Instant EMI on Credit Card- Terms and conditions

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

• "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 Card at ICICI Bank EDC (Electronic Data Capture) terminal and/or for such online transactions, where the option for such conversion is available. ICICI Bank shall be entitled to, at its sole discretion, make available to individual Card Member,
• 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:
• Once a Card Member has opted for payment by Instant EMIs, any subsequent change will attract a pre-closure charge as may from time to time be fixed by ICICI Bank depending upon the nature of the purchase;
• In case any portion of the billed and outstanding charges are not permitted to be paid in Instant EMIs and such portion is not paid by the Payment Due Date, the same will bear and carry an interest, service charge and late payment charge at the rate and in the manner stated In Clause VI;
• The Instant EMI facility will be available with respect to the Credit Card which presently comprise of the following purchases, viz., New purchases at Merchant Establishment; Conversions of past purchases at Merchant Establishment through ICICI Bank 24 Hour Customer Care Centre.
• The Instant EMI facility is available to the Card Member at ICICI Bank's sole discretion and such facility will be available: For such period and at such Merchant Establishments as ICICI Bank may decide; The interest component of the Instant EMIs will be Card Member and Merchant specific as decided by ICICI Bank; The amount of down payment, the amount of transaction fee, the tenure for the payment of Instant EMIs 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 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.
• The Card member shall be charged an interest rate on monthly reducing basis or a processing fee or a combination of interest rate and processing fee, for availing the Instant EMI facility. This interest or processing fee will be communicated to the card member at the point of sale and will also be mentioned on the charge-slip.
• All cashback / merchant payback will be credit to customer within 90days of transaction.
• Transaction will be converted into EMI within 4 days.

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 also 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 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's Customer Care to avail of the foreclosure. The card member necessary has to call up the call centre for complete prepayment of the facility. A prepayment fee 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 date of transaction. The customer can request for a cancellation at the customer care. In the case of cancellation or refund, 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.

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.
• Please note, w.e.f July 1^st, 2017, goods and services tax will be charged at the rate of 18%.
  • 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 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.

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.

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.

Disclaimer: Terms & Conditions of ICICI Bank/third parties apply. ICICI Bank is not responsible for goods/services provided by third parties.