what is encash offer in sbi credit card
Encash or Encash Inline is a pre-approved, money-on-demand option for SBI cardholders. I think this feature is the best alternative to ATM cash withdrawal from a credit card.
I have been using this facility for the last 7 - 8 months. Here is my experience you should know before applying:
- Low Interest & Processing Fees
I have to pay only 16.50% per annum. But the exact interest rate varies based on credit score (13.75% - 21.50%). Also, it has 2% processing fee (min ₹500 and max ₹3,000)
- Direct Bank Transfer
After approval, I get the funds directly in my savings account in 3 - 4 working days. I never use the fund in the capital market and for jewellery purchases (as per the guidelines).
- 100% Digital Process
I use the SBI cards mobile app to check my offers and eligibility. The process is digital and no extra paperwork.
- Loan Amount Flexibility
I can apply for an amount within my credit limit using the Encash Inline facility, or even exceed my card’s limit through the Encash facility.
- Flexible Tenure
As per requirements, I can repay the amount in 12 to 48 months. I have an active Encash on my card for 12 months, and this month I will pay the 8th instalment.
If you have an SBI credit card, then you can easily check your eligibility just by sending an SMS. Type “Encash” and send to 56767. Remember, the minimum booking amount is ₹25,000.