Terms & Conditions: Indus Easy Loan

• IndusInd Bank shall provide the holder of credit card issued by the bank ('card holder') a facility of availing loan against unavailed credit limit to be repaid to the bank through Equated Monthly Installments (EMI's).
• The card holder may avail upto 2 loans within 60% or 40% of their credit limit, depending on the eligibility of the cardholder and subject to the fulfillment of terms and conditions for the facility. At the time of availing the loan, the credit card on which the loan is being booked must have at least 50% of credit limit unutilised.
• The bank reserves the right to decide from time to time whether a card member is eligible for the loan product. The card member can avail the loan only if he is eligible for the loan at that point of time as per the Bank's eligibility conditions.
• The loan amount shall be disbursed to the card holder in the form of a cheque/pay order or transfer to the card holder's account with the Bank, if any.
• The loan can be requested by the card holder through the bank's customer care call centre or such other mode as may be communicated by the bank, from time to time. The final approval of the loan amount of the facility is subject to the card holder's performance on the credit card and the available credit limit at the time the Bank receives the request for the facility from the card holder. The cash limit and credit limit on the credit card of the card holder will be blocked by the amount for which the loan facility is granted.
• The loan facility is subject to transaction / processing fee as may be specified by the bank from time to time. The transaction / processing fee shall be debited from the credit card account of the card holder.
• The card holder hereby agrees not to utilise the funds from the loan facility towards capital market investments or repayment of credit card dues or towards any illegal purposes.
• The loan facility is subject to interest rate as may be communicated to the card holder by the Bank at the time of making the offer for the loan facility. The interest calculation will start from the time the request regarding the loan facility has been confirmed by the card holder. The amount of the EMIs together with other details of the loan facility (including rate of interest, fees, etc.) shall be communicated to the card holder at his/her mailing address.
• The amount of EMI due for a particular month shall be reflected in the statement for that particular month. The card holder hereby authorises the bank to debit the credit card account of the card holder on a monthly basis for the amount of EMI due for that particular month. The cash limit and/or credit limit shall be reinstated to the extent of the amount of EMI repaid by the card holder. The card holder shall be required to pay the entire amount of the EMI for a particular month on the due date, as indicated in the statement and the same shall not be permitted to be carried forward/included in the next statement i.e. the EMI shall be construed as a part of the minimum amount due on the credit card account each month. Late payment charges and standard credit card interest charges shall apply in case of non-payment of the EMI by due date as per the terms and conditions applicable to the Bank's credit cards.
• If the loan facility is foreclosed or terminated before its tenure, the amount of the loan facility outstanding at the time of foreclosure/termination together with all interest thereon and all other monies due in respect of the loan facility shall become repayable immediately by the card holder. The card holder shall pay such foreclosure charges as indicated in the covering letter, which may be modified or changed at the discretion of the Bank from time to time. Notwithstanding anything, the bank shall, without prejudice to all its rights and remedies, have the right to call upon the card holder to repay the loan facility forthwith along with all interest thereon and all other monies due in respect of the loan facility.
• Upon occurrence of event of default in repayment of the amount of the loan facility, the card holder shall be liable to repay all such amounts upon such demand. Upon foreclosure of the loan facility, the entire principal outstanding will be billed to the card holder. If the card holder chooses not to pay the entire amount and opts to revolve, then the entire amount will attract normal credit cards interest rate.
• The card holder understands and accepts that by availing the loan facility, the card holder shall not be eligible for any reward points on the EMIs as mentioned above charged on the credit card.
• The card holder shall renew the credit card forthwith in the event the period of the credit card expires during the tenure of the loan facility. In the event of failure of the card holder to renew the credit card the Bank shall be entitled to call upon the card holder to forthwith repay the loan facility without prejudice to other rights and remedies against the card holder.
• Following shall constitute events of default:
  • The card holder's commission of a breach of any of the terms and conditions and covenants contained herein
  • Any misrepresentation by the card holder to the bank
  • The card holder's having been declared an insolvent
  • Any proceedings for misconduct or default having been initiated against the card holder
  • The card holder's failure to furnish any information or documents that may be required by the bank
  • The card holder's entering into any composition with his/her creditors
  • The card holder's defaulting on any of the terms and conditions of any other loan or facility provided by the Bank or other creditors to the card holder
  • The existence of any other circumstances which, in the sole opinion of the bank, jeopardises the bank's interests
• Upon the occurrence of any event of default as specified above, the bank shall be entitled to exercise rights and remedies available to it under these terms and conditions as also the terms and conditions for issue of credit cards by the bank.
• The bank reserves its right, at any time, to add, alter, modify, change or vary all or any of additional terms and conditions with prior notice to the customer.
• In addition to the general right to set off or other right conferred by law or under any other agreement, the bank may, without notice, combine or consolidate the standing balance on the card holder's card account, or the account linked to the credit card account, with any other account(s) that the card holder maintains with the bank and its group companies, and set off or transfer money standing to his/her credit in such other account(s) towards the satisfaction of the card holder's liability to the Bank under the loan facility.
• The terms and conditions governing the loan facility shall be in addition to and not in substitution / derogation of the terms and conditions governing the credit cards of the bank.
• Service tax (including applicable cess and surcharge) at the applicable rate will be levied on the interest/finance charges component, on the processing fee, on the pre-closure fee, if any, and on any other billed financial charges/fees as may be applicable from time to time.