On The Fly – Debit Card EMI (OTF-DEP)
The product offers to convert purchases above Rs.5,000/- into easy EMI of 3/6/9/12 & 18 months. Under this program, bank is having Tie up with Pine Labs Pvt Ltd. to offer EMI on the POS device to the pre-approved SB customers upto a limit of Rs.50,000/-. Customer is eligible for cash back (if any) from Brands subject to Terms & Conditions.
Who is eligible under this program?
- Individual SB account holders having qualified through pre-defined internal rules of the Bank.
What is the minimum age of the customer to qualify under this scheme?
- The minimum age of the customer to qualify under this scheme is 21 years.
How will I come to know my eligibility?
- Eligible customers will be informed through SMS / email.
What is the minimum average balance one has to keep avail the benefit under this scheme?
- Rs.5,000/- is the minimum average balance one has to maintain in his SB account.
What is the maximum eligible limit under the scheme?
- Maximum eligible limit is Rs.50,000/- to Pre-approved SB customers.
What are the tenure options?
- 3/6/9/12 & 18 months to repay the pre-approved loan.
At what rate of interest the pre-approved limit is available?
- Rate of interest applicable on all tenures is @16% p.a.
Is there any processing fee associated with this scheme?
- There will not be any processing fee under this scheme.
Whether there is any pre-payment charges applicable to this scheme?
- There is no pre-payment charges under the scheme.
Whether there is any cash back from OEM`s/Brands?
- Cash Backs from OEM`s (if any) will be directly credited to SB account of the customers.