Terms and conditions - EMI

  1. Terms and conditions relating to converting EMI on CSB Bank Credit Cards

a. "Credit Card" means CSB Bank Edge Credit Card which has been issued by CSB Bank in partnership with its co-branding partner Europa Neo Marketing Private Limited through Jupiter App and is valid and subsisting at the time when the Facility is requested by the Cardholder .

b. "Cardholder " means the individual to whom a Credit Card has been issued by CSB Bank.

c. “EMI” means the equated monthly installments of amounts payable by the Cardholder  to CSB Bank in respect of the Facility and comprising principal amount of the Facility and interest thereon.

d. "Facility" means an option provided by the CSB Bank to the Cardholder for choosing to pay for retail transactions made on the Credit Card in installments, subject to the terms of your Facility, to the extent of amounts not exceeding the available cash-limit / credit-limit.

e. "Primary Terms and Conditions" shall include but not be limited to Most Important Terms and Conditions (MITC) and Key Facts Statement (KFS) provided to the Cardholder.

2. Usage of the Facility :

a. The Cardholder  can request for an option of paying for their unbilled transaction, in installments.

b. The final approval for the Facility is subject to several factor, including :

1. performance of the Cardholder 's Credit Card;

  2. available credit-limit on the Credit Card at the time CSB Bank receives the Cardholder's request for the Facility and the value of the transaction.;

 3. applicable laws and the internal policies of CSB Bank.

c. CSB Bank has the final discretion to either approve or reject the request for the Facility.

d. Certain categories of transactions as listed in the Schedule hereto are not eligible for the Facility.

e. In particular, transactions related to gold in any form including the jewellery cannot be converted into EMI in view of guidelines issued by the Reserve Bank of India from time to time.

f. The cash-limit and/or the credit-limit on the Credit Card will be blocked by the amount for which the Facility is granted. The Cardholder  shall be charged an interest rate or a processing fee or a combination of interest rate and processing fee as specified by CSB Bank to the Cardholder  at the time of availing the Facility.

g. Goods and Services Tax will be applicable on processing fee, interest and foreclosure charges as per the applicable laws.

3. Repayment :

a. The Cardholder  shall repay the facility and interest thereon in EMIs. The interest shall be at such rate which has been indicated by CSB Bank to the Cardholder  at the time of making the offer for the facility and also as communicated to the Cardholder.

b. The interest calculation will start from the time the transaction has been booked for the Facility. The amount of the EMIs together with other details of the Facility (including rate of interest) shall be also communicated to the Cardholder  at his/her registered email/mailing address.

c. The amount of EMI due for a particular month shall subsequently be reflected in the Credit Card statement of account (the "Statement") of that particular month.

d. The Cardholder  shall make payment of the EMI and all other charges on Jupiter App. The Cardholder  shall be required to pay the entire amount of the EMI for a particular month on the payment due date, as indicated in the statement and the same shall not be permitted to be carried forward/included in the next statement.

e. In the event the payment is not made by the payment due date as specified, it shall be construed as a default by the Cardholder  and Cardholder  shall become liable to pay the amount together with late payment charges.

4. Foreclosure of Facility :

a. The Cardholder  may close the facility at any time by raising the request on the Jupiter App. We will accept your request on the date of your foreclosure request.

b. The Foreclosure Amount payable by you in order to close your EMI, shall be updated in the next statement of your EMI/credit Card.

c. A foreclosure fee  and GST as applicable shall be chargeable.

d. CSB Bank shall, without prejudice to all rights and remedies, have the right to call upon the Cardholder  to forthwith repay the Facility, all interest thereon and all other monies in respect of the facility upon occurrence of event of default in payment of EMI for more than <two> consecutive months and the Cardholder  shall be liable to repay all such amounts upon such demand.

e. Note: Foreclosure Amount referred as clause (a) herein above shall be the sum of foreclosure fees, outstanding principal, and interest payable along with applicable taxes.

5. Cancellation of Facility :

The Cardholder may cancel the Facility within prior to the bill getting generated. The customer can request for a cancellation by reaching out to Jupiter’s customer care . In the case of cancellation, the original transaction amount which was converted into EMI shall be debited back to the customer account and all charges relating to such EMI conversion shall be reversed, but only if the Cardholder  has called up Facility prior to the bill getting generated

6. Particular Affirmative Covenants :

a. The Cardholder  has understood CSB Bank's method of calculating EMIs payable.

b. The Cardholder  shall renew the Credit Card forthwith in the event the period of the card expires during the tenure of the Facility. In the event of failure of the Cardholder  to renew the Credit Card as stated above, CSB Bank shall be entitled to call upon the Cardholder  to forthwith repay the facility without prejudice to all rights and remedies against the Cardholder .

c. The Cardholder  is deemed to have accepted these terms and conditions upon the Cardholder having requested for the facility.

d. Repayment by the Cardholder  of the entire amount of the facility to CSB Bank shall release the credit limit and/or cash limit for which the Cardholder  is eligible by virtue of holding the card.

e. The Cardholder  shall make payment of all taxes, duties, levies (including Goods and Services tax) in connection with the Facility.

f. These terms and conditions to the Facility shall be read in conjunction with Primary Terms and Conditions and Amortisation Letter shared at the time of conversion of the EMI.

7. Liabilities of the Cardholder  :

CSB Bank reserves the right to require the Cardholder  to make advance payment of one or more EMIs against grant of the facility, and CSB Bank shall have the right to adjust the amount of the advance EMIs towards the balance amount of the facility, at its sole discretion.

8. Events of Default :

If one or more of the events specified in this Clause ("Events of Default") occur or shall have occurred, CSB Bank may foreclose the facility by a notice in writing to the Cardholder .

a. The Cardholder 's commission of a breach of any of the terms and conditions along with covenants herein contained or having made any misrepresentation to CSB Bank.

b. The Cardholder ’s having been declared as an insolvent.

c. Any proceedings for misconduct having been initiated against the Cardholder .

d. The Cardholder ’s failure to furnish any information or documents that may be required by CSB Bank.

e. The Cardholder ’s entering into any composition with his/her creditors.

f. The existence of any other circumstances which, in the sole opinion of CSB Bank, jeopardise CSB Bank's interest.

g. Upon the occurrence of any event of default as specified above, CSB Bank shall be entitled to exercise rights and remedies available to it under these terms and conditions as also the primary terms and conditions.

Schedule

  1. Financial institutions automated cash disbursements

2. Bail and bond payments

3. Betting, including lottery tickets, casino gaming chips, off-track betting and wagers at race tracks

4. Charitable and social service organizations

5. Civic, social and fraternal associations

6. Clock, jewellery, silverware or watch stores

7. Court costs, including alimony and child support

8. Dating and escort services

9. Debt collection agencies

10. Digital goods: games

11. Direct marketing catalogue merchants

12. Direct marketing continuity/subscription merchants

13. Financial institutions manual cash disbursements

14. Financial institutions merchandise and services

15. Fines

16. Government-licensed casinos (online or internet gambling)

17. Government-licensed horse/dog racing

18. Government-owned lottery

19. Large digital goods merchant

20. Motor vehicle supplies and new parts

21. Non-financial institutions foreign currency, money orders (not wire transfer), scrip and travellers checks

22. Pawn shops

23. Political organizations

24. Precious stones and metals, watches and jewellery

25. Professional services not elsewhere classified

26. Quasi cash–member financial institution

27. Real estate agents and managers–rentals

28. Religious organizations

29. Rent

30. Securities brokers and dealers ipo

31. Wallet

32. Wire transfers and money orders

33. Wrecking and salvage yards