end-to-end online facility without having to go through the process of applying for a personal loan for simple purchases,” Kumar said. The bank also launched SBI Mingle- the social media banking platform for Face-book and Twitter users. Using SBI Mingle, customers can do a host of banking services on Facebook or Twitter at their own convenience.
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