State-run Bank of Baroda on Wednesday launched EMI facility for its debit card holders to purchase electronics and consumer durables products. The product known as – Debit Card EMI, will enable customers to convert their high value purchase transactions into easy installments, the bank said in a statement in Mumbai on Wednesday.
“The offering will be a kind of instant approval of personal loan to the bank’s customers, at the time of purchase of product through e-commerce or shopping portals,” the bank said. To begin with, customers can avail loan up to Rs 50,000. Currently, the facility is launched on ‘Kissht’, an e-commerce merchant platform for electronics and consumer durable goods. The platform will provide access to 50 online partners, including Amazon and 5,000 physical touch points to the bank’s customers.
The bank said this facility will be soon extended directly to the online portals of other leading merchants such as Flipkart and Snapdeal.