Credit Card Loan | Easy Payment Plan – Standard Chartered UAE

Details	Charges
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

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 Pay 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 amount
All other outstanding amount on your credit card shall continue to accrue interest at the prevailing interest rate
Processing time for the loan/ Easy Pay is approximately 2 to 3 business days
The Bank may, in its sole and absolute discretion and without notice, withdraw or revise this Easy Pay (“Easy Pay”)
Easy Pay will be made available at the sole and absolute discretion of the Bank to selected credit card members.

Loan/Easy Pay shall be repayable in equal monthly instalments (“Equated Monthly Instalments”) 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.
If the credit card account is closed by you or the Bank before all EMI have been charged, then all of the future EMI shall be accelerated and debited to the final Credit Card Statement of Account as one figure.
Easy Pay will not be processed in case the retail balance is less than the amount for booking at the time of processing the Easy Pay.
Failure to make your EMI payment, the Bank is entitled 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 Pay, a charge of 2% to 5% of outstanding principal amount will be levied subject to a minimum charge of AED 250.
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) are calculated as per the Reducing Balance Method. The Bank is not permitted to charge interest on accrued interest. In case 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.
Initial Interest/profit will be featured in the following statement and Equal Monthly Instalments (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 EPP plans
See Credit Card Terms and Conditions here.
In the event that the Easy Payment Plan has been processed, however the transaction has been reversed or not sent for settlement by the merchant, the Easy Payment Plan can be cancelled without any fees and charges.
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
Warning:
- If you do not meet the repayments on your credit card, your account will go into arrears. This may affect your credit rating, which may limit your ability to access financing in the future.
- If you make only the minimum repayment/payment each period, you will pay more in interest/profit/fees and it will take you longer to pay off your outstanding balance.
- You may have to pay penalties (Early Settlement Fees) if you pay off your easy payment plan early.

Examples:

Details	Plan 1	Plan 2	Plan 3	Plan 4
Transaction Amount (A)	10,000	10,000	10,000	10,000
Date of Transaction	28-Aug	28-Aug	28-Aug	28-Aug
Billing Date (Statement Date)	19-Sep	19-Sep	19-Sep	19-Sep
Number of Days (from the Date of Transaction until the Statement Date) (B)	24	24	24	24
Processing Fee: 2%***	200	200	200	200
Annual Interest/profit Rate (C)	10.01%	10.68%	25.08%	26.42%
Monthly Interest/profit Rate = C/12	0.83%	0.89%	2.09%	2.20%
Equivalent Annual Flat Interest/profit Rate (F)	5.88%	5.88%	14.88%	14.88%
Equivalent Monthly Flat Rate = F/12	0.49%	0.49%	1.24%	1.24%
Period (Months) (E)	6	12	6	12
Initial Interest/profit=(AXBXC)/360	66.73	71.21	167.18	176.12
Total Interest/profit** = (AXFXE) /12	294	588	744	1488
Total Equated Monthly Instalment Amount to be paid at the end of the tenure (G)	10,294	10,588	10,744	11,488
Equated Monthly Instalments = G/E	1,715.67	882.33	1,790.67	957.33

*All Values are in AED
** Total Interest/profit is calculated based on the reducing balance method
The equivalent flat interest/profit rate has been used to calculate the total interest in this example
***Processing fee for Easy Payment Plans: up to 4.2%

Disclaimer

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