Split and Pay (‘SnP’)/ Convert to EMI Terms & Conditions (‘T&Cs’)
In these Terms and Conditions, the following terms shall have the following meanings:
- "Credit Card" shall mean an unexpired, valid and subsisting co-brand credit card/ credit card issued by DBS Bank India Limited.
- “Cardmember”, “Primary Cardmember”, “Member”, “Customer”, you, your, him, he, his, or similar pronouns shall mean the individual in whose name the Credit Card has been issued and the Card Account is maintained.
- "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.
These terms and conditions (“Terms and Conditions”/”T&Cs”) are an agreement between you (“Cardmember”) and DBS Bank India Limited (“DBS Bank”) that governs your access to the Split n Pay (“SnP”) facility as available on your Credit Card . You are requested to review these Terms and Conditions before you begin to use the SnP facility. The use of the SnP facility is at your sole discretion and DBS Bank is neither guaranteeing nor making any representation with respect to the products and services provided by the third parties.
Use of Split n Pay facility
Individual Cardmembers can avail the SnP facility to convert all transactions amounting to Rs. 2,500 (Rupees two thousand five hundred only) or greater, within 50 days from the day of the successful transaction or prior to payment due date, whichever is earlier, into an equated monthly instalment (“EMI”) by placing a request through either of the following available channels of DBS Bank i.e. via the DBS Card+ mobile application/ internet banking / telemarketing / contacting the customer service number for DBS Bank credit cards on 1860 267 6789. Upon a successful booking of the SnP facility, DBS Bank shall intimate the same to the Cardmember by way of SMS.
- DBS Bank reserves its absolute right and discretion to approve or decline any request for EMI. It is further clarified that transaction under certain merchant categories especially gold and jewellery related transactions or any other transactions prohibited by the Reserve Bank of India cannot be converted into EMI .
- DBS Bank shall intimate the Cardmember regarding the applicable rate of interest and processing fee as charged for availing the SnP facility at the time of requesting the SnP facility. The bank will charge an interest rate upto 39% per annum. The Cardmember understands and agrees that the applicable Goods and Service Tax (“GST”) of 18% or as applicable from time to time shall be levied on the processing fee, interest charge, preclosure fee and the corresponding interest for the actual number of days till closure ( i.e. from the last billing date till the date of closure). It is to clarify that the applicable rate of interest and processing fee as charged on the SnP facility can be revised time to time at the sole discretion of DBS Bank.
- The Cardmember can avail the SnP facility for different tenures of 3, 6, 9, 12, 18 or 24 months or any other tenure as specified by DBS Bank in its sole discretion. The Cardmember agrees and understand that the SnP facility can only be availed on a specific single valid retail transaction/complete transaction amounting to Rs 2,500 or above and or as revised by DBS Bank from time to time. It is hereby clarified that the SnP facility cannot be availed by the Cardmember on part of the charge or multiple combined transactions.
- The SnP facility is available on all retail transactions made by both the primary Cardmember and the add-on Cardmember amounting to or greater than Rs. 2,500. However, the Cardmember agrees and understands that only the primary Cardmember can place a request with DBS Bank for availing the SnP facility on the said retail transaction and any request for availing the SnP facility placed by the add-on Cardmember shall not be entertained by DBS Bank.
- Upon availing the SnP facility, the payable SnP instalment shall be reflected in the Cardmember’s subsequent Statement of Account. The Cardmember agrees and understand the payable SnP instalment shall be reflected in the Cardmember’s Statement of Account until the completion of the availed SnP tenure.
- It is hereby clarified that the said payable SnP instalment shall constitute a part of the Minimum Amount Due (“MAD”). The Cardmember agrees and understands that DBS Bank shall levy late payment charged in an event of non-payment or late payment of the MAD as specified in the Most Important Terms and Conditions.
- The Cardmember agrees and understands that the monthly SnP instalment is calculated as per the standard reducing balance method, which means that the cardmember will be paying interest only for the outstanding principal at any point in time
- Once the SnP has been chosen by the Cardmember, the same cannot be cancelled or changed. The Cardmember understands and acknowledges that she/he can pre pay the SnP facility by placing a request for preclosure with DBS Bank’s customer service team by calling them on 1860 267 6789, subject to the preclosure charges and interests levied by DBS Bank from time to time.
- On receipt of a request for preclosure of the SnP facility by the Cardmember, the outstanding SnP instalment is transferred back to the Cardmember’s retail balance and a preclosure fee of 3% on the balance SnP principal , the interest on the pending principal for the actual number of days till closure ( i.e. from the last billing date till the date of closure), along with the GST, shall be debited to the Credit Card. It is hereby clarified that in an event of preclosure of the SnP facility, if the balance in the Cardmember’s Account is revolving, then the above-mentioned amount inclusive of both the SnP instalment and the preclosure fee shall be added to the revolving balance and shall attract the standard interest charges, as specified in the Most Important Terms and Conditions.
- Cardmember will not earn reward points for the monthly EMI.
- The above terms are by way of a special offer for Cardmembers and nothing contained herein shall prejudice or affect the terms and conditions of the Cardmember Agreement and Credit Card Most Important Terms & Conditions (‘MITC’). These Terms and Conditions shall be in addition to and not in derogation of the terms and conditions contained in the Cardmember Agreement and MITC. Terms not specifically defined in these Terms and Conditions shall have the meaning ascribed in Cardmember Agreement and MITC.
Billing and repayment
- For SnP, the purchase amount will be reversed /credited to your credit card upon settlement & successful transaction conversion. However reward points will not be reversed.
- The first EMI amount will be billed in the immediate billing cycle and shall be included as a part of the MAD appearing in the Cardmember's monthly Credit Card Statement. If the MAD is unpaid, Charges shall be levied on such outstanding (including EMI), as communicated in the 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.
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]
DBS 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
A one-time processing fee of 2% on the purchase amount, subject to minimum of Rs. 249 and maximum of Rs.1500 shall be charged for every SnP product facility. This amount shall be billed to the monthly card statement on the date when the SnP EMI product is deemed to be availed as mentioned herein above and will be included as a part of the MAD.
Finance Charges on Card balances
If the amount paid towards dues on the Credit Card is less than the Total Amount Due, Finance Charges shall be levied on such outstanding (including but not limited to the transaction fee and EMI as above), as per the interest rate applicable and communicated in the MITC, which currently is upto 4% per month (i.e. 48% annualized). The applicable interest rate shall be mentioned in the monthly statement.
Loan Pre-payment process and related charges
- The SnP product can be pre-closed by calling 24-Hour DBS Bank call center. Any payment made into the Credit Card account over and above EMI shall not be deemed to be payment towards the amount availed under SnP and shall not be deemed as closure of the said facility. In the event of a transaction being partially or fully cancelled/disputed, the SnP facility availed on it will continue, unless a pre-closure request is made by the Cardmember.
- Any pre-closure of SnP shall attract Prepayment charges at the rate of 3% on the outstanding principal amount. DBS 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 SnP is pre-closed, for any reason, all outstanding including but not limited to the principal outstanding, pre-closure charge and the interest on the SnP 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.
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 MAD), the SnP 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. DBS 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, - EMI(s) will continue to be billed in the monthly statement and shall be included as a part of the MAD. However, in the event the credit card remains past due for more than 180 days, the SnP shall be pre-closed as stated in the paragraph above on “Loan Pre-closure due to non-payment”.
Other Terms and Conditions
- Final approval of SnP product facility shall be at the sole discretion of DBS Bank and is subject to the performance on the Credit Card.
- 2.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.
- 3.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 Instalment (EMI) scheme is prohibited.
- 4.DBS Bank may tie up with credit bureaus authorised by RBI and will share credit information including but not limited to instalment loans taken on credit card and Cardmember hereby consents that DBS Bank can share Cardmember’s credit information with credit bureaus, regulatory authorities, statutory authorities, or such other persons as DBS Bank may solely deem necessary for provision and processing SnP facility to Cardmember. 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.
- 5.Nothing contained herein should be construed as an obligation on DBS Bank to offer the above-mentioned products. DBS 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.
- 6.To the extent of any inconsistency between these terms and terms defined cardmember agreement, these terms shall prevail.
Representation And Warranty
The Cardmember represents and warrants to DBS Bank that all transactions initiated on the SnP facility shall be compliant with relevant rules, regulations, including any applicable tax law. The SnP facility shall deemed to be invalid if the Cardmember has an outstanding payable for more than 90 days and if the Card is an inactive state. The Cardmember agrees and understand that the SnP facility shall be cancelled immediately if the Cardmember become delinquent and/ or the Card is blocked before the payment of the SnP instalment. DBS Bank may cancel and foreclose the SnP facility in case the Cardmember becomes insolvent/enters into any composition with its creditors, or breaches any of these terms and conditions, or it is brought to the notice of DBS Bank that the Cardmember has made any misrepresentation to DBS Bank, or has defaulted in any other loan or facility provided by DBS Bank to the Cardmember, or for any other reason which in DBS Bank’s sole opinion adversely affects or may affect DBS Bank’s interests. The Cardmember agrees to not engage in any fraudulent activity using the SnP facility and understands that DBS Bank shall reserve the right to disqualify the Cardmember from the using the SnP facility if any fraudulent activity is identified as being carried out for the purpose of availing the SnP facility or otherwise by use of the Card. The Cardmember represents to be authorized user of the Card and understands that the SnP facility cannot be availed on Annual fees, bank charges (Overlimit, Late payment fee, Service charge, etc) cash withdrawals, balance transfer or any other loan product. The Cardmember agrees and understands that DBS Bank shall continue to levy the current applicable charges on the Cardmember’s Account as per the applicable Schedule of Charges of the Most Important Conditions. The Cardmember represents and warrants that requesting the SnP facility by means of the above-mentioned channels of DBS Bank shall be deemed to be an unconditional acceptance of the SnP facility and the Cardmember will not dispute these stipulated Terms and Conditions.
DBS Bank represent that the Cardmember are not bound in anyway to avail the SnP facility. Any such participation is voluntary and is made purely on a “best effort basis”. The Cardmember shall be deemed to have read and understood these Terms and Conditions upon use of SnP Facility.
DBS Bank does not make any representation and warranty for any loss/ damage/ claim that may arise out of the use of otherwise of any goods/ services availed by the Cardmember against whose payment SnP facility is availed by the Cardmember. DBS Bank shall not be responsible for any goods/ services offered by any third party. The Cardmember agrees and understands that DBS Bank reserves the right to add, alter, modify, change or vary any of these Terms and Conditions or to replace, wholly or in part, this program by another program, whether similar or not, or to withdraw it altogether at any point in time, without any prior notice.
The Cardmember agrees to indemnify DBS Bank from and against all actions, suits, claims, liabilities and proceedings due to or arising out any or all disputes between the Cardmember and third party by reason of DBS Bank acting in good faith and bonafide belief and for any loss damages incurred by the Cardmember on account of deficiency in quality or delivery of product or service; non-delivery of product or service; non delivery of product or services by third party and any causes due to force majeure such as earthquake, flood, dire and other natural calamities or circumstances beyond the control of DBS Bank or merchant or their agents or any third party service providers.
Governing Law and Jurisdiction
These terms and conditions shall be governed by the laws of India and any dispute arising out of or in connection with these terms and conditions shall be subject to the exclusive jurisdiction of the courts in Mumbai, Maharashtra. This shall not, however, limit the rights of the DBS Bank to file/take proceedings in any other court of competent jurisdiction.
All Information in this communication is correct at the time of printing/publishing
(Version: DBS/Credit Cards/SnP T&Cs/03-22:: Date: [16-03-22])