FlexiPay Merchants

Rate of Interest: 
There are four tenures with the respective applicable EMI interest rates on any transaction carried through the FlexiPay- Buy Now Pay Later option: 

Scenario 1: If loan is taken on the 1st for 15 days, the same will be due on 16th, on 16th, customer’s account will be auto debited for the loan amount. 

Note : NO Extra Cost for 15 days has been given as upfront discount to cover for interest charged by the Bank, effectively giving you the benefit of NO Extra Cost. Total amount you repay to the Bank will be equal to the invoice amount of your order.​​​​​​​

Scenario 2 : If the customer has taken tenure of 30 days, with a disbursement on January 10th & due date of Feb 9th . Customer will be charged interest + principal after 30 days from loan booking i.e. on Feb 9th (30 days including date of disbursement) 

Scenario 3 : In case of 60 days tenure, interest will be charged for 30 days on Feb 9th, on 9th march (60 days including date of disbursement) interest for balance 30 days and principal will be recovered.

Note : Similar will be the case for 90 days tenure 

Auto Debit return penal interest: 
A 2% interest rate plus GST at 18% is applicable subject to change as per the Government’s instruction, subject to a minimum of Rs.450 shall be levied. 

Late Payment Fee:
Non-payment or partial repayment of the outstanding amount will attract a late payment penalty of 3% plus GST at 18%, subject to change as per the Government’s instruction on the total outstanding due. 

Pre Closure Charges: 
Pre-closure of the FlexiPay service will currently attract a charge of 4% on the balance principal outstanding plus GST at 18%, subject to change as per the Government’s instruction.