Organisation : SBI Cards Payment Services Pvt Ltd
Type of Facility : Apply For Flexipay
Country : India
Apply For Flexipay : https://www.sbicard.com/creditcards/app/user/login
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SBI Card Apply For Flexipay
Pay back your big purchases in flexible installments.
Book Flexipay in 3 simple ways
Related / Similar Facility : SBI Balance Transfer On EMI
1. Login to your SBI Card Online account
2. SMS FP to 56767
3. Call 39 02 02 02/ 1860 180 1290 BSNL/MTNL
Know more about Flexipay facility :
** Repay in a period of 6, 9, 12 and 24 months
** Installments as low as Rs. 54 per Rs. 1,000
With SBI Card, you can convert your transactions into easy installments. Make big purchases and enjoy paying back with our flexible pay back options.
** Convert your transactions into Flexipay within 30 days of the purchase
** Any transaction of Rs. 2,500 or above can be converted to Flexipay
Fees and Charges :
Flexible options to pay back big transactions
Tenure Option | Monthly** installment (Rs.) :
** * Per Rs. 1,000
** 6 Months 178.8
** 12 Months 95.4
** 24 Months 53.8
** *installment calculation basis rate of interest of 14.5% per annum
** A one-time processing fee of 2%, upto a minimum of Rs. 199 and a maximum of Rs. 1,000 will be levied
** Flat rate of interest of 14.5% per annum, or as per applicable offer
** If you want to foreclose or cancel your Flexipay plan, a 3% cancellation fee will be levied on the outstanding principal amount
Terms & Conditions :
** The Flexipay facility is open to all residents of India holding a valid and current SBI credit card issued by SBI Cards and Payment Services Private Limited (“SBICPSL”) with Minimum Amount Due (“MAD”) as reflected in the last Statement of Account (“ SOA”) paid in full.
** The Flexipay facility is not available to the delinquent and any other ineligible SBI credit cardholders determined as per the internal policy of SBICPSL. Accordingly approval of Flexipay facility is at the sole and absolute discretion of SBICPSL.
** The Flexipay facility may be availed by the SBI credit cardholder by way of telephone and/or by way of online booking made via sbicard.com
Rate of Interest :
Default rate: The Flexipay facility carries a 14.5% flat rate of interest
Dynamic rate: A differential interest rate policy for Flexipay has been incorporated for a select set of cardholders.
Under this policy, the applicable interest rate is specific to the cardholder and is intimated prior to availing the facility.
The offered rate of interest is determined by factors such as, but not limited to:
** Past transaction / repayment behavior of the customer
** Credit risk profile
** The cost of funds and other operational costs for the business also determine the rate of interest. Under this program the interest rate ranges from 8% – 18% p.a. (flat rate of interest).
** Changes in factors mentioned above may result in upward or downward revision of the interest applicable on the Flexipay facility from time to time / from offer to offer at the sole discretion of SBI Cards. All fees / charges applicable to the facility may or may not be dynamic and are subject to modifications based on SBI Cards periodic internal review.
** Additionally a processing fee will be charged on the Flexipay amount at the rate of 2% subject to a minimum of Rs. 199 and a maximum of Rs. 1,000.
** The Flexipay facility from SBICPSL is available over different tenures of 6, 12, 24 months, subject to the option exercised by the SBI Credit Cardholders. The tenure option of 36 months is only available for booking amount greater than or equal to Rs. 30,000.
** The Flexipay facility is subject to a minimum single retail purchase amount of Rs. 2,500 or more. The SBI Credit Cardholders, on making a purchase of Rs. 2,500 or more can call up SBI Card help line within 30 days of the purchase / before the Payment Due Date (whichever is earlier) and ask for transfer of the said retail transaction amount to Flexipay.
It is further clarified that transactions under certain merchant categories like Fuel transactions cannot be converted into Flexipay. Accordingly and in pursuant thereto , SBI Card at its sole instance may decline Flexipay facility on such transaction categories.
** For the purposes of booking Flexipay, the period of 30 days from the date of the retail transaction/ before the Payment Due Date (whichever is earlier) is the defined term (“Term”). If any transaction is converted to Flexipay after the Payment Due Date (“PDD”), interest charges of 3.35% will be levied on the transaction amount for the period beginning from the date of transaction to the date on which Flexipay conversion takes place.
Additionally it is clarified that irrespective of the foregoing charges, a cardholder who has not paid the “MAD” in full, late payment charges will be levied.
** It is clarified that, if the said retail transaction is paid in full the same cannot be converted to Flexipay. If the transaction amount is partially paid and the unpaid amount is equal to Rs. 2,500 or more, only the unpaid balance amount can be converted to Flexipay.
** In case the SBI Credit cardholders has made multiple retail purchase transactions, each one of them more than Rs. 2,500, then the SBI Credit Cardholders can combine these transactions and move the consolidated purchase amount to the Flexipay Scheme.
** The Flexipay facility is applicable/available only on retail purchases (subject to minimum single retail transaction of Rs. 2,500 or more) made by either Primary or Add on SBI Credit Card. No request from Add on SBI Credit Cardholder will be entertained for transfer of retail purchases to Flexipay.