EMI Policy
EMI Payment Method
EMI (Equated Monthly Installment) is one of the popular Payment Methods for online shopping, which is applicable to Customers using any of the accepted Credit Cards on The Website. It allows them to pay for their Product(s) in easy and equal monthly installments with the issuing Bank’s assistance.
Requirements for EMI Facility
The equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full. If Customer wants to avail EMI facility, they must have Credit Card of the concerned bank and the order value must be above BDT 10,000.
Choosing EMI for Purchase
Customers may often feel reluctant to purchase expensive Product(s) from The Website because it is hard on their wallets. With EMI facilities, the Customers will feel comfortable purchasing Product(s) of any value and choose the payment terms of their own choosing.
The Customer can avail 3 to 36 months EMI facility depending on their bank’s Credit Card. In case of EMI, the charge prescribed by the bank will be added. EMI plans are viewable after Checkout in the Pay Invoice section when an order needs to be paid and the total bill will be over BDT 10,000.
Banks Supporting EMI on The Website
If any of the banks listed below has a Credit Card, then the Customer can buy their desired Product(s) through that card (according to the limit) with easy EMI facility. EMI facilities with the aforementioned Banks are regulated as per their terms and conditions and these terms may vary from bank to bank.
The bank will give Customers the opportunity to pay the price of the Product(s) of their choice in 3 to maximum 36 months. For example, if a Customer wants to purchase an iPhone 12 from The Website with a cash value of BDT 88,000, they can pay the full amount of BDT 88,000 in installments.
EMI Conversion and Bank Statement Update
When transaction is made, the full amount gets deducted from the Customer’s account and stays in a freezing state, which gets adjusted after the EMI gets converted. The reflection of the EMI will seen in the Customer’s next billing cycle, when they will be charged the EMI amount and their credit limit will be reduced by the outstanding amount.
If a Customer does not receive an updated monthly bank statement reflecting their EMI transactions for the following month, they are requested to contact their issuing bank with the bank statement for further assistance. The bank will handle and resolve such issues from their end.
Convenience Fee Associated with EMI
It is important to note that the amount of money that the Customer will EMI using their Credit Card, may add some additional charges beyond the total value of the Product(s). So, if Customer wants to pay by EMI every month, they will have to pay some extra charges out of the total order amount.
As the concerned bank gives Customer the opportunity to pay it step by step, a convenience fee will be charged by banks and service providers to process the Customer’s payment and EMI.
How the EMI Procedure Works
During transaction, after inputting the Credit Card number, a box will appear where Customer needs to select the EMI tenure. After selecting the EMI tenure, the EMI will escalate to SSLCOMMERZ where Customer needs to perform SSLCOMMERZ after completing the EMI. The Customer need not contact the issuing bank to convert the transaction into EMI nor do they need to submit EMI documents.
Generally, the EMI conversion takes 7-10 working days. So, if a Customer’s purchase is not converted to EMI by 7 working days of their transaction date, they are requested to contact their issuing bank.