Terms and conditions applicable to EMI (Equated/Easy Monthly Instalments)

A. These terms and conditions for availing EMI, as amended, modified, updated or restated from time to time govern the availment by the Merchant of the EMI services made available by PayU (“EMI T&Cs”). These EMI T&Cs may be amended, modified, updated or restated from time to time by PayU and the same shall be applicable on the Merchant immediately upon such amendment, modification, updation or restatement. The Merchant shall be responsible to periodically refer to these EMI T&Cs as amended, modified, updated or restated from time to time and to keep itself informed about these.

 

B. These EMI T&Cs constitute an integral part of the service agreement or master service agreement executed between PayU and the Merchant pursuant to which PayU has been providing or shall provide aggregate online payment gateway solutions and services to the Merchant (“Service Agreement”).

 

 

1. DEFINITIONS AND INTERPRETATION

 

 

1.1For the purposes of these EMI T&Cs, unless the context requires otherwise, the following terms when capitalized shall have the meanings ascribed to such terms below. Any other capitalized terms that are used in these EMI T&Cs and are not defined shall have the same meanings ascribed to them under the Service Agreement, as the case may be:

 

 

a) “EMI” shall mean easy/equated monthly installment payment plan schemes of their respective issuing banks/institutions which PayU offers to its Merchants. The EMI Facility provided by PayU enables the Merchant to give an option to its Customers to make payment for purchase of any Products or services in EMIs over such period of time and on such terms and conditions as may be imposed by the respective issuing banks/institutions. PayU has integrated with various banks and non-bank entities to provide EMI Facilities of the following types:

 

i. Credit card EMI banks that have been partnered by PayU;

ii. Debit card EMIs of banks that have been partnered by PayU; and

iii. EMIs by non-bank entities (mostly through various non-banking financial companies) that have been partnered by PayU.

 

In order to avail any of the above named EMI facilities, the Merchant is required to opt for the same in the manner specified by PayU.

 

 

b) “EMI Facility” shall mean an option for the Customer to make payment on the Merchant website/mobile application through EMIs.

 

 

c) “EMI Scheme” shall mean the terms and conditions on which the EMI Facility is offered by the issuing bank/institution to the Customer.

 

 

d) “EMI Transaction” shall mean a Transaction wherein the Customer opts to make payment using EMI Facility provided by the issuing bank/institution.

 

 

e) “Merchant Discount” shall mean any discount offered by the Merchant on purchase of a Product or services on the Merchant Site, upon making payment through EMI Facility scheme of a specific issuing bank/institution, financial institutions or any other legal entity and such discount is approved by PayU and the issuing bank/institution.

 

 

1.2 The Merchant irrevocably and unconditionally acknowledges and accepts the following terms and conditions:

 

 

1. In order to avail EMI Facility, the Merchant has to be approved by PayU and the respective issuing bank/institution, solely as per their discretion. The issuing bank/institution or PayU may withdraw the EMI facility anytime without any notice to the Merchant.

2. The Merchant is required to comply with the terms and conditions as may be specified by the respective issuing bank/institution from time to time for provision of EMI Facility including but not limited to the rates of EMI, the Products or services on which EMI may be offered, tenure and the Customers to whom EMI may be offered. The issuing bank/institution may modify the terms of the EMI offering at any time. Further, the issuing bank/institution may at its sole discretion choose to reject or change EMI tenure (for instance, on the basis of Customer’s history, amount of transaction, etc.) or withdraw any EMI Scheme or make any other modifications in its sole discretion.

3. The Merchant is required to ensure that when a Customer opts to make payment of the Customer Charge through EMI Facility, such Customer has agreed to the EMI Scheme for availing EMI Facility as amended from time to time.

4. At the time of making a Transaction, if a Customer makes payment through EMI Facility, the Customer may be debited for the full amount of the Transaction initially and EMI will be booked later by the respective issuing bank/institution. The Merchant shall maintain a record of Customer’s acceptance of EMI terms & conditions and other supporting documents for a period of upto 1 year after the completion of the EMI tenure agreed to by the Customer. PayU or the Acquiring Banks may request the Merchant to provide EMI Transaction related documents including documents evidencing acceptance of terms and conditions by the Customer. The Merchant shall provide the same within 2 (two) Business Days of the same being requested failing which PayU may impose such penalty as PayU may deem necessary. The Merchant understands that the EMI shall be booked solely at the discretion of the issuing bank/institution.

5. The Merchant shall deliver the Products or give a Transaction confirmation only after the Merchant receives a confirmation from PayU that EMI is approved and booked by the respective issuing bank/institution. Once the EMI is booked, the Merchant shall inform the same to PayU.

6. In the event of rejection of EMI by the issuing bank/institution, PayU will reverse the credit from the Nodal Account or the Merchant Bank Account for the EMI Transaction cancelled.

7. PayU and the issuing bank/institution shall not be responsible to the Merchant or the Customer for any disputes arising due to non-conversion of a Transaction to EMI Transaction, rates at which EMI is approved, tenure of EMI or EMI rejection. The Customer shall be responsible to inquire about the status of their EMI request directly from the respective issuing bank/institution.

8. The Merchant may with the prior written consent of PayU and the issuing bank/institution, offer discounts to Customers availing EMI Facility for making payment of Customer Charge to the Merchant. In the event of Merchant Discount, PayU is authorized by the Merchant to deduct the discount amount from the Merchant’s Customer Charge in the Nodal Account before the same is settled to the Merchant. The Merchant shall clearly state that Merchant Discount, if any, is being offered by the Merchant to the Customer on the Merchant Site. The Merchant understands that the Merchant Discount, if any, will be credited to the Customer or issuing bank/institution, as the case may be, as per the agreed terms and conditions. In the event sufficient funds of the Merchant are not available with PayU and the Merchant delays or defaults in making such payment, PayU shall be entitled to charge liquidated damages on such defaulted amounts @ 2.5% per month from the due date until recovery.