1. NabilInstallment loan facility is available to its local currency credit card members holding Visa and MasterCard hereinafter referred to as the “Credit Card”. Nabil Credit card installment facility is hereinafter referred to as “Nabil Installment” (NI).
2. The purpose of NI is to allow the credit cardholder to purchase goods and Services offered by the Merchants and repay the amount of purchase through Equated Monthly Installment (EMI) in accordance with these NI terms and conditions.
3 . NI Account means a Sub-account/limit allowed to make purchase under NI or transfer of a transaction or balance from the card account to the installment account.
4 . Financial Charge means a rate applicable for different tenure and offers, based on the payment factor.
5 . Total NI value, means: the purchase price of the product with applicable financial charge, which is required to be paid by the cardholder, within the installment tenure as agreed.
6 . EMI Amount means: the total NI value plus interest divided by the number of months opted under NI facility.
7. NI Tenure means: the number of monthly installment opted by the Cardholder under NI.
8. If the customer meets credit card terms and conditions of Nabil he/she maybe eligible for enrolling into NI. NI is available for basic and supplementary Credit card members and will only be offered to those customers, who abide by the credit card terms ad conditions and meet the minimum transaction limit of Rs. 15,000.
9. All retail except quasi cash transactions made within Nepal (greater than or equal to Rs. 15,000) on the card account can be converted into NI, Nabil may at anytime without prior notice to the customer may change above mentioned minimum transaction limit.
10. NI will be available against purchase of the goods and services from nominated Merchants of Nabil.
11. The EMI amount will be posted to the cardholder’s card account on the due date of NI and the same will be treated normal card transaction thereafter. The cardholder will be required to repay the EMI amount along with the other card dues on the due date printed in the credit card statement.
12. Under the credit card terms and conditions, if the customer is unable to effect full payment for the due amount as mentioned in credit card statement on or before the payment due date, the customer is liable to pay financial charges/service fee as per prevailing credit card terms and conditions.
13. Customer will be charged regular existing credit card financial charges/service fee applicable to the credit card account on the outstanding balance transaction(s) amount to be transferred into NI from the day of transaction till the date of transfer into NI. This charge will be levied as per the overall financial charge on the credit card on the next billing date.
14. NI financial charge will be levied on the card account on the date of transfer of amount/ transaction from credit card account to NI from the transfer date to the next billing date.
15. The goods and services offered by the Merchant, the installment charge rate and the number of the monthly installment to be paid (the NI tenure) for each goods and services shall be determined by Nabil. The NI terms and conditions including interest rate and tenure may vary from one offer to another.
16. If the cardholder is interested in availing any offer under, NI he/she may sign a form if available with the merchant after making the purchase or may visit Card Division directly to complete required formalities. On receiving the application form, Bank will approve/decline application as per the laid condition and criteria. Upon approval, the transaction will be booked / converted to NI in accordance with NI terms and conditions and the provisions applicable to the specific offer.
17. Cardholder may also call at the NabilCards Division to convert and or book in NI transaction. Nabil reserves the right to accept / reject the request for conversion of the transaction.
18. Nabil will process and authorize NI transaction only if the additional limit is approved for NI transaction.
19. If the purchase amount is directly booked in NI, the same will not appear in the card statement and if already purchased item is booked in NI, a credit entry for same item will appear in next credit card statement from the date of NI booking.
20. The amount to be paid every month (EMI) will be computed by dividing the total NI value plus applicable interest by the NI tenure.
21. EMI shall be billed to the cardholder starting from the statement following the statement of immediate billing date of transfer/booking of transactions to NI account and every month thereafter until the NI amount is paid in full.
22. When a customer makes a purchase(s) under NI, the monthly minimum due on the statement will be outstanding transactions multiplied by the required minimum payment percentage plus the NI monthly installment(s) determined by the Nabil, plus any excess amounts over the credit limit and past due amounts, if any.
23. If the cardholder pays less than the monthly minimum due on the due date specified in the cardholders credit card monthly statement then charges as per the existing credit card terms and conditions governing the issuance and use of the Nabil will become applicable including on the NI EMI amount.
24. In case the credit card is cancelled or is delinquent for a specific period as determined by Nabil from time to time or not renewed by Nabil or cardholder, the NI transaction will be terminated automatically and the card holder will be liable to pay the remaining installments immediately upon receipt of the next statement of account.
25. Nabil will not be liable for any damage or loss incurred by the cardholder arising out of the purchase, installation, use or otherwise of the good(s) and or service(s) under NI for any negligence breach of statutory or other duty on the part of the Merchant nor shall Nabil be responsible in any way for the quality of the good(s) and or service(s) purchased under NI. Any complaint about the quality of good(s) and or service(s) purchased shall be referred to the supplier or the merchant and shall not affect cardholders’ obligation to continue paying NI monthly EMIs to Nabil.
26. Nabil reserves the right to anytime and without any prior notice or liability to the cardholder in any manner whatsoever to terminate NI or Cancel or vary its benefits or feature or vary terms and conditions. Nabil is also entitled to determine the minimum and maximum amount of purchase allowed under the NI for each particular offer.
27. Nabil reserves the right to disqualify any cardholders from further participation, if in its judgment, the cardholder has in any way violated terms and conditions or has violated the credit card terms and conditions.
28 Nabil shall be entitled to disallow/refuse any application submitted by the customer to it under NI without assigning any reason whatsoever.
29. Nabil shall not be liable if it is unable to perform its obligation under these terms and conditions for any reason whatsoever. Further Nabil shall not be held responsible for any delay in transmission of information to Nabil from the Merchant or any third party.
30. These terms and conditions shall be without prejudice to the existing credit card conditions governing the issue of and use of Nabil credit card, shall apply to NI.
31. The cardholder will be allowed the option of prepaying the total IB outstanding, by way of a lump-sum payment and a nominal prepayment charge shall be levied (NPR 100 or 1% on outstanding value whichever is higher) to process this request.
32. If any time, disputes arise in connection with the NI or these terms and conditions, Nabil’s decision in connection with the same shall be final and binding. Nabil Reserves the right to terminate the NI without prior notice.