An ATM card and a debit card are generally the same type of payment card, but a debit card alone does not guarantee a loan. An eligible customer may apply through an ATM only when the bank displays a pre-approved offer.
How to Get a Personal Loan through an ATM
- Visit an ATM operated by your bank and insert your debit card.
- Select the personal-loan option if an offer appears.
- Review the amount, interest rate, tenure, EMI, and charges.
- Confirm the application; after approval, the net amount may be credited after fees.
Eligibility, Rates and Precautions
Eligibility depends on citizenship, age, income, account history, and credit profile. The original guide states an age range of 21 to 55 and a possible CIBIL score around 750. Indicative rates may be approximately 9% to 20%, plus GST and processing charges. Compare the annual percentage rate and total repayment, and never share your PIN or OTP.
SBI Debit-Card Loan Steps
- Use an SBI ATM and enter your PIN.
- Choose the personal-loan option, using More Options if needed.
- Select Apply Now and submit the displayed form.
- If approved, repayments are collected according to the agreement.
Conclusion
A debit card provides access only to a bank’s eligible offer. Read the agreement and ensure the EMI fits your budget.
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