Instant EMI facility on E- Commerce transactions in association with PayU Digital Labs Pvt Ltd
- This offer of 'Instant EMI' (Equated Monthly Instalment) facility is on E-commerce transactions brought to you by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC) and in association with PayU Digital Labs Pvt Ltd. This offer is applicable to only a select HSBC Credit Cardholders (hereinafter referred to as the 'Cardholder'). This facility is not valid for HSBC Corporate Credit Cardholders.
2. During the e-commerce transaction process, when the card holder reaches the OTP (one time password) page an additional section to avail Instant EMI (Equated Monthly Installments) facility option is available to only a select HSBC credit card holders. This feature will enhance your experience by providing flexible payment options during your e-commerce transactions.
3. Card holders will have the choice to select their preferred EMI option or can skip and continue to authenticate the transactions without EMI. Once the card holder selects an EMI option, the total payable amount will be updated accordingly, and the transaction will proceed to OTP verification. There is no change in the authentication flow of the transaction.
4. Instant EMI is a facility by which the Cardholder can make purchases on the HSBC Credit Card (hereinafter referred to as 'Credit Card') and then repay the purchase amount in instalments by converting the purchase amount in Instant EMI facility. The Cardholder can make the purchase at select online merchant establishment and get the transaction converted into an Instant EMI.
5. Instant EMI facility is available at select Merchants only and additions/deletions may be made to the list as available on www.hsbc.co.in without any prior notice to the Cardholder.
6. If the Cardholder has availed of any offer / benefit ( such as discounts or cashback) which was applicable for EMI transactions only; such benefit will be reversed / deducted if the Cardholder opts to close the EMI facility and considers pre-payment due to any reason.
7. Please note that the Instant EMI facility cannot be availed on Gold and Gold jewelry, online gambling, betting and lotteries related purchases undertaken on Credit Card
8. The Instant EMI facility is subject to final approval from HSBC and the customer should note that only in certain exceptional circumstances, such as Cardholder delinquency, Credit Card being blocked, etc. between time of purchase and settlement by the Bank, the EMI facility may be cancelled post the transaction approval. All such transactions will reflect in your Credit Card statement as purchase transactions and are subject to card usage terms and conditions and charges as applicable from time to time
9. On successful conversion of the transaction to the Instant EMI facility, the Bank will communicate to the customer of the Instant EMI facility availed by him/her. The communication will be containing information such as tenure, rate of interest etc. along with the applicable terms and conditions.
10. The value of the transaction should be greater than or equal to INR 5,000 to be eligible for Instant EMI facility. Other debit transactions such as cash withdrawals and card fees will not be eligible for this facility.
11. The rate of interest and processing fees will be applicable as mentioned on the authorisation at the payment gateway (for online transactions). Kindly note the Equated Monthly Instalment (EMI) that will be applicable on the IEMI conversion may differ up to a value of 99 paise owing to rounding-off. Cardholders may refer to the rates of interest for the corresponding tenures for the Instant EMI facility, by visiting our website or by contacting HSBC PhoneBanking or chat with us on the HSBC Mobile Banking App.
12. Any discount offered by a merchant and/or manufacturer for converting a transaction into an EMI will be credited to the Cardholder as 'Cash back' within 90 days from the date of processing of such an EMI. In case the purchase transaction is cancelled/reversed by the merchant or the Instant EMI is not approved by HSBC, such a Cash back will stand reversed without prior notice. All such transactions will reflect in your Credit Card statement.
13. The tenure for repaying the amount converted under Instant EMI facility will need to be chosen by the Cardholder at the time of placing the request for Instant EMI from the available options. The tenure chosen by the Cardholder will be mentioned on the OTP page duly accepted by the Cardholder for online transactions and cannot be changed at a later stage.
14. The EMI amount will be billed to the Credit Card every month on the same date as the first instalment date.
15. Minimum Amount Due: The instalment due for the month is included as part of the Minimum Amount Due appearing in the Cardholder's monthly statement. The Minimum Amount Due appearing on the Cardholder's monthly statement is calculated as a percentage of the total outstanding balance plus monthly installment of Instant EMI facility. Non-payment of the entire total payment due on the Credit Card by the payment due date will result in the levy of standard Credit Card interest rates on the balance outstanding. If Minimum Amount Due (as defined above) is paid only, the standard Credit Card interest rates will be levied on the balance outstanding. However, if such partial payments do not cover the amount of EMI for the month, the balance EMI would also be subject to standard finance charge (including the late payment fee)
As an illustration:
12-months Instant EMI facility availed = INR10,750
Other outstanding balances = INR2,000
Instant EMI instalment for the month = INR1,000
Other outstanding balances = INR2,000
Total payment due for the month = INR3,000
Minimum payment due = (5% multiplied by INR2,000) plus INR1,000 = INR1,100
Scenario 1:
Amount paid = INR1,200
Amount outstanding = Total payment due – Amount paid = INR1,800
Finance charges at the applicable rate will apply on INR1,800 in the next billing
Scenario 2:
Amount paid = INR3,000
Amount Outstanding - 0
No finance charges will apply.
16. Payments made towards the Credit Card outstanding will first be settled in the order minimum payment due, first by the following 'plans', in other words, EMI, Cash advances, Purchase outstanding and Balance Transfer in descending order of interest rates and within a given 'plan', the payment will be allocated in a predefined order of (1) Service charges, (2) Interest/Finance charges, (3) Late payment charges (4) Annual fee (5) Overlimit fee (6) Instalment handling fee (7) Instalment processing fee (8) Return cheque charges (9) Insurance premium (10) Purchase Principal.
17. Prepayment charges on foreclosure of the Instant EMI facility by the Cardholder will apply at the rate of 3% on the outstanding principal amount under the Instant EMI facility, subject to a minimum of INR250.
18. In the event of the Cardholder cancelling a transaction (purchase) post its conversion to Instant EMI facility, he/she is required to contact the Bank for discontinuation of the Instant EMI facility on his/her Credit Card. Such intimation should be made by the Cardholder within 30 days from the date of availing the Instant EMI facility. Processing of the purchase refund if any will be fulfilled by the Merchant and all such transactions will duly reflect in your Credit Card statement.
19. Partial prepayment of the Instant EMI facility will not be permitted.
20. Payments made in excess of the Card outstanding will not automatically be adjusted against unbilled EMIs and will hence not result in prepayment of the Instant EMI facility. To pre-close the Instant EMI facility, the Cardholders should contact HSBC PhoneBanking.
21. If the Cardholder defaults on payment of any of the EMIs or if any EMI or any earlier payment or amount is overdue, the same will constitute an Event of Default and accordingly, HSBC reserves the right to foreclose the Instant EMI outstanding and debit the entire outstanding amount forthwith without any notice.
22. If the Cardholder closes his Credit Card before all instalments have been repaid, the outstanding loan amount will be debited to the Credit Card account as one consolidated amount.
23. Any Instant EMI requests by add-on Cardholders will be billed to the primary card. And such requests shall be binding upon the primary Cardholder and the primary and add-on Cardholder shall be jointly and severally liable for the transaction and for availing this facility.
24. No request for change in card franchisee (Visa/MasterCard®) will be entertained during the entire loan period.
25. No request for changes in the billing cycle will be entertained during the entire tenure of the Instant EMI facility. The tenure of the Instant EMI facility is defined as the loan tenure selected by the Cardholder at the time of request.
26. Nothing contained under the Instant EMI facility will be construed as an obligation on HSBC to continue the Instant EMI facility after the date of termination of the Instant EMI facility.
27. HSBC may by providing appropriate notice add, alter, modify, change or vary all or any of these terms and conditions or replace, wholly or in part, this Instant EMI facility by another facility, whether similar to this facility or not, or withdraw it altogether. HSBC may at its discretion discontinue the Instant EMI facility at any time during the pendency of the facility, foreclose the Instant EMI facility and debit the entire outstanding amount to the Credit Card by providing a 30 days notice. The notice will not be applicable in case of a default.
28. The Cardholder will not hold HSBC responsible for or liable for, any actions, claims, demands, losses, damages, costs, charges, and expenses that a Cardholder may suffer, sustain or incur by way of this scheme or by way of the Merchant products/services.
29. All and any disputes arising from the Instant EMI facility will be subject to the exclusive jurisdiction of the courts of Mumbai.
30. The terms of this offer shall be in addition to and not in substitution of the terms and conditions contained in the Credit Card Services guide. This offer is by way of a special facility for select Cardholders and nothing contained herein shall prejudice or affect the terms and conditions of the Credit Card Services guide. The words and expressions used herein shall have the same meaning as in the Credit Card Services guide.
31. Please note that basis Goods Service Tax (GST) regulations and notified GST rates, Central GST and State/Union Territory GST or Inter-State GST, as applicable, would apply on our fees and charges with effect from 01 July 2017.
