Mumbai: India’s top banker, SBI and e-commerce giant Flipkart agreed a deal to enable SBI account holders to purchase consumer durables via Flipkart on EMI. Flipkart, to offer bank customers a pre-approved EMI facility to purchase products on the retailer’s website.
Under this partnership, SBI will provide overdraft facility to a pre-qualified set of customers for transacting on Flipkart for a minimum purchase of Rs 5,000. Rajnish Kumar, managing director (National Banking Group), SBI, told “With the introduction of this product, EMI facilities on Flipkart are now not limited to just credit card holders. 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.”
The bank, which celebrates its 61st anniversary (State Bank Day) on July 1, said the objective was to provide finance to credit worthy individuals, and not just credit card holders. The EMI facility will be available in tenures of six, nine and 12 months.