HSBC Premier
Instant EMI – Terms and Conditions
  • This offer of ‘Instant EMI’ facility is brought to you by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC) and any participation is voluntary. This offer is applicable to only a select HSBC Credit Cardholders (hereinafter referred to as the "Cardholder").
  • Instant EMI is a facility by which the Cardholder can make purchases on the HSBC Credit Card (hereinafter referred to as "Credit Card") and then convert the purchase amount into installments. The Cardholder can make the purchase at select merchant establishment and get the transaction converted into an Instant EMI.
  • Instant EMI facility is available at select Merchants only and additions/deletions may be made to the list without any prior notice the cardholder.
  • The Instant EMI facility is subject to final approval from HSBC and the customer notes that in certain exceptional circumstances including but not limited to customers card going delinquent, blocked etc. between time of purchase and settlement by the Bank the EMI facility may be rescinded post the transaction approval.
  • The value of the transaction should be greater than Rupee symbol 2000 to be eligible for conversion to an Instant EMI. Other debit transactions like cash withdrawals and card fees will not be eligible for this facility.
  • The rate of interest and processing fees applicable will be charged as mentioned on the consent form signed by the cardholder at the time of placing the request for conversion of transaction into Instant EMI.
  • The tenure of the loan will be chosen by the cardholder at the time of placing the request for Instant EMI from the available options. The tenure chosen by the cardholder will be mentioned on the consent Receipt and cannot be changed at a later stage.
  • The Equated Monthly Installment (EMI) amount will be billed to the credit card every month on the same date as the first installment date.
  • Minimum Amount Due: The Instant EMI Installment due for the month is included as part of the minimum amount due appearing in the Cardholder's monthly statement. The minimum amount due appearing on the Cardholder's monthly statement is calculated as a percentage of the total outstanding retail balance + Monthly EMI due on Instant EMI. Non-payment of the entire total payment due on the card by the payment due date will result in the levy of standard credit card interest rates on the balance outstanding. If Minimum Amount Due (as defined above) is paid only, the standard credit card interest rates will be levied on the balance outstanding. However, if such partial payments do not cover the amount of EMI for the month, the balance EMI would also be subject to standard finance charge (including the late payment fee).

    As an illustration:

    12-month Instant EMI facility availed = Rupee symbol 10750
    Other outstanding balances = Rupee symbol 2000
    Instant EMI installment for the month = Rupee symbol 1000
    Other outstanding balances = Rupee symbol 2000
    Total payment due for the month = Rupee symbol 3000
    Minimum Payment due = (5% x Rupee symbol 2000) + Rupee symbol 1000 = Rupee symbol 1100

    Scenario I:

    • Amount paid = Rupee symbol 1200
    • Amount outstanding = Total payment due – Amount paid = Rupee symbol 1800

    Finance charges at the applicable rate will apply on Rupee symbol 1800 in the next billing cycle.

    Scenario II:

    • Amount paid = Rupee symbol 3000
    • Amount Outstanding – 0
      No finance charges will apply
  • Kindly note that according to the payment hierarchy, the Cardholders payments will first be apportioned to fees and charges, outstanding on BT, cash advances and purchase transactions in that order. Also note that the Instant EMI installments will be treated as purchase outstanding for the purpose of payment apportionment. EMI payable towards Instant EMI will be set off first before any payment is apportioned towards other outstanding. Please note incase the amount paid does not clear the EMI amount (partly or fully), the remaining EMI amount will be added in the next month's Minimum Amount Due along with standard interest charged on the said amount.
  • Pre-payment charges on foreclosure of the loan will apply at the rate of 3 % on the outstanding principal amount of the loan, subject to a minimum of Rupee symbol 250.
  • If the Cardholder defaults on payment of any of the EMIs, HSBC reserves the right to foreclose the Instant EMI outstanding and debit the entire outstanding amount.
  • If the Cardholder closes his Credit Card before all installments have been posted, the outstanding loan amount will be debited to the Credit Card account as one consolidated amount.
  • HSBC reserves the right to foreclose the loan and debit the entire outstanding amount if the earlier payments are overdue.
  • Any Instant EMI requests by add-on cardholders will be billed to the primary card. And such requests shall be binding upon the Primary Cardholder and the Primary and Add-On Cardholder shall be jointly and severally liable for the transaction and for availing this facility.
  • No request for change in card franchisee (VISA/ MasterCard) will be entertained during the entire loan period.
  • No request for changes in the billing cycle shall be entertained during the entire loan period. The loan period is defined as the loan tenure selected by the cardholder at the time of request.
  • Nothing contained in this scheme shall be construed as an obligation on HSBC to continue the scheme after the scheme termination date.
  • HSBC reserves the right at any time without previous notice to add, alter, modify, change or vary all or any of these Terms and Conditions or to replace, wholly or in part, this scheme by another scheme, whether similar to this scheme or not, or to withdraw it altogether. HSBC may at its discretion discontinue the Instant EMI facility at any time during the pendency of the facility, foreclose the loan and debit the entire outstanding amount to the Credit Card.
  • The Cardholder will not hold HSBC responsible for or liable for, any actions, claims, demands, losses, damages, costs, charges, and expenses that a Cardholder may suffer, sustain or incur by way of this scheme.
  • All and any disputes arising from the Instant EMI facility shall be subject to the exclusive jurisdiction of the courts of Mumbai.
    • The terms of this offer shall be in addition to and not in derogation of the terms contained in the Cardholder Agreement. This offer is by way of a special facility for select Cardholders and nothing contained herein shall prejudice or affect the terms and conditions of the Cardholder Agreement. The words and expressions used herein shall have the same meaning as in the Cardholder Agreement.
 
     
     
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