EMI on debit card Terms and conditions
Preliminary:
The EMI on Debit Card service (‘Service’) is being enabled by ICICI Bank Limited (‘Bank’) at selected merchant stores, websites, mobile sites and mobile apps (collectively ‘Platform’)
This service is extended by the Bank on the Platform to its select customers who hold a valid Debit Card issued by the Bank (‘Customer’/’You’/’Your’ and ‘Card’)
By using the Service, you agree to be bound by:
These Terms & Conditions (‘T&Cs’);
The Terms of Use, Privacy Policy and other relevant documentation including any modifications, alterations or updates thereof, that are published on the Platform; and
All applicable Terms & Conditions of the Bank.
Upon availing of the Service, you will be deemed to have accepted the following clauses:
‘I understand, agree and accept that upon completing the payment using the ‘ICICI Bank EMI on Debit Card’ option, I am submitting a valid, eligible and approved EMI application to ICICI Bank, governed by the terms provided under ‘Terms & Conditions for EMI conversion on Debit Card’. By completing the purchase through the ‘EMI on Debit Card’ option, I will be deemed to have read, fully comprehended and accepted the Terms of ICICI Bank EMI on Debit Card
At any given point in time, you will be eligible to avail this service with an approved credit limit for purchase of products on the eligible Platform. The credit limit can range between ₹5,000 and ₹500,000 as per criteria defined by ICICI Bank’s policies
The price of the product purchased using the Service along with applicable interest of 16% per annum (for Myntra, MakeMyTrip, Paytm, Pine Labs and their merchant outlets) will be repayable by you to the Bank in Equated Monthly Instalments (EMIs) over the EMI Term opted by you. ‘EMI Term’ means 3, 6, 9 or 12 months, as opted by you
Upon availing of this Service, a Virtual Credit Card (VCC) number will be assigned to you. The VCC number assigned will be used for CIBIL-related reporting
The Virtual Credit Card will remain open (active) so that you can avail the EMI on Debit Card service in the future. The EMI on Debit Card Account can only be closed post confirmation and verification from you by contacting Customer Care on 1800 1080
The EMI amount gets auto-debited between the 2nd and 7th of the month from your linked Savings Account. You must maintain sufficient balance from the 2nd of the month
You do not have the option for part payment of EMI
Due date reminder alert will be sent to your registered mobile number, two days prior to the EMI due date
In case you cancel the purchased transaction completed through the Service, the Loan is cancelled only once ICICI Bank receives the cancellation request from the merchant. Refunds will be processed as per ICICI Bank’s policies
Upon cancellation / foreclosure of this Service, the amount deducted during the authorisation of the transaction will not be refunded to you
Applicable processing fees will be charged by the Bank for availing the service, which may be waived off during promotional events or campaigns
In No-cost EMI transactions, the Bank will continue to charge interest and other charges, as per the Bank's schedule of charges. You will get the No-cost EMI benefit in the form of cashback
No-cost EMI is being provided by the respective merchant and not by ICICI Bank. It may take up to 90 days for the cashback to be processed by the merchant. The cashback will be credited to you by ICICI Bank, only on receipt of the same from the merchant
All decisions regarding eligibility of the customer (you) as decided by ICICI Bank are final.
Other Terms and Conditions
The Bank shall not be liable for any technical errors occurring on the Platform. Similarly, the Merchant/s shall not be liable for any failure by the Bank in extending the Service to you or in processing payments due to any technical issues. For any issues regarding Debit Card EMI transactions, contact ICICI Bank Customer Care on 1800 1080
Products sold on the Platform are subject to availability from the respective sellers, and accordingly, the Bank or the Merchant/s, in no circumstances, shall be liable for non-availability of any of the products
The Bank does not endorse any of the products or brands being sold on the Platform and will not accept any liability pertaining to the quality, merchantability, fitness, delivery or after sales service of such products which shall be at the sole liability of the sellers on the Platform
The Bank and Merchant/s reserve the right, at any time, without prior notice and without assigning any reason whatsoever, to add / alter / modify / change or vary these T&Cs
The Bank and Merchant/s reserve the right, at any time, without prior notice and without assigning any reason whatsoever, to withdraw the provision of this Service to you
Pictures of products shown in the communication sent to customers, either through e-mailers or advertised on the Platform, are representative only and may not bear a resemblance to the actual products. None of the parties shall under any circumstances be responsible towards the same
You shall indemnify and hold the Bank and / or Merchant/s harmless against all damages, liabilities, costs, expenses, claims, suits and proceedings (including reasonable attorney’s fee) that may be suffered by the Bank and / or Merchant/s as a consequence of (i) Your violation of these T&Cs, of the terms of user agreement or privacy policy (subject to change) as mentioned on the Platform; (ii) Your violation of applicable laws; and (iii) any action or inaction resulting in wilful misconduct or negligence on your part
All Government taxes / duties shall be payable by you
This document is an electronic record as per the Information Technology Act, 2000, and the Rules thereunder, as applicable and the amended provisions pertaining to electronic records in various statutes, as amended by the Information Technology Act, 2000. This electronic record is generated by a computer / machine / system and does not require any physical or digital signatures.