Terms & Conditions: Indus Easy EMI

General Terms and Conditions

In these Terms and Conditions, the following terms shall have the following meanings:

• “Credit Card” shall mean an unexpired Credit Card issued by IndusInd Bank Ltd.; excluding IndusInd Bank Corporate Credit Card
• “Cardholder” shall mean the holder of a Credit Card
• The present Terms and Conditions are to be read in conjunction with, and not in derogation of, the Cardholder Agreement. Terms & Conditions and nothing contained herein shall prejudice or affect the terms and conditions of the Cardholder Agreement
• Unless otherwise specified, the words and expressions used herein shall have the same meaning as in the Cardholder Agreement

Terms and Conditions for Indus Easy EMI

• The Bank provides the Cardholder a facility in addition to the existing modes of effecting payment for charges incurred on the card; (i) the option of paying for certain purchases through Equated Monthly Instalments (hereinafter referred to as Transaction to EMI). (ii) the option of paying the Credit Card outstanding (equivalent to the purchase outstanding), hereinafter referred to as ‘Outstanding to EMI’.

Terms and Conditions for Transaction to EMI

• Purchase transactions of INR. 2000 or more can be converted for payment through Equated Monthly Instalments. This minimum and maximum amount will be specified by IndusInd Bank from time to time.
• Request for conversion of transaction into EMI can be placed within 45 days from the date of purchase. Requests raised after 45 days of purchase will not be converted into EMI
• The EMI facility is available for transactions above INR 2,000. The Cardholder can choose between tenure options 6, 12, 18, 24 and 36 months.
• Only purchase transactions towards which payment is not received / apportioned shall  be eligible for conversion into EMI
• The EMI facility offered by IndusInd Bank shall be subject to levy of a transaction / processing fee and interest charges. The processing fee and interest charges will be specified by IndusInd Bank from time to time.
• Reward points earned for the transaction will be reversed when the transaction is converted into EMI. Reward points will not be credited back in case EMI is cancelled or pre-closed.
• For all subsequent statements of the Cardholder, until the tenor of the loan gets over, the EMI will be billed as part of Minimum Amount Due for that particular card.
• Once a Cardholder has opted for payment by EMI's, any subsequent change will attract a pre-closure charge of 3% on the Principal Outstanding of the loan. The pre-closure charges will be specified by IndusInd Bank from time to time. Any request for change in the EMI facility opted for has to be made in writing or by calling the 24 Hour helpline number.
• Upon pre-closure of the loan, the entire principal outstanding will be billed to the Cardholder. If the Cardholder chooses not to pay the entire amount and opts to revolve, then the entire amount will accrue interest as per the schedule of charges.
• In case any portion of the billed and outstanding charges is not permitted to be paid in EMIs or such portion is not paid by the payment due date, the same will attract a late payment fee and interest charges as per the schedule of charges
• During the running period of EMI's, the Cardholder cannot close the IndusInd Bank Credit Card. However, if he/she does so before all instalments have been billed, the outstanding EMI Principal amount will be billed to the card account as one consolidated amount and interest charges as per schedule of charges and pre-closure fee will be applicable on such amount.
• IndusInd Bank reserves the right to foreclose the loan and debit the entire outstanding amount to customer's Credit Card account, if the customer defaults on payment towards the Credit Card Account.
• The amount of  transaction fee and charges, tenure for the payment of EMIs and other payment particulars will be card holder specific, as ascertained by the Bank.
• IndusInd Bank reserves the right at any time without previous notice to add, alter, modify, change or vary all or any of these terms and conditions or to replace, wholly or in part, this scheme by another scheme, whether similar to this scheme or not, or to withdraw it altogether. Which if done shall be binding on the cardholder and the cardholder shall abide by the said rules. If withdrawn, those who have opted shall continue to get the right to pay through EMIs for the already approved conversion.
• Final approval of such conversion shall be at the sole discretion of IndusInd Bank and is subject to the performance on the Credit Card.
• Final approval for any cash back program shall be at the sole discretion of IndusInd Bank and is subject to the Cardholder’s performance on the Credit Card.
• Cash back amount will be applicable only on specific purchase transactions and the customer has to opt for the same at the time of availing Easy EMI facility.
• The cash back amount shall be credited to the Credit Card account of the customer only on successful completion of the EMI tenure. The fulfilment may take up to 60 business days after the loan completion date.
• If the Easy EMI loan is pre-closed for any reason or the original transaction is canceled/refunded, the customer will not be eligible for cash back.
• The Cardholder will not hold the Bank responsible or liable for any actions, claims, demands, losses, damages, costs, charges, and expenses that he/she may suffer, sustain or incur by way of this scheme.
• GST, as notified by the Government of India, is applicable on processing fee, preclosure fee and interest component of the EMI, and is subject to change as per relevant regulations of the Government of India.
• For scenarios wherein all reward points are redeemed before transaction conversion, reward points will be reversed in our system. Reward points earned for fresh purchases will be adjusted with these negative reward points. Due to system limitation, instead of negative reward points, statement will display zero reward points for these scenarios.
• In case any transaction was converted into EMI and gets reversed/credited back, the EMI facility will continue and Cardholder will have to give specific instruction for cancellation/pre closure of the same by calling our customer care.
• Nothing contained herein should be construed as an obligation on IndusInd Bank to offer the above mentioned products.

Terms and Conditions –Transaction to EMI requests received through Merchants (Merchant EMI)

• “Merchant EMI” refers to transactions initiated by the Cardholder at any Point of Sale or on an e-commerce website where the Cardholder  chooses to convert the purchase amount into Equated Monthly Instalments at the time of payment/ charge to Credit Card at the rate of interest as communicated in the charge slip or website at the time of availing the Product
• A Cardholder may opt to convert a purchase at select Merchant outlets/website into Equated Monthly Instalments (EMIs)
• The Bank on receipt of information from the Merchant outlet/website or through Merchant Partner (EMI Intimation), would convert the Purchase(s) into Equated Monthly Instalments (EMI) with interest charged on the monthly reducing balance
• Conversion of original transaction into Merchant EMI shall take up to  7 business days from the date of EMI Intimation. IndusInd Bank reserves the right to accept or reject EMI request
• Processing fees of Rs 199+GST will be applicable on all successful conversions. Effective 1st January 2024, processing fees will be Rs 249+GST.
• In the event the Credit Card is closed prior to all instalments being charged, the amount outstanding against Merchant EMI plan shall be debited as a consolidated amount to the Credit Card account of the Cardholder. Reward points earned for the transaction will be reversed when the transaction is converted into EMI. Reward points will not be credited back in case EMI is cancelled or pre-closed.
• IndusInd Bank shall be entitled to demand immediate repayment of such consolidated outstanding amount
• The EMI shall be computed on a monthly reducing balance for tenor as communicated at the time of purchase
• Interest rates as communicated at the time of purchase shall be applicable
• Once the Merchant EMI is pre-closed for any reason, all outstanding including but not limited to the principal outstanding and the interest for the actual number of days till closure; i.e. from the last billing date till the date of closure, shall be debited to the Credit Card account
• Cash back (if applicable and communicated to the customer at the time of the transaction) for an EMI transaction is offered solely by the manufacturer/brand and shall be credited to the Cardholder only on receipt of the funds from the merchant/brand. This process may take up to 90 business days.
• For all subsequent statements of the Cardholder, until the tenor of the loan gets over, the EMI will be billed as part of Minimum Amount Due for that particular card.
• Once a Cardholder has opted for payment by EMI's, any subsequent change will attract a pre-closure charge of 3% on the Principal Outstanding of the loan. The pre-closure charges will be specified by IndusInd Bank from time to time. Any request for change in the EMI facility opted for has to be made in writing or by calling the 24 Hour helpline number.
• Upon pre-closure of the loan, the entire principal outstanding will be billed to the Cardholder. If the Cardholder chooses not to pay the entire amount and opts to revolve, then the entire amount will accrue interest as per the schedule of charges.
• In case any portion of the billed and outstanding charges is not permitted to be paid in EMIs or such portion is not paid by the payment due date, the same will attract a late payment fee and interest charges as per the schedule of charges.
• During the running period of EMI's, the Cardholder cannot close the IndusInd Bank Credit Card. However, if he/she does so before all instalments have been billed, the outstanding EMI Principal amount will be billed to the card account as one consolidated amount and interest charges as per schedule of charges and pre-closure fee will be applicable on such amount.
• IndusInd Bank reserves the right to foreclose the loan and debit the entire outstanding amount to customer's Credit Card account, if the customer defaults on payment towards the Credit Card Account.
• The amount of transaction fee and charges, tenure for the payment of EMIs and other payment particulars will be card holder specific, as ascertained by the Bank.
• IndusInd Bank reserves the right at any time without previous notice to add, alter, modify, change or vary all or any of these terms and conditions or to replace, wholly or in part, this scheme by another scheme, whether similar to this scheme or not, or to withdraw it altogether. Which if done shall be binding on the cardholder and the cardholder shall abide by the said rules. If withdrawn, those who have opted shall continue to get the right to pay through EMIs for the already approved conversion.
• The EMI facility offered by IndusInd Bank shall be subject to levy of a transaction / processing fee and interest charges. The processing fee and interest charges will be specified by IndusInd Bank from time to time.
• GST, as notified by the Government of India, is applicable on processing fee, pre-closure fee and interest component of the EMI, and is subject to change as per relevant regulations of the Government of India.
• Final approval of such conversion shall be at the sole discretion of IndusInd Bank and is subject to the performance on the Credit Card.
• Final approval for any cash back program shall be at the sole discretion of IndusInd Bank and is subject to the Cardholder’s performance on the Credit Card.
• Cash back amount will be applicable only on specific purchase transactions and the customer has to opt for the same at the time of availing Easy EMI facility. Cashback/Merchant payback details will be mentioned in the charge slip for offline transactions and payment page(tenure selection page) before completing the transaction for online transactions.
• Customer is advised to retain the chargeslip copy and payment page screen shot till the cashback/merchant payback is not credited.
• Cash back/merchant payback will be credited to the customer post 90 days only if 3 EMI's are paid by the customer.
• If any Cardholder had registered for any Auto-Debit/Standing instructions, the Cardholder should disclose the same to the Bank and request for de-register for the same well in advance.
• IndusInd Bank reserves the right to foreclose the loan and debit the entire outstanding amount to customer's Credit Card account, if the customer defaults on payment towards the Credit Card Account.
• The Cardholder will not hold the Bank responsible or liable for any actions, claims, demands, losses, damages, costs, charges, and expenses that he/she may suffer, sustain or incur by way of this scheme.
• For scenarios wherein all reward points are redeemed before transaction conversion, reward points will be reversed in our system. Reward points earned for fresh purchases will be adjusted with these negative reward points. Due to system limitation, instead of negative reward points, statement will display zero reward points for these scenarios.
• In case any transaction was converted into EMI and gets reversed/credited back, the EMI facility will continue and Cardholder will have to give specific instruction for cancellation/pre closure of the same by calling our customer care.
• Nothing contained herein should be construed as an obligation on IndusInd Bank to offer the above-mentioned products.

Terms and Conditions - Conversion of Outstanding to EMI

• The Bank offers its Cardholders the option of paying for Purchase Outstanding through EMIs
• Purchase Outstanding would mean Outstanding that is comprised of Purchase Transactions toward which payments have not been received / allocated. Outstanding that is comprised of Cash transaction, Interest, Fee,  Charges, EMIs or any transaction other than Purchase Transactions will not eligible for conversion to EMI under this facility
• Purchase Outstanding of INR 2000 or more can be converted for payment through Equated Monthly Instalments
• If the purchase outstanding converted to EMI is less than the Total Outstanding Due in the previous statement, the Cardholder is required to make payments toward the balance outstanding to avoid interest charges.
• The Cardholder in all cases, is expected to pay the Minimum Amount Due as per the last Statement generated
• The Cardholder can choose between tenure options 6, 12, 18, 24 and 36 months. The Bank may choose to offer additional tenure options at its sole discretion
• The EMI facility offered by IndusInd Bank shall be subject to levy of a transaction / processing fee and interest charges. The processing fee and interest charges will be specified by IndusInd Bank from time to time.
• For all subsequent statements of the Cardholder, until the tenor of the loan gets over, the EMI will be billed as part of Minimum Amount Due for that particular Card.
• Once a Cardholder has opted for payment by EMI's, any subsequent change will attract a pre-closure charge of 3% on the principal outstanding of the loan. The pre-closure charges will be specified by IndusInd Bank from time to time. Any requests for change in the EMI facility opted for has to be made in writing or by calling the 24 Hour Phone Banking number.
• Upon pre-closure of the loan, the entire principal outstanding will be billed to the Cardholder. If the Cardholder chooses not to pay the entire amount and opts to revolve, then the entire amount will accrue interest rate as per the schedule of charges.
• In case any portion of the billed and outstanding charges is not permitted to be paid in EMIs or such portion is not paid by the payment due date, the same will attract a late payment fee and interest charges as per schedule of charges will be applicable
• During the running period of EMI's, the Cardholder cannot close the IndusInd Bank Credit Card. However if he/she does so before all instalments have been billed, the outstanding EMI Principal amount will be debited to the Card account as one consolidated amount and regular interest charges will be applicable on such amount.
• IndusInd Bank reserves the right to foreclose the loan and debit the entire outstanding amount to customer's Credit Card account, if the customer defaults on payment towards the Credit Card Account.
• The amount of  transaction fee and charges, tenure for the payment of EMIs and other payment particulars will be Cardholder specific, as ascertained by the Bank.
• IndusInd Bank reserves the right at any time without previous notice to add, alter, modify, change or vary all or any of these terms and conditions or to replace, wholly or in part, this scheme by another scheme, whether similar to this scheme or not, or to withdraw it altogether. Which if done shall be binding on the Cardholder and the Cardholder shall abide by the said rules. If withdrawn, those who have opted shall continue to get the right to pay through EMIs for the already approved conversion.
• Final approval of such conversion shall be at the sole discretion of IndusInd Bank and is subject to the performance on the Credit Card.
• In case any transaction which was a part of Purchase Outstanding and was converted into EMI and gets reversed/credited back, the EMI facility will continue and Cardholder will have to give specific instruction for cancellation/pre closure of the same.
• If any Cardholder had registered for any Auto-Debit/Standing instructions, the Cardholder should disclose the same to the Bank and request for de-register for the same well in advance.
• The Cardholder will not hold the Bank responsible or liable for any actions, claims, demands, losses, damages, costs, charges, and expenses that he/she may suffer, sustain or incur by way of this scheme.
• GST, as notified by the Government of India, is applicable on processing fee, preclosure fee and interest component of the EMI, and is subject to change as per relevant regulations of the Government of India
• Nothing contained herein should be construed as an obligation on IndusInd Bank to offer the above mentioned products.

Billing, repayment and Interest calculation

• The first EMI shall be billed on the date on which Purchase Transaction/Outstanding is converted into EMI (conversion date)
• All billing of EMIs in the subsequent months shall be on the same date as the conversion date for that month

For example

If Cardholder A (Statement date: 12th of every month) makes a purchase of INR. 10,000 on 1st December 2016 (Purchase Date) and requests the merchant for EMI at the time of purchase and the merchant sends the information to Bank for EMI conversion (EMI Intimation date) on 5th December 2016. The Bank shall convert the transaction at its sole discretion by 20th December 2016 (Conversion date). First EMI shall be billed on 20th December, 2016 and shall reflect in statement generated on 12th January, 2017. Subsequent EMI shall be billed on 20th January, 2017 and shall reflect in the statement generated on 12th February, 2017.

• The EMI amount shall be included as a part of the Minimum Amount Due appearing in the Cardholder’s monthly Credit Card Statement. If the Minimum Amount Due is unpaid, charges shall be levied on such outstanding (including but not limited to the EMI as above), as communicated in the Credit Card Most Important Terms & Conditions (MITC). The Credit Limit on the Credit Card shall be blocked to the extent of the purchase transaction amount. The Credit Limit will be released as and when the EMI is billed and paid in the subsequent months.
• A maximum of ten concurrent transactions are permitted to be converted into Easy EMI /Merchant EMI on each Primary Credit Card, at any point of time, subject to the Credit Limit on the Card Account(s).
• Interest rate communicated at the time of initiating the transaction shall be levied on monthly reducing balance
• IndusInd Bank reserves the right to modify all interest rates from time to time, at its sole discretion with prior notice or in the event of any changes in the interest rate made by the Reserve Bank of India (RBI)
• If the amount paid towards dues on the Credit Card is less than the Total Amount Due, Interest Charges shall be levied on such outstanding (including but not limited to the EMI as above), as per the interest rate applicable and communicated in the Credit Card Most Important Terms &Conditions (MITC). This rate is subject to change with prior notice. The applicable interest rate shall be mentioned in the monthly Credit Card Statement.

Prepayment process and related charges

• In case of pre-closure of the loan, a charge, currently 3% of the balance principal outstanding plus GST will be applicable. Along with pre-closure charges, pro-rata interest applicable on Credit Card outstanding balance at the time of pre-closure will have to be repaid for pre-closure of the loan. As the pre-closure charge is subject to change, we request you to contact phone banking for the applicable charges if you decide to pre-close the Loan. IndusInd Bank reserves the right to revise the pre-closure penalty at its discretion. Additional interest if any on the principal outstanding from last statement date till date of loan preclosure needs to be paid by the Cardholder.
• Processing fees will be levied in the immediate billing cycle, post processing of the EMI conversion request.
• The Merchant EMI product(s) can be pre-closed by calling 24-Hour customer care. Pre-closure charges as communicated at the time of purchase shall be applicable.
• In case of the transaction being cancelled and full refund from merchant, Cardholder needs to contact 24-Hour customer care and place a request to cancel the EMI.
• Any payment made into the Credit Card Account over and above the EMI shall not be deemed to be payment towards the amount availed under Merchant EMI and shall not be deemed as closure of the Merchant EMI
• Partial pre-payment of Merchant EMI product(s) is not permitted
• IndusInd Bank reserves the right to revise the pre-payment charges at its discretion, with prior notice via email/letter and such revised charges shall be binding on the Cardholder. Once the Merchant EMI is pre-closed, for any reason, all outstanding including but not limited to the principal outstanding and the interest for the actual number of days till closure; i.e. from the last billing date till the date of closure, shall be debited to the Credit Card account

Pre-closure due to non-payment

• In the event of non-payment of the Minimum Amount Due for three consecutive months, the EMI shall be pre-closed and the principal outstanding, the interest for the days till closure shall be debited to the Credit Card account and appear in the subsequent monthly statement. IndusInd Bank shall be entitled to demand immediate repayment of such outstanding amounts.

Pre-closure due to Card closure

• In the event the Credit Card is closed prior to all EMI(s) being charged, the principal outstanding, the interest for the days till closure shall be debited to the Credit Card account. IndusInd Bank shall be entitled to demand immediate repayment of such outstanding amounts.

Other Terms & Conditions

• Final approval for the Merchant EMI shall be at the sole discretion of IndusInd Bank and is subject to the Cardholder’s performance on the Credit Card.  GST, as notified by the Government of India, is applicable on processing fee, preclosure fee and interest component of the EMI, and is subject to change as per relevant regulations of the Government of India.
• Nothing contained herein should be construed as an obligation on IndusInd Bank to offer the above-mentioned products. IndusInd Bank reserves the right at any time to add, alter, modify, change or vary all or any of these terms and conditions or to replace wholly.
• All Information in this communication is correct at the time of printing/publishing
• The Product/Services being offered under the EMI Offer/s is being offered and sold/ provided directly by the Merchant Entities to the Cardholder and IndusInd Bank is neither responsible nor guarantees merchantability, suitability, quality, delivery or after sales maintenance of the product/services nor is it liable if the same is in any way deficient or defective or damaged/lost in transit.
• Cardholder should ensure that the charge-slip has information about EMI tenure for IndusInd Bank to convert and process the transaction into EMIs.
• All queries, complaint/s, and disputes with respect to any aspect/s pertaining to the offer/product/services such as delivery service, suitability, merchantability, availability or quality of the offer and/or products/services under the offer must be taken up by the Cardholderss directly with the concerned Merchant Entities and that IndusInd Bank shall not entertain any such query/complaint/communication in this regard.
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