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 Rs.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
- "EMI" or "Equated Monthly Installment" means the equated monthly installment of amounts 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 into EMI upon request by the Card Member, of transactions performed 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 of the option of paying for certain purchases through Equated Monthly Installments (EMIs) as will be informed to the Card Member by ICICI Bank 24 Hour Customer Care Centre and as indicated in the Statement sent to the Card Member which shall be subject to the following terms:
- In case any portion of the billed and outstanding charges are not permitted to be paid in Instant EMI and 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 period and at Merchant Establishments as ICICI Bank may decide. 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 amount of transaction, the tenure for repayment and other payment particulars will be Card Member and Merchant specific as ICICI Bank may decide.
- 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 property of ICICI Bank Limited. Misuse of any intellectual property or such other ancillary or related content with respect to this product/offer/program is strictly prohibited.
- Purchases made in categories pertaining 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. Theinterest rate applicable will be communicated to the Card Member at the point of sale and will also be mentioned on the charge-slip.
- 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 andalso as communicated to the Card Member on the charge-slip. 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.
- 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 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 of the foreclosure. Foreclosure charges equal to 3% on outstanding principal amount plus next month’s interest shall be levied to Card account .The Card Member necessarily has to call up the ICICI Bank 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 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 from the date of 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 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 the date of 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.
- Customers 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 coming from a Merchant on a Card Member’s Card will not be considered as a payment.
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 not be eligible for any reward points on cancellation of the Instant EMI facility whatsoever.
- 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, jeopardize 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.