 |
|
|
| Dial/Click an EMI booked on or after 1st August 2023 |
|
| General Terms and Conditions |
|
| In these Terms and Conditions, the following terms shall have the following meanings: |
|
| • |
"24-Hour Helpline” shall mean the AxisPhone helpline, available 24/7. |
|
| • |
"Bank” shall mean Axis Bank. |
|
| • |
“Credit Card” shall mean an unexpired Citi branded Credit Card issued in India. |
|
| • |
"Cardmember" shall mean the holder of a Credit Card. |
|
| • |
“Dial/Click an EMI” shall mean a product wherein purchase(s) above Rs 2500 are converted before the payment due date; into equal installments at a rate as communicated at the time of availing the product via phone or the Citi website. |
|
| • |
“Initial Interest” shall mean the interest on the loan amount from the date of loan booking to the immediate card statement billing date |
|
| • |
“Loan Tenure” shall mean the period for which loan amount is availed for and shall not include the days for which the initial interest amount will be billed |
|
| • |
“EMI” shall mean Equated Monthly Installments calculated based on the loan amount, interest rate and tenure. This will include both principal and interest components and the number of such EMIs will be equal to Loan Tenure. |
|
| Illustrative example for Loan Tenure: |
|
| For an EMI conversion done on 10th March for a tenure of 12 months, with immediate billing date falling on 25th March, “Initial interest” shall be levied for 15 days and “Loan Tenure” shall commence post 25th March, for a period of 12 months excluding the initial interest period. |
|
| The present Terms and Conditions are to be read in conjunction with, and not in derogation of, the detailed Cardmember Terms and Conditions and nothing contained herein shall prejudice or affect the terms and conditions of the detailed Cardmember Terms and Conditions. |
|
| Unless otherwise specified, the words and expressions used herein shall have the same meaning as in the detailed Cardmember Terms and Conditions. |
|
| Billing and repayment |
|
| For Dial/Click – an EMI, the purchase amount will be reversed /credited to your Credit Card upon settlement & successful transaction conversion. The initial interest amount shall be billed on the immediate billing date of the Credit Card that falls post the date of transaction conversion into EMI facility under this Program. |
|
| The initial interest amount for the immediate billing date and EMI amount in subsequent billing date shall be included as a part of the minimum amount due appearing in the Cardmember’s monthly Credit Card Statement. If the minimum amount due is unpaid, Charges shall be levied on such outstanding (including but not limited to the initial interest amount or EMI as above), as communicated in the Credit Card Most Important Terms & Conditions (MITC). |
|
| The Credit Limit on the Credit Card shall be blocked to the extent of the purchase transaction amount. The Credit Limit will be released as and when the EMI is billed and paid for in subsequent months. |
|
| A maximum of ten concurrent transactions are permitted to be converted into Click/ Dial-an-EMI, on each Primary Credit Card, at any point of time. |
|
| Interest Calculation Methodology on EMI products |
|
| Interest rates as communicated at the time of availing of the product(s) shall be levied/ applicable. |
| The initial interest amount shall be computed from the conversion date to the immediate billing date for the Credit Card. For all installments billed subsequently, the interest shall be computed on monthly rests and the installments shall be debited to the Credit Card on the date of each monthly bill. |
| The initial interest amount shall be computed on the loan amount and the interest component of the Equated Monthly Installment (EMI) is calculated only on the unpaid balance of your loan as illustrated below: |
|
| Calculation of Initial Interest Amount: |
|
Loan Amount x ROI% x (number of days applicable/365 or 366 days)
Where 'number of days applicable' will be actual days from the loan booking/conversion date to the first billing date of the Credit Card for the initial interest amount |
| [ROI = Rate of Interest as communicated at the time of availing of the product] |
| As a result of the computation above, it is possible that the initial interest may be different from that communicated to you at the time of loan booking, depending on the loan activation date. |
|
| Illustrative example for computation of Initial interest amount: |
|
| For loan amount of Rs 1,00,000 with date of conversion as 1st March at a rate of interest of 24% against a tenure of 24 months, with first billing date falling on 25th March, |
| Initial interest amount will be =1,00,000 *24%*24/365 = Rs 1578 |
| This will be billed as part of the Minimum amount due in the statement dated 25th March |
|
| Calculation of Interest component of EMI: |
|
| Outstanding Loan Principal * ROI% * 1/12 |
| [ROI = Rate of Interest as communicated at the time of availing of the product] |
| Citi reserves the right to modify all interest from time to time, at its sole discretion with prior notice or in the event of any changes in the interest rate made by the Reserve Bank of India |
|
| Other Charges |
|
| A one-time transaction fee as mentioned below shall be charged for every Dial/Click an EMI product facility. This amount shall be billed to the monthly card statement on the date when the Dial/Click an EMI product is deemed to be availed as mentioned herein above and will be included as a part of the minimum amount due in the month of initial interest amount billing. |
|
| The transaction fee shall be 2.5% of the converted purchase amount or Rs 200 (whichever is higher). |
|
| Finance Charges on Card balances |
|
|
We will charge the interest rate and /or fees as disclosed at the date of availing the installment loan which shall be applicable during its entire term and no additional fees and interest will be charged for this Installment loan, ONLY if you pay in full the Total Amount Due of your Statement of Account by the Payment Due Date every month until you have paid all installments. However, if you pay (or had paid) an amount that is:
a) equal to or greater than the Minimum Amount Due but less than the Total Amount Due indicated in your current (or previous) Statement of Account, the billed Monthly Initial Interest or Installment Due, as applicable in your current Statement of Account will be subject to the prevailing monthly retail Interest charge from Statement Date to one day before payment date. Interest will be compounded on a monthly basis.
b) less than the Minimum Amount Due as reflected in your current (or previous) monthly Statement of Account, the Monthly Installment Due will be subject to the prevailing monthly retail interest charge from Statement Date to one day before payment date and additionally any unpaid portion of the Monthly Installment Due will also be subject to the prevailing monthly retail interest charge from the payment date to the next statement date. Usual Late Charges will also apply, and your credit records will reflect payment delinquency. The above is subject to the terms of Cardmember Agreement governing your Credit Card account, which currently is 3.75% per month (i.e. 45% annualized). The prevailing interest rate is available at www.citibank/
Illustrative Example for Revolver Interest Calculation:
Assuming, that a Card Member has paid only partially for the February outstanding, and the statement is generated on 17th March for ₹4500 (including interest from the date of transaction). Card Member makes a payment of ₹3000 on 25th March, and a purchase for ₹1000 on 30th March. No further payment is made on the card till 17th April (i.e. next statement date). Assuming an interest rate of 45.00% per annum on the Card, interest will be levied as follows:
| Statement Date
| 17-03-2021
|
| Payment Due Date |
09-04-2021 |
| Billed Installments (INR) |
2,000.00 |
| Principal Portion (INR) |
1,100.00 |
| Interest Portion (INR) |
900.00 |
| Other Balances (including interest and taxes) |
2,500.00 |
| Total Amount Due (INR) |
4,500.00 |
| Minimum Amount Due (INR) |
2,125.00 |
| Payment made on Mar 25 (INR) |
3,000.00 |
| Transaction on Mar 30th |
1,000.00 |
| APR rate as set out in the Statement of Account (per annum) |
45.00% |
| [A] Interest charged for period 18th Mar – 24th Mar (7 days) on INR 4500 |
38.84 |
| [B] Interest charged for period 25th Mar – 29th Mar (5 days) on INR 1500 |
9.25 |
| [C] Interest charged for period 30th Mar – 17th Apr (19 days) on INR 2500 |
58.56 |
| Total interest charged in Apr 17 Statement (INR) |
106.64 |
| [A] + [B] +[C] |
|
|
|
| Loan Pre-payment process and related charges |
|
| The Dial/Click an EMI product can be pre-closed by calling the 24-Hour Helpline.. Any payment made into the Credit Card account over and above the initial interest amount or EMI shall not be deemed to be payment towards the amount availed under Dial/Click an EMI and shall not be deemed as closure of the said facility. In the event of a transaction being partially or fully cancelled/disputed, the EMI facility availed on it will continue, unless a pre-closure request is made by the customer. |
|
| Any pre-closure of Dial/Click an EMI shall attract Prepayment charges at the rate of 3% on the outstanding principal amount. The Bank reserves the right to revise the prepayment charges at its discretion, with prior notice via email/letter and such revised charges shall be binding on the Cardmember. |
|
| Once the Dial/Click an EMI is pre-closed, for any reason, all outstanding including but not limited to the principal outstanding, pre-closure charge and the interest on the loan for the actual number of days till closure ( i.e. from the last billing date till the date of closure) shall be debited to the Credit Card. As a part of the Credit Card account, this balance will now attract all the charges including finance charges at the Credit Card rate of interest which currently is 3.75% per month (i.e. 45% annualized). The applicable interest rate shall be mentioned in the monthly statement. |
|
| Loan Pre-closure due to non-payment |
|
| Once the Dial/Click an EMI is pre-closed, for any reason, all outstanding including but not limited to the principal outstanding, pre-closure charge and the interest on the loan for the actual number of days till closure ( i.e. from the last billing date till the date of closure) shall be debited to the Credit Card. As a part of the Credit Card account, this balance will now attract all the charges including finance charges at the Credit Card rate of interest which currently is 3.75% per month (i.e. 45% annualized). The applicable interest rate shall be mentioned in the monthly statement. |
|
| Loans on credit cards blocked/ closed by the bank |
|
| In the event the Credit Card is blocked or closed prior to the completion of loan tenure, loan initial interest amount and/or EMI(s) will still continue to be billed in the monthly statement and shall be included as a part of the minimum amount due. However, in the event the Credit Card remains past due for more than 180 days, the Dial/Click an EMI shall be pre-closed as stated in the paragraph above on “Loan Pre-closure due to non-payment”. |
|
| Other Terms and Conditions |
|
| Credit Card transactions converted to EMI via any Bank channel or Merchant will not be eligible for reward points. |
|
| Final approval of Dial/Click an EMI product facility shall be at the sole discretion of the Bank and is subject to the performance on the Credit Card. |
|
| Goods and Services Tax (GST) as notified by the Government of India, is applicable on the initial interest amount, interest component of the EMI, all fees and other charges and is subject to change as per relevant regulations of the Government of India. |
|
| Per extant Reserve Bank of India (RBI) guideline, no advances should be granted by banks for purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold Exchange Traded Funds (ETF) and units of gold Mutual Funds. Accordingly, conversion of such transaction into an Equated Monthly Installment (EMI) scheme is prohibited. |
|
| The Bank may tie up with credit bureaus authorized by RBI and will share credit information including but not limited to installment loans taken on Credit Card. Loans taken over and above the credit line will be included in the representation of credit limit as part of bureau reporting on a monthly basis. |
|
| Please see below illustrative example of Special Mention Account (SMA)/ Non Performing Asset (NPA) classification methodology |
| Illustrative example |
| If due date of a Credit Card account is March 31, 2021, and full dues are not received before the Bank runs the day-end process for this date, the date of overdue shall be March 31, 2021. If it continues to remain overdue, then this card account shall get tagged as SMA-1 upon running day-end process on April 30, 2021 i.e. upon completion of 30 days of being continuously overdue. Accordingly, the date of SMA-1 classification for that card account shall be April 30, 2021. |
| Similarly, if the card account continues to remain overdue, it shall get tagged as SMA-2 upon running day-end process on May 30, 2021 and if continues to remain overdue further, it shall get classified as NPA upon running day-end process on June 29, 2021. |
| Due Date: March 31, 2021 |
| Overdue Days |
Date of Classification |
Classification Status* |
| NA |
March 30, 2021 |
Standard |
| 1 |
March 31, 2021 |
SMA 0 |
| 31 |
Apr 30, 2021 |
SMA 1 |
| 61 |
May 30, 2021 |
SMA 2 |
| 91 |
June 29, 2021 |
NPA |
|
| *Classification status tracking will depend on the type of facility being extended, for e.g. SMA 0 classification is not applicable for revolving facilities, and will be tracked for SMA 1 onwards. |
| Nothing contained herein should be construed as an obligation on the Bank to offer the above-mentioned products. |
|
| The Bank reserves the right at any time, with previous notice, to add, alter, modify, change or vary all or any of these terms and conditions or to replace wholly. |
|
All Information in this communication is correct at the time of printing/publishing
(Version: GCG/Cards/Dial-Click an EMI T&Cs/11-22) |
|
|
|
|
| Dial/Click an EMI booked between 13th January 2021 to 31st July 2023 |
|
| General Terms and Conditions |
|
| In these Terms and Conditions, the following terms shall have the following meanings: |
|
| • |
"24-Hour Helpline” shall mean the AxisPhone helpline, available 24/7. |
|
| • |
"Bank” shall mean Axis Bank. |
|
| • |
"Credit Card" shall mean an unexpired credit card issued by Citibank India/Diners India. |
|
| • |
"Cardmember" shall mean the holder of a Credit Card. |
|
| • |
"Dial/Click an EMI" shall mean a product wherein purchase(s) above Rs 2500 are converted before the payment due date; into equal installments at a rate as communicated at the time of availing the product via phone or Citi website. |
|
| • |
"Initial Interest” shall mean the interest on the loan amount from the date of loan booking to the immediate card statement billing date |
|
| • |
"Loan Tenure” shall mean the period for which loan amount is availed for and shall not include the days for which the initial interest amount will be billed |
|
| • |
"EMI” shall mean Equated Monthly Installments calculated based on the loan amount, interest rate and tenure. This will include both principal and interest components and the number of such EMIs will be equal to Loan Tenure. |
|
| Illustrative example for Loan Tenure: |
|
| For an EMI conversion done on 10th March for a tenure of 12 months, with immediate billing date falling on 25th March, “Initial interest” shall be levied for 15 days and “Loan Tenure” shall commence post 25th March, for a period of 12 months excluding the initial interest period. |
|
| The present Terms and Conditions are to be read in conjunction with, and not in derogation of, the detailed Citi Cardmember Terms and Conditions and nothing contained herein shall prejudice or affect the terms and conditions of the detailed Citi Cardmember Terms and Conditions. |
|
| Unless otherwise specified, the words and expressions used herein shall have the same meaning as in the detailed Citi Cardmember Terms and Conditions. |
|
| Billing and repayment |
|
| For Dial/Click - an EMI, the purchase amount will be reversed /credited to your credit card upon settlement & successful transaction conversion. The initial interest amount shall be billed on the immediate billing date of the credit card that falls post the date of transaction conversion into EMI facility under this Program. |
|
| The initial interest amount for the immediate billing date and EMI amount in subsequent billing date shall be included as a part of the minimum amount due appearing in the Cardmember's monthly Credit Card Statement. If the minimum amount due is unpaid, Charges shall be levied on such outstanding (including but not limited to the initial interest amount or EMI as above), as communicated in the Credit Card Most Important Terms & Conditions (MITC). |
|
| The Credit Limit on the Credit Card shall be blocked to the extent of the purchase transaction amount. The Credit Limit will be released as and when the EMI is billed and paid for in subsequent months. |
|
| A maximum of ten concurrent transactions are permitted to be converted into Click/ Dial-an-EMI, on each Primary Credit Card, at any point of time. |
|
| Interest Calculation Methodology on EMI products |
|
| Interest rates as communicated at the time of availing of the product(s) shall be levied/ applicable. |
| The initial interest amount shall be computed from the conversion date to the immediate billing date for the Credit Card. For all installments billed subsequently, the interest shall be computed on monthly rests and the installments shall be debited to the Credit Card on the date of each monthly bill. |
| The initial interest amount shall be computed on the loan amount and the interest component of the Equated Monthly Installment (EMI) is calculated only on the unpaid balance of your loan as illustrated below: |
|
| Calculation of Initial Interest Amount: |
|
Loan Amount x ROI% x (number of days applicable/365 or 366 days)
Where ‘number of days applicable’ will be actual days from the loan booking/conversion date to the first billing date of the Credit Card for the initial interest amount |
| [ROI = Rate of Interest as communicated at the time of availing of the product] |
| As a result of the computation above, it is possible that the initial interest may be different from that communicated to you at the time of loan booking, depending on the loan activation date. |
|
| Illustrative example for computation of Initial interest amount: |
|
| For loan amount of Rs 1,00,000 with date of conversion as 1st March at a rate of interest of 24% against a tenure of 24 months, with first billing date falling on 25th March, |
| Initial interest amount will be =1,00,000 *24%*24/365 = Rs 1578 |
| This will be billed as part of the Minimum amount due in the statement dated 25th March |
|
| Calculation of Interest component of EMI: |
|
| Outstanding Loan Principal * ROI% * 1/12 |
| [ROI = Rate of Interest as communicated at the time of availing of the product] |
| The Bank reserves the right to modify all interest from time to time, at its sole discretion with prior notice or in the event of any changes in the interest rate made by the Reserve Bank of India |
|
| Other Charges |
|
| A one-time transaction fee as mentioned below shall be charged for every Dial/Click an EMI product facility. This amount shall be billed to the monthly card statement on the date when the Dial/Click an EMI product is deemed to be availed as mentioned herein above and will be included as a part of the minimum amount due in the month of initial interest amount billing. |
|
| The transaction fee shall be 2.5% of the converted purchase amount or Rs 200 (whichever is higher). |
|
| Finance Charges on Card balances |
|
|
We will charge the interest rate and /or fees as disclosed at the date of availing the installment loan which shall be applicable during its entire term and no additional fees and interest will be charged for this Installment loan, ONLY if you pay in full the Total Amount Due of your Statement of Account by the Payment Due Date every month until you have paid all installments. However, if you pay (or had paid) an amount that is:
a) equal to or greater than the Minimum Amount Due but less than the Total Amount Due indicated in your current (or previous) Statement of Account, the billed Monthly Initial Interest or Installment Due, as applicable in your current Statement of Account will be subject to the prevailing monthly retail Interest charge from Statement Date to one day before payment date. Interest will be compounded on a monthly basis.
b) less than the Minimum Amount Due as reflected in your current (or previous) monthly Statement of Account, the Monthly Installment Due will be subject to the prevailing monthly retail interest charge from Statement Date to one day before payment date and additionally any unpaid portion of the Monthly Installment Due will also be subject to the prevailing monthly retail interest charge from the payment date to the next statement date. Usual Late Charges will also apply, and your credit records will reflect payment delinquency. The above is subject to the terms of Cardmember Agreement governing your Credit Card account, which currently is 3.75% per month (i.e. 45% annualized). The prevailing interest rate is available at www.citibank/
Illustrative Example for Revolver Interest Calculation:
Assuming, that a Card Member has paid only partially for the February outstanding, and the statement is generated on 17th March for ₹4500 (including interest from the date of transaction). Card Member makes a payment of ₹3000 on 25th March, and a purchase for ₹1000 on 30th March. No further payment is made on the card till 17th April (i.e. next statement date). Assuming an interest rate of 45.00% per annum on the Card, interest will be levied as follows:
| Statement Date
| 17-03-2021
|
| Payment Due Date |
09-04-2021 |
| Billed Installments (INR) |
2,000.00 |
| Principal Portion (INR) |
1,100.00 |
| Interest Portion (INR) |
900.00 |
| Other Balances (including interest and taxes) |
2,500.00 |
| Total Amount Due (INR) |
4,500.00 |
| Minimum Amount Due (INR) |
2,125.00 |
| Payment made on Mar 25 (INR) |
3,000.00 |
| Transaction on Mar 30th |
1,000.00 |
| APR rate as set out in the Statement of Account (per annum) |
45.00% |
| [A] Interest charged for period 18th Mar – 24th Mar (7 days) on INR 4500 |
38.84 |
| [B] Interest charged for period 25th Mar – 29th Mar (5 days) on INR 1500 |
9.25 |
| [C] Interest charged for period 30th Mar – 17th Apr (19 days) on INR 2500 |
58.56 |
| Total interest charged in Apr 17 Statement (INR) |
106.64 |
| [A] + [B] +[C] |
|
|
|
| Loan Pre-payment process and related charges |
|
| The Dial/Click an EMI product can be pre-closed by calling the 24-Hour Helpline. Any payment made into the Credit Card account over and above the initial interest amount or EMI shall not be deemed to be payment towards the amount availed under Dial/Click an EMI and shall not be deemed as closure of the said facility. In the event of a transaction being partially or fully cancelled/disputed, the EMI facility availed on it will continue, unless a pre-closure request is made by the customer. |
|
| Any pre-closure of Dial/Click an EMI shall attract Prepayment charges at the rate of 3% on the outstanding principal amount. The Bank reserves the right to revise the prepayment charges at its discretion, with prior notice via email/letter and such revised charges shall be binding on the Cardmember. |
|
| Once the Dial/Click an EMI is pre-closed, for any reason, all outstanding including but not limited to the principal outstanding, pre-closure charge and the interest on the loan for the actual number of days till closure ( i.e. from the last billing date till the date of closure) shall be debited to the Credit Card. As a part of the Credit Card account, this balance will now attract all the charges including finance charges at the Credit Card rate of interest which currently is 3.75% per month (i.e. 45% annualized). The applicable interest rate shall be mentioned in the monthly statement. |
|
| Loan Pre-closure due to non-payment |
|
| In the event the Credit Card remains past due for more than 180 days (due to non-payment of minimum amount dues), the Dial/Click an EMI shall be pre-closed. Following this, the principal outstanding and the interest on the loan for the days from the last EMI billing till closure, shall be debited to the Credit Card account and appear in the monthly statement. The Bank shall be entitled to demand immediate repayment of such outstanding amounts. |
|
| Loans on credit cards blocked/ closed by the bank |
|
| In the event the Credit Card is blocked or closed prior to the completion of loan tenure, loan initial interest amount and/or EMI(s) will still continue to be billed in the monthly statement and shall be included as a part of the minimum amount due. However, in the event the Credit Card remains past due for more than 180 days, the Dial/Click an EMI shall be pre-closed as stated in the paragraph above on “Loan Pre-closure due to non-payment”. |
|
| Other Terms and Conditions |
|
| Billed initial interest amount and EMI payments shall not earn any Reward Points. |
|
| Final approval of Dial/Click an EMI product facility shall be at the sole discretion of the Bank and is subject to the performance on the Credit Card. |
|
| Goods and Services Tax (GST) as notified by the Government of India, is applicable on the initial interest amount, interest component of the EMI, all fees and other charges and is subject to change as per relevant regulations of the Government of India. |
|
| Per extant Reserve Bank of India (RBI) guideline, no advances should be granted by banks for purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold Exchange Traded Funds (ETF) and units of gold Mutual Funds. Accordingly, conversion of such transaction into an Equated Monthly Installment (EMI) scheme is prohibited. |
|
| The Bank may tie up with credit bureaus authorized by RBI and will share credit information including but not limited to installment loans taken on Credit Card. Loans taken over and above the credit line will be included in the representation of credit limit as part of bureau reporting on a monthly basis. |
|
| Please see below illustrative example of Special Mention Account (SMA)/ Non-Performing Asset (NPA) classification methodology |
| Illustrative example |
| If due date of a Credit Card account is March 31, 2021, and full dues are not received before the Bank runs the day-end process for this date, the date of overdue shall be March 31, 2021. If it continues to remain overdue, then this card account shall get tagged as SMA-1 upon running day-end process on April 30, 2021 i.e. upon completion of 30 days of being continuously overdue. Accordingly, the date of SMA-1 classification for that card account shall be April 30, 2021. |
| Similarly, if the card account continues to remain overdue, it shall get tagged as SMA-2 upon running day-end process on May 30, 2021 and if continues to remain overdue further, it shall get classified as NPA upon running day-end process on June 29, 2021. |
| Due Date: March 31, 2021 |
| Overdue Days |
Date of Classification |
Classification Status* |
| NA |
March 30, 2021 |
Standard |
| 1 |
March 31, 2021 |
SMA 0 |
| 31 |
Apr 30, 2021 |
SMA 1 |
| 61 |
May 30, 2021 |
SMA 2 |
| 91 |
June 29, 2021 |
NPA |
|
| *Classification status tracking will depend on the type of facility being extended, for e.g. SMA 0 classification is not applicable for revolving facilities, and will be tracked for SMA 1 onwards. |
| Nothing contained herein should be construed as an obligation on the Bank to offer the above-mentioned products. |
|
| The Bank reserves the right at any time, with previous notice, to add, alter, modify, change or vary all or any of these terms and conditions or to replace wholly. |
|
All Information in this communication is correct at the time of printing/publishing
(Version: GCG/Cards/Dial-Click an EMI T&Cs/11-22) |
|
|
|
|
| Dial/Click an EMI booked between 06th August 2018 and 12th January 2021 |
|
| General Terms and Conditions |
|
| In these Terms and Conditions, the following terms shall have the following meanings: |
|
| • |
"24-Hour Helpline” shall mean the AxisPhone helpline, available 24/7. |
|
| • |
"Bank” shall mean Axis Bank. |
|
| • |
"Credit Card" shall mean an unexpired Citi branded Credit Card issued in India. |
|
| • |
"Cardmember" shall mean the holder of a Credit Card. |
|
| • |
"Dial/Click an EMI" shall mean a product wherein purchase(s) above Rs 2500 are converted before the payment due date; into equal installments at a rate as communicated at the time of availing the product via phone or the Citi website. |
|
| • |
"Initial Interest” shall mean the interest on the loan amount from the date of loan booking to the immediate card statement billing date |
|
| • |
"Loan Tenure” shall mean the period for which loan amount is availed for and shall not include the days for which the initial interest amount will be billed |
|
| • |
"EMI” shall mean Equated Monthly Installments calculated based on the loan amount, interest rate and tenure. This will include both principal and interest components and the number of such EMIs will be equal to Loan Tenure. |
|
| Illustrative example for Loan Tenure: |
|
| For an EMI conversion done on 10th March for a tenure of 12 months, with immediate billing date falling on 25th March, “Initial interest” shall be levied for 15 days and “Loan Tenure” shall commence post 25th March, for a period of 12 months excluding the initial interest period. |
|
| The present Terms and Conditions are to be read in conjunction with, and not in derogation of, the detailed Cardmember Terms and Conditions and nothing contained herein shall prejudice or affect the terms and conditions of the detailed Cardmember Terms and Conditions. |
|
| Unless otherwise specified, the words and expressions used herein shall have the same meaning as in the detailed Cardmember Terms and Conditions. |
|
| Billing and repayment |
|
| For Dial/Click - an EMI, the purchase amount will be reversed /credited to your Credit Card upon settlement & successful transaction conversion. The initial interest amount shall be billed on the immediate billing date of the Credit Card that falls post the date of transaction conversion into EMI facility under this Program. |
|
| The initial interest amount for the immediate billing date and EMI amount in subsequent billing date shall be included as a part of the minimum amount due appearing in the Cardmember's monthly Credit Card Statement. If the minimum amount due is unpaid, Charges shall be levied on such outstanding (including but not limited to the initial interest amount or EMI as above), as communicated in the Credit Card Most Important Terms & Conditions (MITC). |
|
| The Credit Limit on the Credit Card shall be blocked to the extent of the purchase transaction amount. The Credit Limit will be released as and when the EMI is billed and paid for in subsequent months. |
|
| A maximum of ten concurrent transactions are permitted to be converted into Click/ Dial-an-EMI, on each Primary Credit Card, at any point of time. |
|
| Interest Calculation Methodology on EMI products |
|
| Interest rates as communicated at the time of availing of the product(s) shall be levied/ applicable. |
| The initial interest amount shall be computed from the conversion date to the immediate billing date for the Credit Card. For all installments billed subsequently, the interest shall be computed on monthly rests and the installments shall be debited to the Credit Card on the date of each monthly bill. |
| The initial interest amount shall be computed on the loan amount and the interest component of the Equated Monthly Installment (EMI) is calculated only on the unpaid balance of your loan as illustrated below: |
|
| Calculation of Initial Interest Amount: |
|
Loan Amount x ROI% x (number of days applicable/360days)
Where 'number of days applicable' will be actual days from the loan booking/conversion date to the first billing date of the Credit Card for the initial interest amount |
| [ROI = Rate of Interest as communicated at the time of availing of the product] |
| As a result of the computation above, it is possible that the initial interest may be different from that communicated to you at the time of loan booking, depending on the loan activation date. |
|
| Illustrative example for computation of Initial interest amount: |
|
| For loan amount of Rs 1,00,000 with date of conversion as 1st March at a rate of interest of 24% against a tenure of 24 months, with first billing date falling on 25th March, |
| Initial interest amount will be =1,00,000 *24%*24/360 = Rs 1600 |
| This will be billed as part of the Minimum amount due in the statement dated 25th March |
|
| Calculation of Interest component of EMI: |
|
| Outstanding Loan Principal x ROI% x (constant for 30 days / 360 days) |
| [ROI = Rate of Interest as communicated at the time of availing of the product] |
| The Bank reserves the right to modify all interest from time to time, at its sole discretion with prior notice or in the event of any changes in the interest rate made by the Reserve Bank of India |
|
| Other Charges |
|
| A one-time transaction fee as mentioned below shall be charged for every Dial/Click an EMI product facility. This amount shall be billed to the monthly card statement on the date when the Dial/Click an EMI product is deemed to be availed as mentioned herein above and will be included as a part of the minimum amount due in the month of initial interest amount billing. |
|
| The transaction fee shall be 2.5% of the converted purchase amount or Rs 200 (whichever is higher). |
|
| Finance Charges on Card balances |
|
|
We will charge the interest rate and /or fees as disclosed at the date of availing the installment loan which shall be applicable during its entire term and no additional fees and interest will be charged for this Installment loan, ONLY if you pay in full the Total Amount Due of your Statement of Account by the Payment Due Date every month until you have paid all installments. However, if you pay (or had paid) an amount that is:
a) equal to or greater than the Minimum Amount Due but less than the Total Amount Due indicated in your current (or previous) Statement of Account, the billed Monthly Initial Interest or Installment Due, as applicable in your current Statement of Account will be subject to the prevailing monthly retail Interest charge from Statement Date to one day before payment date. Interest will be compounded on a monthly basis.
b) less than the Minimum Amount Due as reflected in your current (or previous) monthly Statement of Account, the Monthly Installment Due will be subject to the prevailing monthly retail interest charge from Statement Date to one day before payment date and additionally any unpaid portion of the Monthly Installment Due will also be subject to the prevailing monthly retail interest charge from the payment date to the next statement date. Usual Late Charges will also apply, and your credit records will reflect payment delinquency. The above is subject to the terms of Cardmember Agreement governing your Credit Card account, which currently is 3.75% per month (i.e. 45% annualized). The prevailing interest rate is available at www.citibank/
Illustrative Example for Revolver Interest Calculation:
Assuming, that a Card Member has paid only partially for the February outstanding, and the statement is generated on 17th March for ₹4500 (including interest from the date of transaction). Card Member makes a payment of ₹3000 on 25th March, and a purchase for ₹1000 on 30th March. No further payment is made on the card till 17th April (i.e. next statement date). Assuming an interest rate of 45.00% per annum on the Card, interest will be levied as follows:
| Statement Date
| 17-03-2021
|
| Payment Due Date |
09-04-2021 |
| Billed Installments (INR) |
2,000.00 |
| Principal Portion (INR) |
1,100.00 |
| Interest Portion (INR) |
900.00 |
| Other Balances (including interest and taxes) |
2,500.00 |
| Total Amount Due (INR) |
4,500.00 |
| Minimum Amount Due (INR) |
2,125.00 |
| Payment made on Mar 25 (INR) |
3,000.00 |
| Transaction on Mar 30th |
1,000.00 |
| APR rate as set out in the Statement of Account (per annum) |
45.00% |
| [A] Interest charged for period 18th Mar - 24th Mar (7 days) on INR 4500 |
38.84 |
| [B] Interest charged for period 25th Mar - 29th Mar (5 days) on INR 1500 |
9.25 |
| [C] Interest charged for period 30th Mar - 17th Apr (19 days) on INR 2500 |
58.56 |
| Total interest charged in Apr 17 Statement (INR) |
106.64 |
| [A] + [B] +[C] |
|
|
|
| Loan Pre-payment process and related charges |
|
| The Dial/Click an EMI product can be pre-closed by calling the 24-Hour Helpline. Any payment made into the Credit Card account over and above the initial interest amount or EMI shall not be deemed to be payment towards the amount availed under Dial/Click an EMI and shall not be deemed as closure of the said facility. In the event of a transaction being partially or fully cancelled/disputed, the EMI facility availed on it will continue, unless a pre-closure request is made by the customer. |
|
| Any pre-closure of Dial/Click an EMI shall attract Prepayment charges at the rate of 3% on the outstanding principal amount. The Bank reserves the right to revise the prepayment charges at its discretion, with prior notice via email/letter and such revised charges shall be binding on the Cardmember. |
|
| Once the Dial/Click an EMI is pre-closed, for any reason, all outstanding including but not limited to the principal outstanding, pre-closure charge and the interest on the loan for the actual number of days till closure ( i.e. from the last billing date till the date of closure) shall be debited to the Credit Card. As a part of the Credit Card account, this balance will now attract all the charges including finance charges at the Credit Card rate of interest which currently is 3.75% per month (i.e. 45% annualized). The applicable interest rate shall be mentioned in the monthly statement. |
|
| Loan Pre-closure due to non-payment |
|
| In the event the Credit Card remains past due for more than 180 days (due to non-payment of minimum amount dues), the Dial/Click an EMI shall be pre-closed. Following this, the principal outstanding and the interest on the loan for the days from the last EMI billing till closure, shall be debited to the Credit Card account and appear in the monthly statement. The Bank shall be entitled to demand immediate repayment of such outstanding amounts. |
|
| Loans on credit cards blocked/ closed by the bank |
|
| In the event the Credit Card is blocked or closed prior to the completion of loan tenure, loan initial interest amount and/or EMI(s) will still continue to be billed in the monthly statement and shall be included as a part of the minimum amount due. However, in the event the Credit Card remains past due for more than 180 days, the Dial/Click an EMI shall be pre-closed as stated in the paragraph above on “Loan Pre-closure due to non-payment”. |
|
| Other Terms and Conditions |
|
| Billed initial interest amount and EMI payments shall not earn any Reward Points. |
|
| Final approval of Dial/Click an EMI product facility shall be at the sole discretion of the Bank and is subject to the performance on the Credit Card. |
|
| Goods and Services Tax (GST) as notified by the Government of India, is applicable on the initial interest amount, interest component of the EMI, all fees and other charges and is subject to change as per relevant regulations of the Government of India. |
|
| Per extant Reserve Bank of India (RBI) guideline, no advances should be granted by banks for purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold Exchange Traded Funds (ETF) and units of gold Mutual Funds. Accordingly, conversion of such transaction into an Equated Monthly Installment (EMI) scheme is prohibited. |
|
| The Bank may tie up with credit bureaus authorized by RBI and will share credit information including but not limited to installment loans taken on Credit Card. Loans taken over and above the credit line will be included in the representation of credit limit as part of bureau reporting on a monthly basis. |
|
| Please see below illustrative example of Special Mention Account (SMA)/ Non Performing Asset (NPA) classification methodology |
| Illustrative example |
| If due date of a Credit Card account is March 31, 2021, and full dues are not received before the Bank runs the day-end process for this date, the date of overdue shall be March 31, 2021. If it continues to remain overdue, then this card account shall get tagged as SMA-1 upon running day-end process on April 30, 2021 i.e. upon completion of 30 days of being continuously overdue. Accordingly, the date of SMA-1 classification for that card account shall be April 30, 2021. |
| Similarly, if the card account continues to remain overdue, it shall get tagged as SMA-2 upon running day-end process on May 30, 2021 and if continues to remain overdue further, it shall get classified as NPA upon running day-end process on June 29, 2021. |
| Due Date: March 31, 2021 |
| Overdue Days |
Date of Classification |
Classification Status* |
| NA |
March 30, 2021 |
Standard |
| 1 |
March 31, 2021 |
SMA 0 |
| 31 |
Apr 30, 2021 |
SMA 1 |
| 61 |
May 30, 2021 |
SMA 2 |
| 91 |
June 29, 2021 |
NPA |
|
| *Classification status tracking will depend on the type of facility being extended, for e.g. SMA 0 classification is not applicable for revolving facilities, and will be tracked for SMA 1 onwards. |
| Nothing contained herein should be construed as an obligation on the Bank to offer the above-mentioned products. |
|
| The Bank reserves the right at any time, with previous notice, to add, alter, modify, change or vary all or any of these terms and conditions or to replace wholly. |
|
All Information in this communication is correct at the time of printing/publishing
(Version: GCG/Cards/Dial-Click an EMI T&Cs/11-22) |
|
|
|
|
| Dial/Click an EMI booked before 6th August 2018 |
|
| General Terms and Conditions |
|
| In these Terms and Conditions, the following terms shall have the following meanings: |
|
| • |
"24-Hour Helpline” shall mean the AxisPhone helpline, available 24/7. |
|
| • |
"Bank” shall mean Axis Bank. |
|
| • |
"Credit Card" shall mean an unexpired Citi branded Credit Card issued in India. |
|
| • |
“Cardmember” shall mean the holder of a Credit Card. |
|
| • |
“Dial/Click an EMI” shall mean a product wherein purchase(s) above Rs 2500 are converted before the payment due date; into equal installments at a rate as communicated at the time of availing the product via phone or the Citi website. |
|
| The present Terms and Conditions are to be read in conjunction with, and not in derogation of, the detailed Cardmember Terms and Conditions and nothing contained herein shall prejudice or affect the terms and conditions of the detailed Cardmember Terms and Conditions. |
|
| Unless otherwise specified, the words and expressions used herein shall have the same meaning as in the detailed Cardmember Terms and Conditions. |
|
| Billing and repayment |
|
| For Dial/Click - an EMI, the purchase amount will be reversed /credited to your Credit Card on the transaction conversion date and the EMI shall be billed on the subsequent billing date for the Credit Card that falls post the date of purchase conversion into EMI facility under this Program. |
|
| The EMI amount shall be included as a part of the minimum amount due appearing in the Cardmember's monthly Credit Card Statement. If the minimum amount due is unpaid, Charges shall be levied on such outstanding (including but not limited to the EMI as above), as communicated in the Credit Card Most Important Terms & Conditions (MITC). |
|
| The Credit Limit on the Credit Card shall be blocked to the extent of the purchase transaction amount. The Credit Limit will be released as and when the EMI is billed and paid for in subsequent months. |
|
| A maximum of ten concurrent transactions are permitted to be converted into Click/ Dial-an-EMI, on each Primary Credit Card, at any point of time. |
|
| Interest Calculation Methodology on EMI products |
|
| Interest rates as communicated at the time of availing of the product(s) shall be levied/ applicable. |
| The interest component for the first installment shall be computed from the conversion date to the first billing date for the Credit Card. For all subsequent installments, the interest shall be computed on monthly rests and the installment shall be debited to the Credit Card on the date of each monthly bill. |
| The interest component of the Equated Monthly Installment (EMI) is calculated only on the unpaid balance of your loan as illustrated below: |
Interest Calculation : Outstanding Loan Principle x ROI% x (number of days applicable / 360 days), Where 'number of days applicable' will be actual days from the issuance/encashment date to the first billing date of the Credit Card for the first installment and for all subsequent installments, 'number of days applicable' will be kept constant at 30 days.
[ROI = Rate of Interest as communicated at the time of availing of the product] |
| As a result of the computation above, it is possible that the first EMI may be for an amount lesser than the standard EMI amount communicated to you. |
| The Bank reserves the right to modify all interest from time to time, at its sole discretion with prior notice or in the event of any changes in the interest rate made by the Reserve Bank of India |
|
|
| Other Charges |
|
| A one-time transaction fee as mentioned below shall be charged for every Dial/Click an EMI product facility. This amount shall be billed to the monthly card statement on the date when the Dial/Click an EMI product is deemed to be availed as mentioned herein above and will be included as a part of the minimum amount due in the month of first EMI billing. |
|
| The transaction fee shall be 2.5% of the converted purchase amount or Rs 200 (whichever is higher). |
|
|
| Finance Charges on Card balances |
|
|
We will charge the interest rate and /or fees as disclosed at the date of availing the installment loan which shall be applicable during its entire term and no additional fees and interest will be charged for this Installment loan, ONLY if you pay in full the Total Amount Due of your Statement of Account by the Payment Due Date every month until you have paid all installments. However, if you pay (or had paid) an amount that is:
a) equal to or greater than the Minimum Amount Due but less than the Total Amount Due indicated in your current (or previous) Statement of Account, the billed Monthly Initial Interest or Installment Due, as applicable in your current Statement of Account will be subject to the prevailing monthly retail Interest charge from Statement Date to one day before payment date. Interest will be compounded on a monthly basis.
b) less than the Minimum Amount Due as reflected in your current (or previous) monthly Statement of Account, the Monthly Installment Due will be subject to the prevailing monthly retail interest charge from Statement Date to one day before payment date and additionally any unpaid portion of the Monthly Installment Due will also be subject to the prevailing monthly retail interest charge from the payment date to the next statement date. Usual Late Charges will also apply, and your credit records will reflect payment delinquency. The above is subject to the terms of Cardmember Agreement governing your Credit Card account, which currently is 3.75% per month (i.e. 45% annualized). The prevailing interest rate is available at www.citibank/
Illustrative Example for Revolver Interest Calculation:
Assuming, that a Card Member has paid only partially for the February outstanding, and the statement is generated on 17th March for ₹4500 (including interest from the date of transaction). Card Member makes a payment of ₹3000 on 25th March, and a purchase for ₹1000 on 30th March. No further payment is made on the card till 17th April (i.e. next statement date). Assuming an interest rate of 45.00% per annum on the Card, interest will be levied as follows:
| Statement Date
| 17-03-2021
|
| Payment Due Date |
09-04-2021 |
| Billed Installments (INR) |
2,000.00 |
| Principal Portion (INR) |
1,100.00 |
| Interest Portion (INR) |
900.00 |
| Other Balances (including interest and taxes) |
2,500.00 |
| Total Amount Due (INR) |
4,500.00 |
| Minimum Amount Due (INR) |
2,125.00 |
| Payment made on Mar 25 (INR) |
3,000.00 |
| Transaction on Mar 30th |
1,000.00 |
| APR rate as set out in the Statement of Account (per annum) |
45.00% |
| [A] Interest charged for period 18th Mar - 24th Mar (7 days) on INR 4500 |
38.84 |
| [B] Interest charged for period 25th Mar - 29th Mar (5 days) on INR 1500 |
9.25 |
| [C] Interest charged for period 30th Mar - 17th Apr (19 days) on INR 2500 |
58.56 |
| Total interest charged in Apr 17 Statement (INR) |
106.64 |
| [A] + [B] +[C] |
|
|
|
| Loan Pre-payment process and related charges |
|
| The Dial/Click an EMI product can be pre-closed by calling the 24-Hour Helpline Any payment made into the Credit Card account over and above the EMI shall not be deemed to be payment towards the amount availed under Dial/Click an EMI and shall not be deemed as closure of the said facility. In the event of a transaction being partially or fully cancelled/disputed, the EMI facility availed on it will continue, unless a pre-closure request is made by the customer. |
|
| Any preclosure of Dial/Click an EMI shall attract Prepayment charges at the rate of 3% on the outstanding principal amount. The Bank reserves the right to revise the prepayment charges at its discretion, with prior notice via email/letter and such revised charges shall be binding on the Cardmember. |
|
| Once the Dial/Click an EMI is preclosed, for any reason, all outstanding including but not limited to the principal outstanding, preclosure charge and the interest on the loan for the actual number of days till closure ( i.e. from the last billing date till the date of closure) shall be debited to the Credit Card. As a part of the Credit Card account, this balance will now attract all the charges including finance charges at the Credit Card rate of interest which currently is 3.75% per month (i.e. 45% annualized). The applicable interest rate shall be mentioned in the monthly statement. |
|
| Loan Pre-closure due to non-payment |
|
| In the event the Credit Card remains past due for more than 180 days (due to non-payment of minimum amount dues), the Dial/Click an EMI shall be pre-closed. Following this, the principal outstanding and the interest on the loan for the days from the last EMI billing till closure, shall be debited to the Credit Card account and appear in the monthly statement. The Bank shall be entitled to demand immediate repayment of such outstanding amounts. |
|
| Loans on credit cards blocked/ closed by the bank |
|
| In the event the Credit Card is blocked or closed prior to the completion of loan tenure, loan EMI(s) will still continue to be billed in the monthly statement and shall be included as a part of the minimum amount due. However, in the event the Credit Card remains past due for more than 180 days, the Dial/Click an EMI shall be pre-closed as stated in the paragraph above on “Loan Pre-closure due to non-payment”. |
|
| Other Terms and Conditions |
|
| Billed EMI payments shall not earn any Reward Points. |
|
| Final approval of Dial/Click an EMI product facility shall be at the sole discretion of the Bank and is subject to the performance on the Credit Card. |
|
| Goods and Services Tax (GST) as notified by the Government of India, is applicable on the interest component of the EMI, all fees and other charges and is subject to change as per relevant regulations of the Government of India. |
|
| Per extant Reserve Bank of India (RBI) guideline, no advances should be granted by banks for purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold Exchange Traded Funds (ETF) and units of gold Mutual Funds. Accordingly, conversion of such transaction into an Equated Monthly Installment (EMI) scheme is prohibited. |
|
| The Bank may tie up with credit bureaus authorized by RBI and will share credit information including but not limited to installment loans taken on Credit Card. Loans taken over and above the credit line will be included in the representation of credit limit as part of bureau reporting on a monthly basis. |
|
| Please see below illustrative example of Special Mention Account (SMA)/ Non Performing Asset (NPA) classification methodology |
| Illustrative example |
| If due date of a Credit Card account is March 31, 2021, and full dues are not received before the Bank runs the day-end process for this date, the date of overdue shall be March 31, 2021. If it continues to remain overdue, then this card account shall get tagged as SMA-1 upon running day-end process on April 30, 2021 i.e. upon completion of 30 days of being continuously overdue. Accordingly, the date of SMA-1 classification for that card account shall be April 30, 2021. |
| Similarly, if the card account continues to remain overdue, it shall get tagged as SMA-2 upon running day-end process on May 30, 2021 and if continues to remain overdue further, it shall get classified as NPA upon running day-end process on June 29, 2021. |
| Due Date: March 31, 2021 |
| Overdue Days |
Date of Classification |
Classification Status* |
| NA |
March 30, 2021 |
Standard |
| 1 |
March 31, 2021 |
SMA 0 |
| 31 |
Apr 30, 2021 |
SMA 1 |
| 61 |
May 30, 2021 |
SMA 2 |
| 91 |
June 29, 2021 |
NPA |
|
| *Classification status tracking will depend on the type of facility being extended, for e.g. SMA 0 classification is not applicable for revolving facilities, and will be tracked for SMA 1 onwards. |
| Nothing contained herein should be construed as an obligation on the Bank to offer the above-mentioned products. |
|
| The Bank reserves the right at any time, with previous notice, to add, alter, modify, change or vary all or any of these terms and conditions or to replace wholly. |
|
All Information in this communication is correct at the time of printing/publishing
(Version: GCG/Cards/Dial-Click an EMI T&Cs/11-22) |
|
|
|
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| |
|
