Terms and Conditions of Credit Card No Cost EMI
The following terms and conditions apply to no-cost equated monthly installment (“EMI“) transactions made using an eligible credit card issued by any bank and using EMI facility as a payment option (“No Cost EMI“)
- The No-Cost EMI facility is being offered to the customers who make a purchase transaction on “medikart.co.in” or the mobile application/ mobile site thereof (collectively, ” medikart.co.in” “) using an eligible credit card issued by any bank using EMI facility; if available on medikart.co.in”
- The No-Cost EMI facility is funded by sellers and is made available on select products, as determined from time to time by the seller.
- The No-Cost EMI payment option can be availed using the credit card of any bank on medikart.co.in” and is not available on purchases made using net banking or pay on delivery payment methods.
- Using the No Cost EMI payment option, the customers who undertake the purchase transactions on medikart.co.in”, will only pay amounts such that the total of these amounts during the EMI tenure is equal to the list price of the products as displayed on medikart.co.in” (at the time of making the purchase transactions). The seller will provide amounts equivalent to the interest imposed by the banks to undertake the purchase transactions on EMI.
- The banks issuing the credit cards reserve the right to charge Goods and Services Tax (GST) or other applicable taxes on the purchase transactions undertaken on EMI which will be over and above the product price.
- Customers can add more than one item to their cart and if all the products are eligible for No Cost EMI, such customer will receive No Cost EMI payment option on all items. No Cost EMI discount will be calculated only on the eligible items in the cart.
- Customers may avail of the No Cost EMI facility, provided that:
- the order is not canceled by the customer or the seller or medikart.co.in”; or
- the product is not returned/exchanged by the customer.
- For any bank credit card EMI for the first EMI, the interest will be calculated from the loan booking date till the payment due date. Further, the bank charges a processing fee of Rs. 199 + GST, for every EMI or No cost EMI transaction which will be billed in the first repayment instalment.
- The EMI facility is made available to the customers by and in the sole discretion of the banks issuing the credit cards. medikart.co.in” will not be liable for any claims on account of availability or non-availability of EMI facility.
- medikart.co.in” reserves the right to stop No Cost EMI payment option at any time without prior notice and without any liability
Seller ( medikart.co.in ), would bear the cost of No Cost EMI. It will be given as an upfront discount on the product cost to the end consumer. The discount percentage will vary by the bank and period of EMI.
No-Cost EMI is available on credit cards from all major banks such as Kotak Bank, HDFC Bank, Axis Bank, Indusind Bank, RBL Bank, ICICI Bank, Standard Chartered Bank, YesBank, and American Express.
Yes, the customers’ banks will continue to charge them interest. However, this interest charge has been provided to the customer as an upfront discount at the time of purchase, effectively giving them the benefit of a No-Cost EMI.