Instant EMI on retail Credit Cards Terms & Conditions

Terms and conditions relating to Instant EMI on ICICI Bank retail Credit Cards

• A processing fee of ₹199 + GST is applicable on all Instant EMI transactions w.e.f 15/09/2021 at all merchant outlets/stores and online/e-commerce merchants

• Interest rates between 14.99% and 20% can be charged for such cases with a processing fee of up to ₹999 or 1% of the Loan Amount

• ‘EMI’ or ‘Equated Monthly Instalment’ means the monthly instalment payable by the Card Member to ICICI Bank comprising of principal amount, interest and any/ or other charges, if applicable.

• ‘Instant EMI’ refers to the conversion to EMI upon the Card Member’s request. These are for transactions carried out using the retail Credit Card on EDC (Electronic Data Capture) terminal installed at a merchant outlet and/or for such online transactions, where the option for EMI payment is available

• Instant EMI on the Credit Card , without prejudice to the obligation of the Card Member to make Immediate payment on the incurring of the charge, the Card Member may seek to avail the option of paying for certain purchases through Equated Monthly Instalments (EMIs) as informed to the Card Member by ICICI Bank’s 24-hour Customer Care. The same is indicated in the Statement sent to the Card Member which shall be subject to the following terms:

  • If any portion of the billed and outstanding charges are not permitted to be paid in Instant EMI and if such portion is not paid by the Payment Due Date, the same will bear and carry an interest, Goods and Services Tax and late payment fee at the rate and in the manner stated In Clause VI;

  • The Instant EMI facility is available to the Card Member at ICICI Bank's sole discretion and such facility will be available for a certain period and at Merchant Establishments as decided by ICICI Bank. The rate of Interest for Instant EMI will be Card Member and Merchant specific, as decided by ICICI Bank and may vary from time to time. The transaction amount, the tenure for repayment and other payment particulars will be Card Member and Merchant specific, as decided by ICICI Bank.

• The Instant EMI facility is not applicable on ICICI Bank EMI Card, Corporate Credit Card, Business Card and American Express Card. ‘ICICI Bank’ and ‘I-man’ logo are trademarks and properties of ICICI Bank Limited. Misuse of any intellectual property or such other ancillary or related content with respect to this product/offer/programme is strictly prohibited

• Purchases made from categories relating to Fuel, Jewellery, Watches, etc., may not be eligible for EMI conversion

• The Card Member shall be charged an interest rate on a monthly reducing basis, for availing the Instant EMI facility. The interest rate applicable will be communicated to the Card Member at the point of sale and will also be mentioned on the charge-slip.

Repayment

• 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 as communicated on the charge-slip. The interest calculation will start from the time the transaction has been booked for the facility. The EMI amount along with other details of the Facility (including rate of interest) shall also be communicated to the Card Member at his/her registered e-mail/mailing address

• The EMI amount due for a particular month shall subsequently reflect in the Credit Card Statement of Accounts (the ‘Statement’) of that particular month. The Card Member hereby authorises ICICI Bank to debit his/her Card account monthly for 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 pay the EMI and all other charges by way of cash, cheque, draft, online or through payment instructions to ICICI Bank and the cash limit/credit limit shall be reinstated to the extent of the EMI amount repaid by the Card Member

• The Card Member shall be required to pay the entire EMI amount 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. If the payment is not made by the due date as specified, it shall be construed as a default by the Card Member who shall become liable to pay the amount together with late payment charges

• 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.

Prepayment of the Facility

The Card Member may close the facility (prepayment of the outstanding amount) at any time by contacting ICICI Bank's Customer Care to avail the foreclosure. Foreclosure charges of up to 3% on the outstanding principal amount plus next month’s interest shall be levied in the Card Account. The Card Member must contact ICICI Bank’s Customer Care for complete prepayment of the facility. 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 with respect to the facility, in case of a default in EMI payment for more than two consecutive months and the Card Member shall be liable to repay all such amounts on demand.

Cancellation of the Facility

• The Card Member may cancel the facility within 15 days from the date of the transaction by calling ICICI Bank Customer Care. In case of cancellation, the original transaction amount which was converted into EMI shall be debited back to the customer’s account and all charges relating to such EMI conversion shall be reversed, but only if the Card Member has contacted Customer Care within 15 days of the transaction

• An EMI for which instant discount was given to avail the product or service, will not be eligible for cancellation within 17 days of EMI booking

• Card Members will not be eligible for cashback if the EMI gets cancelled within 17 days from the date of conversion

• The Card Member shall inform ICICI Bank by calling ICICI Bank Customer Care for cancellation of the Instant EMI facility within 2 days from the date of refund received by the Card Member on his/her Credit Card against a particular transaction

• Refund from a Merchant on a Card Member’s Card will not be considered as a payment

• For the Credit Card EMI availed on UPI Credit Card transactions on Third Party apps, Card Member must call ICICI Bank’s customer Care and provide the RRN (Retrieval Reference Number) of the Original Transaction for EMI Cancellation, in case of Merchant Refund

• For Instant Discount Campaigns, Foreclosure charges will be applicable even if the Card Member wants to cancel the EMI within 15 days.

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, he/she 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 not be eligible for any reward points on cancellation of the Instant EMI facility whatsoever

• The Card Member shall renew the Card when the Card expires during the tenure of the facility. If the Card Member does not 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 & Conditions while requesting for the facility

• Repayment of the entire amount of the facility to ICICI Bank by the Card Member 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 pay all taxes, duties, levies (including Goods and Services Tax) with respect to the facility.

Liabilities of the Card Member

ICICI Bank reserves the right to request the Card Member to make an advance payment of one or more EMIs against the grant of the facility. 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 through a written Notice to the Card Member.

• The Card Member's breach of any of the Terms & Conditions along with covenants contained herein or having made any misrepresentation to ICICI Bank

• The Card Member has been declared as an insolvent

• Any proceedings for misconduct 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 entering any arrangement with his/her creditors

• The Card Member defaulting on any of the Terms & 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 risks 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 under these Terms & Conditions and the primary Terms & Conditions.