Credit Card Loan | Credit Card Loan with easy Payment Plan

Details	Charges
Profit/Interest Rate	Up to 3% monthly
Processing Fee	Up to 4.2%
Early Settlement Charge	2% to 5% or AED 300, whichever is higher

Details

Charges

Profit/Interest Rate

Up to 3% monthly

Processing Fee

Up to 4.2%

Early Settlement Charge

2% to 5% or AED 300, whichever is higher

The amount equivalent to the Easy Payment Plan (EPP) instalment booking will be blocked in the Credit Card. For every monthly instalment paid, the equivalent amount will be automatically released to the Credit card available credit limit amount
The outstanding balance on your credit card shall continue to accrue profit/interest at the prevailing profit/interest rate
Processing time for the loan/ Easy Payment Plan /finance is approximately 2 to 3 business days
The Bank may, in its sole and absolute discretion and without notice, withdraw or revise this Easy Payment Plan
Easy Payment Plan will be made available at the sole and absolute discretion of the Bank to selected credit card members.

Loan/Finance/Easy Payment Plan shall be payable in monthly instalments (“Equated Monthly Instalments/EMI”) in accordance with the duration provided by the Bank (the “Duration”).
The EMI will be included in your monthly credit card statement of account as the “minimum amount due”. In the event that you fail to make payment of this “minimum amount due”, you credit card shall be charged with interest/profit on the unpaid balance at the applicable rate in accordance with the Credit Card Terms and Conditions & service and price guide.
For a specific card, the system will reject any subsequent requests for an easy payment plan if they are submitted within three days of the previous request. You may initiate a new Balance Easy Payment conversion request for the same card only after a waiting period of three days has elapsed.
A Retail Balance Easy Payment Plan will not be considered as payment. Please ensure to pay the minimum amount due as highlighted on your monthly credit card statement on or before your payment due date to continue using your credit card. If you do not pay your minimum amount due, finance charges /fees will be charged on your credit card account.
If the credit card account is closed by yourself or the Bank before all EMIs have been charged, then all of the future EMIs shall be accelerated and debited to the final Credit Card Statement of Account as one figure.
Easy Payment Plan will not be processed in case the retail balance is less than the amount for booking at the time of processing the Easy Payment Plan.
Failure to make your EMI payment, entitles the Bank to accelerate all future Equated Monthly Instalments and forthwith debit the Credit Card statement of account
In the case you decide to pre-close your Easy Payment Plan, a charge between 2% to 5% of outstanding principal amount will be levied subject to a minimum charge of AED 262.50.
These terms and conditions are in addition to and supplementary to the terms and conditions applicable to all Credit Card accounts as contained in the Credit Card Terms and Conditions.
Finance charges (interest/ profit) are calculated as per the Reducing Balance Method. The Bank is not permitted to charge profit/interest on accrued profit/interest. For Saadiq Cards the profit is calculated at the time of issuance of card limit and payment of purchase price is paid as per the agreed terms and conditions.
There will be an initial profit/interest amount billed in the upcoming statement billing date which will be calculated between today and the upcoming statement billing date. The profit/interest will be calculated based on the corresponding internal rate of return at which the finance/loan has been booked.
And EMI will be paid from the next month’s billing cycle. (For Interest/profit Based plans)
A onetime processing fee will be charged for Fee based Easy Payment Plans
See Credit Card Terms and Conditions here.
You have the right to a cooling-off period of 5 business days. The Cooling-off period is the period after agreeing to the Easy Payment Plan that allows you to reconsider the service and to withdraw from the Contract without suffering any undue costs, obligations, or inconvenience. You may choose to consult other persons including a lawyer or any advisor in order to make an informed decision. On the 6th business day, you must decide to choose to reject or negotiate an amendment to the contract or otherwise the contract may be in force in accordance with its terms and conditions.
If you decide not to proceed with the Easy Payment Plan within the Cooling-off Period, the Bank will refund any related fees net of any reasonable and direct costs already incurred. In the event that you exercise your right in relation to the Cooling-off Period you shall be liable to pay the Bank the full outstanding balance on the Credit Card.
Bank related fees and charges will incur value added tax (VAT) of 5%, where applicable.
For Arabic Terms and Conditions Click Here

Disclaimer

Monthly payments are much more affordable & convenient. You can convert select transaction(s) or overall retail balance to instalments!

Easy Payment Plan

Low costs

Convenient

Rewards

Here's how you can apply

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Fees & Charges

Terms and Conditions