EMI on Credit Cards

• The issuing bank may modify the terms of the EMI offering at any time. Further, the issuing bank may, at its sole discretion, choose to reject or change the EMI tenure (on the basis of customer history, amount of transactions, etc.) or withdraw the EMI scheme completely. For all such cases, customers must follow up with the issuing banks and Urban Ladder will not be responsible for any rejection.

• Urban Ladder shall not be responsible for any disputes arising due to the non-conversion of a transaction into EMIs. Customers will have to inquire about the status of their EMI requests from their issuing banks.

• Every bank has its own threshold value above which, a credit card holder may avail of the EMI facility while ordering furniture from Urban Ladder. The threshold value is decided by each particular bank and is in the range of Rs. 500-6000/-, varying from bank to bank.

• EMI transaction requests, once submitted, cannot be canceled/modified/reversed until the same has been approved/rejected by the issuing banks of the credit card holders.
  
  For example, if an EMI transaction request is submitted on January 1 and is approved/rejected by the issuing back on January 7, the request cannot be canceled/modified/reversed before January 7. Only after approval/rejection by the issuing bank, can customers cancel the transaction. In the event of a cancellation, Urban Ladder will raise a request with its payment aggregator (PayU), who will then coordinate with issuing bank to initiate a refund. As soon as the refund is approved at the bank’s end, the credit card limit will also be increased. However, do note that cancellation charges will be applicable, which will have to be borne by the customer.

No-Cost EMIs Terms and Conditions

• No cost EMI is applicable only on orders above Rs.20000.
• The only tenure available for no-cost EMI is 3 months.
• For all the existing banks, No cost EMI is not applicable for 6 months & above.
• Cost EMI is applicable to all the existing banks- the minimum amount varies for each bank.
• You understand that on choosing the No-Cost EMI payment option using Credit Card, you will get a discount upfront equal to the interest cost due to the banks making it effectively no interest cost.

• You understand that the No Cost EMI payment option is available on products sold by select sellers only.

• The discount is applicable on opting for ‘No Cost EMI on Credit Card’ is being offered exclusively by the sellers and does not amount to EMI/interest waiver extended by the bank.

• You understand and confirm that you will need to pay applicable EMI and interest on the total value of the order at the time of payment to the banks in accordance with the terms applicable to the credit card.

• The interest cost charged by the bank over time is being given back to you upfront at the time of this purchase and netted off in the invoice amount.

• The discretion to allow the payment lies with the bank issuing the credit card. Urban Ladder will have no obligation or liability in the event the bank refuses to process the transaction for any reason.

• The Bank charges annual interest rates according to the reduced monthly balance. In the monthly reducing cycle, the principal is reduced with every EMI, and the interest is calculated on the outstanding balance.

• You understand that if You fail in timely payment of EMI, there may be additional interests/penalties which may be levied by the bank which may be higher than the discount offered under this scheme.

• In a single transaction, payment through ‘No Cost EMI using Credit Card’ can be made for a cart if the selected tenure & bank are the same for all the items.

• Any returns/cancellations will be as per Urban Ladder’s return/cancellation policy. In case of any kind of return/refund in an EMI transaction, interest already billed in a particular transaction will not be refundable under any circumstances.

• Urban Ladder will not charge a processing fee for availing EMI option. The banks may however charge processing fees or cancellation charges as per the bank's policies. Such charges shall be paid by You and will not be refundable even in the event of return/cancellation of the order.

• You may check with the respective bank/issuer on how a cancellation, refund, or pre-closure could affect the EMI terms, and what interest charges would be levied on you for the same.

• Urban Ladder retains the right to modify or cancel this scheme at its sole discretion.

• You understand that for select products there may be a constraint on the number of transactions per credit card.

• Customers may be charged service tax or other applicable taxes by the bank for these transactions. 

EMIs FAQ

1. What are the annualized interest rates for the different banks? Also, if I buy a product worth Rs 10,000/-, how much will the EMIs amount to?

         The annualized rates for different banks are as follows:

Example EMIs: If you are buying a product worth Rs 10,000/-, the indicative EMIs for the different banks will be as follows:

2. I have been charged the complete amount on my card, while I thought it would be an EMI transaction. What happened?
   
   All transactions will only be converted into EMI transactions in the offline mode. This means that initially, you’ll be charged the full amount, which, later will be converted to an EMI transaction, normally within 5-7 working days. Until then, it would only be a full amount transaction on your credit card. Please contact your card-issuing bank in case 7 working days have elapsed since your transaction and it is yet to be converted to EMIs.

3. I tried contacting my issuing bank but they seem to have no information on the EMI conversion and it’s been 2 days since I made that transaction. Help!
   
   Our payment aggregator (Razorpay) will send the details of the settled transactions for conversion to EMI along with their complete details, normally within 3-4 business days from the date of the transaction to the various card-issuing banks. Once that’s done, the issuing bank(s) can help you with the status of the transaction.

4. It’s been a week but the transaction amount has not been converted into EMIs yet. What do I do?

   Please contact your card-issuing bank in case 7 working days have elapsed and the transaction has not yet been converted to  EMIs. Please note, that Urban Ladder is just a facilitator and has no say in the approval/delay/rejection process in the conversion of the transactions into EMIs. This is done at the sole discretion of the card-issuing bank.

5. My credit card bill is here and it shows that I’ve been charged the complete amount. HELP.

   Please check the transaction date and customer bill generation date. If the period elapsed is more than 7 working days, then you’ll need to speak to the card-issuing bank to determine how much to pay. The bank might choose to convert the EMI at a later date and change the bill payment.

6. Why is sum total of all the EMIs more than the transaction amount?

   The issuing bank charges interest at an annualized rate per EMI transaction. The interest rates are decided by the bank and displayed at the time of completing the transaction.

7. My issuing bank has rejected the EMI conversion. How will the debited amount get adjusted to my account?

   If the issuing bank cancels the EMI conversion, it will be converted into a normal credit card transaction. If you would prefer to cancel the transaction, do let us know. We will raise a request with PayU, who will then coordinate with the issuing bank to help you with the refund.

8. My request for an EMI conversion has been approved by my issuing bank but I’ve changed my mind now. What do I do?

   At your request, we will raise the issue with Razorpay, who will then coordinate with the issuing bank to help you get your refund. Once your bank approves the refund, you will see it reflected in your credit card limit.

9. I’ve paid a few EMIs on my purchase. But I’ve changed my mind now and would like to cancel my complete order. Help me?

   We will only be able to cancel your order if we receive the full refund and cancellation request within 45 days of your transaction. The original loan booking amount will be debited in full and get adjusted against the full refund credit. The interest debits done earlier will be credited and no foreclosure charges will be applicable. However, you might need to follow up with the bank to ensure that the EMI transaction is canceled and no more EMIs are debited.

10. I’ve paid a few monthly installments on my purchase. However, I’m in two minds about one of the items I ordered. Could I cancel a part of my order?
    
    Yes, you may. The refund amount will reflect as a credit on the card without affecting the EMI booking. No re-amortization or foreclosure happens systemically; however, if you opt for foreclosure, charges will be applicable, i.e., 3% of the outstanding balance plus taxes. And do note that the interest already billed will not be reversed under any circumstances.

11. I’m yet to pay any EMIs on my order and would like to cancel the complete transaction. Can I?
    
    Yes, you can, if we receive the full refund and cancellation request within 45 days of your transaction. We will debit the original loan booking amount in its entirety, to be adjusted against a full refund credit. If the EMI booking is canceled, you don’t have to worry about the loan amount or any cancellation charges. However, if this cancellation request is placed after 45 days, you will be billed for the EMIs.

12. I’ve paid zero EMIs at the moment. However, I want to cancel one of the items I had ordered. Help me cancel only a part of my order. And what happens to my loan?
    
    Sure, we can help. Be rest assured that your refund will reflect as a credit on your card without affecting the entire EMI booking and that no re-amortization or foreclosure will happen systemically.