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Terms and conditions

 

Terms and Conditions relating to EMI on Call / Post-Transaction EMI on ICICI Bank Credit Cards

‘Card’ means Credit Card which has been issued by ICICI Bank and is valid and subsisting at the time when the facility is requested by the Cardholder.

 

‘Cardholder’ means the individual to whom a Credit Card has been issued by ICICI Bank.

 

‘EMI’ or ‘Equated Monthly Instalment’ (EMI) means the equated monthly instalments of amounts payable by the Cardholder to ICICI Bank in respect of the facility and comprising the principal of the Facility and interest thereon.

 

 

‘Facility’ or ‘EMI on Call’ means choosing to pay for retail transactions made on ICICI Bank Credit Card in instalments and is provided / agreed to be provided by ICICI Bank, at its sole discretion, to the Cardholder to the extent of amounts not exceeding the available cash-limit / credit-limit.

 

The ‘EMI on Call’ facility is applicable only on full swipe / fully settled transactions. The EMI conversion will be initiated once the transaction is settled and reflected in the billing statement.

 

‘Primary Terms and Conditions’ shall mean the terms and conditions applicable to the Card.

 

Usage of the Facility:

The Cardholder can request for an option of paying for their retail transaction in instalments, within 30 days from the date of transaction. The final approval for the Facility is subject to the performance of the Cardholder's Credit Card and available cash-limit and / or credit-limit or over the credit limit at the time ICICI Bank receives the Cardholder’s request for the Facility and the value of the transaction. ICICI Bank has the final discretion to either approve or decline the request for the Facility. Certain categories of transactions like cash and fuel transactions are not eligible for ‘EMI On Call’. In particular, jewellery and gold transactions cannot be converted into ‘EMI On Call’ in view of guidelines issued by the Reserve Bank of India from time to time. In pursuance of the said RBI guidelines, ICICI Bank at its sole discretion may decline ‘EMI On Call’ on such transactions. The cash-limit and / or the credit-limit on the Credit Card will be blocked by the amount for which the Facility is granted. The Cardholder shall be charged an interest rate on reducing balance basis or Processing Fee or a combination of interest rate and Processing Fee as specified by ICICI Bank to the Cardholder at the time of availing the ‘EMI on Call’. Goods and Services Tax (GST) w.e.f. Jul 01, 2017 will be applicable on processing fee, interest and foreclosure charges as per the applicable Government mandate. ‘EMI on Call’ is available only on ICICI Bank Credit Cards.

 

Choosing EMI option at 3D Secure / OTP page:

  •  The Cardholder can opt for converting an online transaction into EMI, with plans for 6, 12 and 24 months on the 3D Secure / OTP page

 

  •  Consent given by a Cardholder on the 3D Secure page shall be deemed to be a request for EMI conversion and the transaction(s) for which the request(s) has / have been made would be converted into EMIs within 04 business days in accordance with the tenure and amount filled in by the Cardholder on the 3D Secure page.

 

  • This facility operates as a ‘Post-Transaction EMI’, meaning the EMI conversion will take place only after the transaction has been settled and billed in the statement.

 

  • If a Cardholder selects the option for EMI conversion on both the merchant site and the 3D Secure / OTP page, then the EMI conversion request, including the tenure and amount details chosen by the Cardholder on the merchant site, shall be given preference.

 

Repayment:

The Cardholder shall repay the Facility and interest thereon in EMIs. The interest shall be at such a rate which has been indicated by ICICI Bank to the Cardholder at the time of making the offer for the Facility and also as communicated to the Cardholder. 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 Cardholder at their registered e-mail ID / 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 Cardholder hereby authorises ICICI Bank to debit the Card of the Cardholder on a monthly basis for the amount of EMI due for that particular month, as has been intimated to the Cardholder through the statement. Principal and interest will be mentioned separately in the Statement. The Cardholder shall make the payment of the EMI and all other charges by way of cash, cheque, draft, through online payment 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 Cardholder. The Cardholder 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 Cardholder and the Cardholder shall become liable to pay the amount along with late payment charges.

 

 

Pre-payment of Facility:

The Cardholder may close the Facility (pre-payment of the outstanding amount) at any time by contacting ICICI Bank Customer Care on 1800 1080 to avail the foreclosure. The Cardholder necessarily has to call up ICICI Bank Customer Care on 1800 1080 for complete pre-payment of the Facility. A foreclosure fee of 3% and advance EMI interest and GST as applicable shall be chargeable. ICICI Bank shall, without prejudice to all rights and remedies, have the right to call upon the Cardholder to forthwith repay the Facility, all interest thereon and all other monies in respect of the Facility upon occurrence of event of default in the payment of EMI for more than 3 consecutive months and the Cardholder shall be liable to repay all such amounts upon such demand.

 

Cancellation of Facility:

  • The Cardholder may cancel the Facility within 15 days of availing the ‘EMI On Call’ facility. The customer can request for a cancellation by reaching out to ICICI Bank Customer Care. In the 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 Cardholder has called up within 15 days from availing the ‘EMI On Call’ facility. In case of Merchant refund, customers should reach out to ICICI Bank Customer Care on 1800 1080 for EMI cancellation.

 

  • For the Credit Card EMI availed on UPI Credit Card transactions on third party apps, customer has to call ICICI Bank Customer Care on 1800 1080 and inform the Retrieval Reference Number (RRN) of the original transaction for EMI cancellation.

 

Particular Affirmative Covenants:

  • The Cardholder has understood ICICI Bank's method of calculating EMIs payable.

 

  • The Cardholder has understood that by availing the Facility, the Cardholder 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 might be announced by ICICI Bank from time to time.

 

  • The Cardholder 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 Cardholder to renew the Card as stated above, ICICI Bank shall be entitled to call upon the Cardholder to forthwith repay the Facility without prejudice to all rights and remedies against the Cardholder.

 

  • The Cardholder shall notify ICICI Bank in writing of any change in the Cardholder's address within a week of such a change.

 

  • The Cardholder is deemed to have accepted these Terms and Conditions upon the Cardholder having requested for the Facility.

 

  • Repayment by the Cardholder of the entire amount of the Facility to ICICI Bank shall release the credit-limit and / or cash-limit for which the Cardholder is eligible by virtue of holding the Card.

 

  • The Cardholder shall make payment of all taxes, duties, levies (including Goods and Services tax) in connection with the Facility.

 

 

Liabilities of the Cardholder:

ICICI Bank reserves the right to require the Cardholder 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 (‘Event of Default’) occur or shall have occurred, ICICI Bank may foreclose the Facility by a notice in writing to the Cardholder.

 

  • The Cardholder'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 Cardholder’s having been declared as an insolvent

 

  • Any proceedings for misconduct having been initiated against the Cardholder

 

  • The Cardholder’s failure to furnish any information or documents that may be required by ICICI Bank

 

  • The Cardholder’s entering into any composition with their creditors

 

  • The Cardholder’s defaulting on any of the Terms and Conditions of any other loan or facility provided by ICICI Bank to the Cardholder

 

  • The existence of any other circumstances which, in the sole opinion of ICICI Bank, risk 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.

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