Fixed 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 taken from the Fixed Payment Plan will be blocked on the credit card. Blocked amount will be released upon each monthly payment made.
Card balance should be maintained until the funds are transferred to the personal account
Processing time for the loan/finance Fixed Payment Plan is approximately 2 to 3 business days
The Bank may, in its sole and absolute discretion and without notice, withdraw or revise this Fixed Payment Plan (“FPP”)
This FPP will be made available at the sole and absolute discretion of the Bank to selected credit card members

The FPP amount requested will be debited from the Standard Chartered Credit Card (“credit card “) and will be remitted to the bank account specified by way of an electronic funds transfer within 3 business days from the date of the approval of the application by the Bank, if applicable
The amount shall be payable in equated monthly instalments (“EMI”) in accordance with the duration specified (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”, your 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.
Failure to make your EMI payment, the Bank is entitled to accelerate all future Equal Monthly Instalments and forthwith debit the Credit Card statement of account
The interest/profit rate and tenure selected shall be levied on the FPP amount. Any other outstanding amount on the credit card account will be charged with interest/profit at the prevailing interest/profit rate
In case of pre-closure of the FPP, a charge between 2.1% to 5.25% of the outstanding principal amount will be levied subject to a minimum amount of AED 262.5. Multiple FPP loan closures will have multiple pre- closure charges (for multiple FPP bookings)
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.
Initial interest/profit will be featured in the following statement and EMIs will be paid from the next month’s billing cycle. (Interest/profit Based)
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 the card limit and the payment of purchase price is paid as per the agreed terms and conditions.
You have the right to a cooling-off period of 5 business days. The cooling-off period is the period after agreeing to the Fixed Payment Plan that allows you to reconsider the product 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 Fixed 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 payments 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 Fee) if you pay off a loan/financing early.

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