State Bank of India card holders will now have to pay more for purchasing items through the EMI payment options like ‘Buy Now Pay Later’ on e-commerce websites or at retail outlets. The SBI will levy a processing fee of Rs 99 plus taxes on EMI purchase transactions for customers from today, December 1 onwards.
SBI customers will now have to pay this processing fee across all EMI transactions made at online e-commerce platforms including Flipkart and Amazon as well as retail shops. Customers should not that the processing charge will be applied over and above the fee paid as interest when a purchase is converted into monthly installments.
In an email sent to SBI customers, the national bank informed, “We would like to inform you that with effect from 01 Dec 2021, Processing Fee of Rs. 99 + applicable taxes will be levied on all Merchant EMI transactions done at Merchant outlet/website/app. We thank you for your continued patronage.”
All purchases converted to EMIs will be levied with the processing charge. It is to be noted that the fee will only be charged on transactions from December 1 onwards and not on purchased made before the date.
Buyers will be informed whether the charge is applicable on the EMI purchase. For offline customers, this will be done via charge slips at retail outlets. In online purchases, SBI customers will be informed about the processing fee on the payments page from the merchant website.
If an EMI transaction is unsuccessful, the processing charge will be reversed. In case of pre-closure of EMI transactions, the processing fee not be subjected to reversal. Transactions which are converted into EMIs at merchants will not qualify for reward points. The charge will be reflected in the monthly SBI credit card statement with the EMI transaction.
