Terms and conditions relating to pay with EMI on Nexxt Credit Card

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
• "EMI" or "Equated Monthly Installment" means the equated monthly installment of amounts payable by the Card Member to IndusInd Bank comprising of principal amount, interest and any/ or other charges, if applicable.

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 pay with EMI

• Please note, The Pay by EMI option using the EMI button is available for transactions above INR 2,000.
• Please note, Jewelry, Fuel and ATM cash withdrawal transactions cannot be converted into EMI by pressing the EMI button. These transactions will be considered as Credit transactions even if EMI button is pressed.
• The Cardholder can choose between tenure options 6, 12, 18 and 24 months.
• 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 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 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.
• If the 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.   
• Nothing contained herein should be construed as an obligation on IndusInd Bank to offer the above mentioned products.
• IndusInd Bank reserves the right to accept or reject EMI request
• In the event the Credit Card is closed prior to all instalments being charged, the amount outstanding against EMI plan shall be debited as a consolidated amount to the Credit Card account of the Cardholder
• IndusInd Bank shall be entitled to demand immediate repayment of such consolidated outstanding amount
• 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.
• If the Cardholder wants to avail Merchant EMI through PoS then credit button needs to be pressed before authorizing the transaction. Please note, the rate of interest for merchant EMI can be different from the standard rate of interest of 12% applicable on Pay with EMI option through EMI button.

Billing, repayment and Interest calculation

• The first EMI shall be billed on the date on which Purchase Transaction 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 July 2018 (Purchase Date) and opts for EMI conversion. The Bank shall convert the transaction at its sole discretion by 5th July 2018 (Conversion date). First EMI shall be billed on 5th July 2018 and shall reflect in statement generated on 12th July, 2018. Subsequent EMI shall be billed on 5th August, 2018 and shall reflect in the statement generated on 12th August, 2018.
• 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.
• 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 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 EMI and shall not be deemed as closure of the EMI
• Partial pre-payment of 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 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 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 Cardholders directly with the concerned Merchant Entities and that IndusInd Bank shall not entertain any such query/complaint/communication in this regard.