New Delhi: State Bank of India (SBI) credit card customers will now have to pay processing fees on equated monthly instalment (EMI) purchases or converting transactions into EMIs. The company will start charging processing fees on EMI transactions starting from December 1, 2021.
SBI Cards and Payment Services Private Limited (SBICPSL), which manages SBI credit cards, has said that for EMI transactions, SBI credit cardholders will now have to pay a processing fee of Rs 99 along with the tax.
SBICPSL will charge processing fees on EMI purchases made by its customers at retail outlets or e-commerce websites such as Amazon and Flipkart. The charges are in addition to the interest levied on EMIs.
The credit cards managing company has informed its customers about the new processing fees on EMI transactions via an email on November 12.
“Dear Cardholder, 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. Please click here to know more about Merchant EMI Processing Fee,” SBICPSL said in its email to customers. Also Read: Elon Musk sells Tesla shares worth $6.9 billion on Twitterati’s advice, EV firm’s stock nosedive
The company also pointed out that the processing fee will be reversed in case the customer cancels the EMI transaction. The processing fee will also be reversed if the transaction fails. However, in cases of a pre-closure of the EMI, customers will have to pay a processing fee. Also Read: PM Kisan Yojana: Farmers can get monthly pension of Rs 3000 with Rs 2000 instalment, here’s how
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