Terms and Conditions
NO COST EMI
For the purpose of these terms and conditions, wherever the context so requires, “you” and “your” shall relate to any natural or legal person who has opted for payment in equated monthly installments (“EMI”) pursuant to payments made by credit cards (“EMI Offer”) for making any purchase(s) on Madesos.com
By availing of the EMI Offer, you are agreeing to and accept the terms and conditions set out herein:
- The EMI Offer is being offered uniformly, on all the products listed on madesos.com above 5,000/ INR. The EMI Offer does not amount to a waiver by any bank or financial institution on the interest component of the equated monthly installments being paid by you. However, this interest charge has been provided to you as an upfront discount at the time of your purchase, effectively giving you the benefit of a No Cost EMI.
- You agree and confirm that you will need to pay applicable EMI and interest on the total value of the order at the time of payment to the bank, in accordance with the terms applicable to the credit card through which you undertake the transaction.
- The discretion to process payment lies with the bank that has issued the credit card being used by you for the transaction. Madesos will have no obligation or liability in the event the bank refuses to process the transaction, for any reason whatsoever.
- You agree that in the event you fail to make timely payments of EMI, there may be additional interests or penalties which may be levied by the bank, and you shall be solely liable to pay any such additional interests and penalties, if any.
- The EMI Offer is currently valid for EMIs having a tenure of 3 (three) months and 6 (six) months only. The EMI Offer is facilitated by selected banks only, as displayed on-page.
- The minimum cart value to avail of the EMI Offer payment option is INR 5,000 (Rupees Five Thousand Only)
- Any returns or cancellations will be as per Madesos policy, available for viewing on the Website. In the event of any return of the product for which payment was made using the EMI Offer or refund of the amount paid by you pursuant to the EMI Offer in an EMI transaction, the interest already charged by the relevant bank will NOT be refundable.
- Madesos will not charge a processing fee for availing the EMI Offer. However, the relevant bank may charge processing fees or cancellation charges as per their internal policies. Such charges shall be paid by you to the relevant bank and Madesos will have no liability or obligation to refund such charges in the event of return of the Purchased Product or cancellation of the orders placed on the Website.
- We request you to consult your bank or card issuer on the mechanics of cancellations, refunds or pre-closures affecting the terms of the EMI offered, and the details of the interest or cancellation charges that may be levied for the same.
- Madesos retains the right to modify or cancel these terms and conditions and the EMI Offer at its sole discretion at any time with no further notice.
- You may be charged GST or other applicable taxes by your bank for the transactions undertaken using the credit cards issued by such bank
Frequently Asked Questions
- What Is No Cost EMI
No Cost EMI is an offer by which you pay your EMI provider such as banks only the product price, equally divided over your repayment timeline.
Example: You are planning to buy a product worth 12,000 at 3 month EMI tenure, Then you have to pay your EMI provider 4,000 INR every month for 3 months, amounting to a total of 12,000 INR.
- Which all payment method you can use to avail of NO COST EMI?
No cost EMI is available on credit cards from many major banks such as (Axis Bank, HDFC Bank, ICICI Bank, SBI, Yes Bank, IndusInd Bank, Kotak Bank, RBL, HSBC, Standard Chartered).
- Are there any extra charges or fees required?
Madesos will not charge any processing fees or down payment for these transactions. Your bank may levy GST or other taxes on the interest component of the EMI.
- Is No Cost EMI available on all the products on-site?
No cost EMI is available on all products on the website, but the cart value should be above 5,000/- INR.
- Will the bank continue to charge Interest?
Yes, However this interest charge has been provided to you as an upfront discount at the time of your purchase from Madesos, effectively giving you the benefit of a No Cost EMI*
- How much time it will take to process the NO Cost EMI option?
Your EMI provider (bank) will take 3-5 working days to process your EMI. Once done, your EMI will be charged on a monthly basis, as per your credit card billing cycle or payment instructions with your EMI provider. Please check with your provider for specific details.
- What will be the EMI period one can choose?
For all orders equal to or above 5,000 INR will have both 3 and 6 month EMI options are available.
*Note: this excludes GST and other taxes that may be charged by your bank.