Flipkart
The State Bank of India (SBI) has recently tied up with e-commerce giant Flipkart to offer new pre-approved Equated Monthly Installment(EMI) facility for SBI account holders. Under the tie-up, SBI will provide overdraft facility to its customers purchasing goods worth Rs. 5,000 and above on Flipkart for a tenor of 6, 9, and 12 months without any processing fees. The customer will be charged an interest for the purchase, which will be as per the bank’s personal loan policy. Personal loan interest (14%) will apply for the purchase. The purpose of this facility 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.