Terms and conditions
Terms and conditions relating to EMI on Call on ICICI Bank Credit Cards
"Card" means Credit Card which has been issued by ICICI Bank and is valid and subsisting at the time when the facility is requested by the card member.
"Card Member" means the individual to whom a Credit Card has been issued by ICICI Bank.
"EMI" or "Equated Monthly Installment" (EMI) means the equated monthly installments of amounts payable by the Card member to ICICI Bank in respect of the facility and comprising principal amount of the Facility and interest thereon.
"Facility" or "EMI on Call" means choosing to pay for retail transactions made on ICICI Bank Credit Card in Installments and is provided / agreed to be provided by ICICI Bank, at its sole discretion, to the Card member to the extent of amounts not exceeding the available cash-limit / credit-limit.
"Primary Terms and conditions" shall mean the terms and conditions applicable to the card.
Usage of the Facility :
The Card Member can request within 30 days from the date of transaction for an option of paying for his retail transaction, in installments. The final approval for the Facility is subject to the performance on the Card Member's Credit Card and available cash-limit and/or credit-Limit or over the credit limit at the time ICICI Bank receives the Card Member's request for the Facility and the value of the transaction. ICICI Bank has the final discretion to either approve or reject the request for the Facility. Certain categories of transactions like cash and fuel transactions are not eligible for EMI On Call. In particular, jewelry and Gold transactions cannot be converted into EMI On Call in view of guidelines issued by the Reserve Bank of India from time to time. In pursuance to the said RBI guidelines, ICICI Bank at its sole discretion may decline EMI On Call on such transactions. The cash-limit and/or the credit-limit on the Credit Card will be blocked by the amount for which the Facility is granted. The Card Member shall be charged an interest rate on reducing balance basis or a processing fee or a combination of interest rate and processing fee as specified by ICICI Bank to the Card Member at the time of availing the EMI on Call. Goods and Services Tax w.e.f July 01, 2017 will be applicable on processing fee, interest and foreclosure charges as per the Govt. mandate. EMI on Call is available only on ICICI Bank retail Credit Cards.
Choosing EMI option at 3D Secure/OTP page:
- Card Members can opt for converting an online transaction into EMI, with plans for 6,12 and 24 months on the 3D Secure/OTP page.
- Consent given by a Card Member on the 3D Secure page shall be deemed to be request for EMI conversion and the transaction(s) for which the request has been made would be converted into EMI within 04 business days in accordance with the tenure and amount filled in by the Card Member on the 3D Secure page.
- If a Card Member selects the option for EMI conversion on both, the merchant site and the 3D Secure/OTP page, then the EMI conversion request, including the tenure and amount details chosen by the Card Member on the merchant site shall be given preference
The card member shall repay the facility and interest thereon in EMIs. The interest shall be at such rate which has been indicated by ICICI Bank to the Card member at the time of making the offer for the facility and also as communicated to the Card member. The interest calculation will start from the time the transaction has been booked for the facility. The amount of the EMIs together with other details of the Facility (including rate of interest) shall be also communicated to the card member at his/her registered email/mailing address.
The amount of EMI due for a particular month shall subsequently be reflected in the Credit Card statement of account (the "Statement") of that particular month. The Card member hereby authorises ICICI Bank to debit the card account of the card member on a monthly basis for the amount of EMI due for that particular month, as has been intimated to the card member through the statement. Principal and interest will be mentioned separately in the Statement. The card member shall make payment of the EMI and all other charges by way of cash, cheque, draft, through internet, or payment instructions, to ICICI Bank and the cash limit / credit limit shall be reinstated to the extent of the amount of EMI repaid by the card member. The card member shall be required to pay the entire amount of the EMI for a particular month on the due date, as indicated in the statement and the same shall not be permitted to be carried forward/included in the next statement. In the event the payment is not made by the due date as specified, it shall be construed as a default by the card member and card member shall become liable to pay the amount together with late payment charges.
Prepayment of Facility :
The Card member may close the facility (prepayment of the outstanding amount) at any time by contacting ICICI Bank Customer Care to avail the foreclosure. The Card member necessarily has to call up ICICI Bank Customer Care for complete prepayment of the facility. A foreclosure fee of 3% and advance EMI interest and GST as applicable shall be chargeable. ICICI Bank shall, without prejudice to all rights and remedies, have the right to call upon the Card member to forthwith repay the Facility, all interest thereon and all other monies in respect of the facility upon occurrence of event of default in payment of EMI for more than <two> consecutive months and the Card member shall be liable to repay all such amounts upon such demand.
Cancellation of Facility :
The card member may cancel the facility within 15 days of availing the EMI On Call facility.The customer can request for a cancellation by reaching out to ICICI Bank Customer Care . In the case of cancellation, the original transaction amount which was converted into EMI shall be debited back to the customer account and all charges relating to such EMI conversion shall be reversed, but only if the card member has called up within 15 days from availing the EMI On Call facility.
Particular Affirmative Covenants :
- The card member has understood ICICI Bank's method of calculating EMIs payable.
- The card member has understood that by availing the facility, the card member shall not be, unless otherwise stated by ICICI Bank in writing, eligible for any reward points whatsoever, whether awarded under the ICICI Bank Reward Points Scheme or any other reward points scheme on the card that may be announced by ICICI Bank from time to time.
- The card member shall renew the card forthwith in the event the period of the card expires during the tenure of the facility. In the event of failure of the card member to renew the card as stated above, ICICI Bank shall be entitled to call upon the card member to forthwith repay the facility without prejudice to all rights and remedies against the card member.
- The card member shall notify ICICI Bank, in writing, of any change in the card member's address within a week of such change.
- The card member is deemed to have accepted these terms and conditions upon the card member having requested for the facility.
- Repayment by the card member of the entire amount of the facility to ICICI Bank shall release the credit limit and/or cash limit for which the card member is eligible by virtue of holding the card.
- The card member shall make payment of all taxes, duties, levies (including Goods and Services tax) in connection with the facility.
Liabilities of the Card Member :
ICICI Bank reserves the right to require the card member to make advance payment of one or more EMIs against grant of the facility, and ICICI Bank shall have the right to adjust the amount of the advance EMIs towards the balance amount of the facility, at its sole discretion.
Events of Default :
If one or more of the events specified in this Clause ("Events of Default") occur or shall have occurred, ICICI Bank may foreclose the facility by a notice in writing to the card member.
- The card member's commission of a breach of any of the terms and conditions along with covenants herein contained or having made any misrepresentation to ICICI Bank.
- The card member’s having been declared as an insolvent.
- Any proceedings for misconduct having been initiated against the card member.
- The card member’s failure to furnish any information or documents that may be required by ICICI Bank.
- The card member’s entering into any composition with his/her creditors.
- The card member’s defaulting on any of the terms and conditions of any other loan or facility provided by ICICI Bank to the card member.
- The existence of any other circumstances which, in the sole opinion of ICICI Bank, jeopardise ICICI Bank's interest.
Upon the occurrence of any event of default as specified above, ICICI Bank shall be entitled to exercise rights and remedies available to it under these terms and conditions as also the primary terms and conditions.