What is a 'EMI'?

EMI is the acronym for "equated monthly installment" which basically translates to a monthly repayment of a fixed amount of loan taken in order to purchase a particular product with us. The repayment of loan through monthly instalment is easy and we have 3 defined timelines of 3, 6 and 9 months to choose from.

So, how do I pay using this new payment option - EMI?

This is as simple as counting 1-2-3. Just click on the payment option with 'EMI' to make your payment, choose your tenure options over a period of 3 to 9 months and you can start the process the very moment using your ICICI Bank credit card.

Which credit cards can I use?

Currently, Naaptol only support credit cards from ICICI Bank only.We will be extending EMI facility to other banks soon.

What are the tenure options or over how many months can I make my payment?

You can select from 3, 6 or 9 months payment option. This means you can make your payment in 3 equal installments over 3 months, 6 equal installments over 6 months or even 9 equal installments over 9 months.

By what name will the payments appear in my monthly statements?

The name on statement will be NAAPTOL ONLINE SHOPPING PVT LTD.

Are there any special fees I need to pay?

There is NO processing fee charged for availing Naaptol's EMI payment option. The Bank charges annual interest rates (as shown below) according to the reducing monthly balance. In the monthly reducing cycle, the principal is reduced with every EMI and the interest is calculated on the balance outstanding. EMI can be availed only on credit card for a minimum transaction amount of Rs 10,000.

Illustration:

If the bank selected by you is ICICI and your total transaction amount is Rs.10000 with 6 months EMI, you will be charged 13% interest on this amount. Which means you will be charged a total interest of Rs.382.57 on the principal amount of Rs 10,000. Other tenure interest for the same amount (see table below)

• Tenure 3 Months 6 Months 9 Months
• Bank interest rate 13% 13% 13%
• Loan amount Rs.10,000.00 Rs.10,000.00 Rs.10,000.00
• Monthly Installment Rs.3,405.81 Rs.1,730.43 Rs.1,172.16
• Total Applicable Amount Rs.10,217.44 Rs.10,382.57 Rs.10,549.45
• Interest paid to Bank Rs.217.44 Rs.382.57 Rs.549.45

Is there a minimum transaction amount required?

Yes. For all the EMI options of 3, 6 and 9 months, your minimum transaction amount needs to be of Rs 3,000.

Will the credit limit on my credit card reduce?

Yes, your credit card limit will drop unless the amount is cleared.

Will I get reward points on this payment?

You will need to check with your bank for eligibility

What happens if I close the credit card account in the middle of my tenure?

In the unlikely event that you want to close your credit card account in the middle of your EMI tenure, you will be asked to clear the entire amount due before the card account is closed

Can I prepay the remaining amount in the middle of my tenure?

Yes, you can prepay the pending amount to the bank.Kindly contact your bank for further details.