Daraz Installment Terms & Conditions
Terms & Conditions for Easy Monthly Instalments (EMI):
How to buy on installments from Daraz?
The following are the terms and conditions that apply to the EMI plan and should be read in conjunction with the credit card terms and conditions:
1. To schedule an Easy Monthly Installment, the minimum purchase amount for each transaction should be PKR 10,000/-. (EMI).
2. Orders for Easy Monthly Installment (EMI) can only include one item.
3. It may take up to 7 working days to convert a purchase to Easy Monthly Installments (EMI).
4. You may only checkout if your available credit limit equals or exceeds the amount of the goods.
5. PLANS FOR EMI MARKUP RATES
The following are the EMI markup schemes available from banks:
a. Standard Chartered Bank (Pakistan) Limited There are no markups for EMI terms of three, six, and twelve months.
b. The MCB 3-, 6-, and 12-month EMI tenures are free of markup.
c. The Silk bank 3-month EMI term is markup free, however the 6 month and 12-month EMI tenures will be charged a 12 percent and a 24 percent markup, respectively.
d. The Bank Alfalah 3-month EMI term is markup free, but the 6-month, 12 months, and 18-month EMI tenures would be charged a markup of 11%, 22%, and 33%, respectively.
6. Fee for EMI Processing Banks impose the following processing fees:
a. Standard Chartered Bank (Pakistan) Ltd. - Prepaid Cards: There will be no processing cost for 3 months tenure; however, the bank will impose a processing fee of 2.5 percent of the order amount for 6 months tenure and a processing fee of 7 percent for 12 months tenure. SCB Saadiq Cards - There will be no processing cost for the first three months, but a set price of Rs.9,500/- would be levied for the next six and twelve months. In the event of an early termination of an instalment plan, there will be no pre-payment costs on Saadiq Credit cards (before completion of tenure).
b. MCB - The bank charges a processing fee of 2.5 percent of the order amount for 3-, 6-, and 12-month EMI terms.
c. Silk bank charges a processing fee of Rs. 1500 or 1.5 percent (whichever is greater) + FED on 3-, 6-, and 12-month EMI terms.
d. Bank Alfalah - There is no processing cost.
7. If you make a purchase on or after the statement date, it will be shown in the next month's statement.
8. To guarantee that the transaction is shown on the next credit card statement, purchases on Daraz must be made at least 7 working days before the next credit card statement is created. For example, if your statement date is October 24, 2019, your transaction must be completed by October 17, 2019. This option is only available to clients who choose EMI on the Daraz checkout page.
9. The bank offering the EMI service is not acting as a corporate agent/distributor of third-party products/services and is not liable to any individual or entity for any claim.
10. In the event of an order cancellation, it is the customer's obligation to contact the bank and cancel the applicable instalment plan.
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