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EMI Policy

Welcome to our EMI Policy page. Here you will find information on how you can purchase your dream product on EMI’s using your credit card. Should you still have any questions, please feel free get in touch with us by either calling us or emailing us at customerservice@liveonlineshop.com

EMI stands for Equated Monthly Installment. If you select this payment option, then instead of paying the entire amount for your order at once, you would pay the amount in easy monthly installments.

EMI is another payment option just like other options like paying by credit card, debit card, net banking and others. You can chose to pay by EMI if you hold a credit card from any of the following banks:

• Kotak Mahindra
• Axis
• IndusInd
• American Express

You can choose to pay in 3,6,9,12,18 or 24 month installments as per your respective banks offering. The minimum purchase value to avail the EMI payment option is Rs 5,000.

We do not charge any processing fee for this service. During the checkout process, please click on the EMI payment option and select your bank from the available options (mentioned above for reference) to complete the purchase.

The rates shown below are annualized interest rates charged on a monthly reducing balance. This means that the principal amount is reduced with every EMI and the interest is calculated on the outstanding balance. Please note that the rates are subject to change as per the banks discretion.

Bank3 Months6 Months9 Months12 Months18 Months24 Months
Kotak Mahindra12.00%12.00%14.00%14.00%15.00%15.00%
American Express15.00%15.00%15.00%15.00%NANA

All products eligible for EMI will display the EMI information. Clicking on that information will give you complete details including the EMI amounts as charged by each bank for the respective tenure periods and the total payment that you would be making.

To quickly calculate the EMI amount, feel free to use this handy EMI Calculator. Simply do the following:

• Enter the amount for which you want to calculate the EMI in Loan Amount box
• Enter the interest rate in the Interest Rate box
• Enter the loan tenure for which you want to calculate the EMI in the Loan Tenure box. You can enter both years or months by slsecting either the “Yr” button for Year or the “Mo” button for Month

On the day of your transaction, your credit card will be charged the full amount. For example, if the total purchase value is Rs. 10,000 and you selected to pay using 3 month EMI, the credit card charge would be for Rs. 10,000. However within 5-7 business days, the transaction would be converted into an EMI transaction by your credit card issuing bank.

In the unlikely case that even after 7 business days your transaction is not converted to an EMI transaction, then please get in touch with your bank. We have no role whatsoever to play in the approval, extension, pricing, modification, pre-closure, closure or any other matter incidental thereto pertaining to offering of the EMI payment option as it is decided at the sole discretion of the bank. We would therefore not be responsible for any disputes arising due to the non-conversion of a transaction into EMI’s and you would need to contact your card issuing bank to inquire about the status of your EMI request.

Credit Limit: Every credit card has a credit limit and so would yours. When you make a transaction for any amount, it gets blocked from your overall credit limit. The same will happen when you make an EMI transaction. Let’s understand this better through this example – You have a limit of Rs. 1,00,000 and make a purchase for Rs. 10,000 for a 3 month EMI. Your bank will block Rs. 10,000 and therefore now the credit limit available to you would be Rs. 90,000. As you pay your EMI’s for your purchase of Rs. 10,000, your credit limit would keep on increasing by that much amount and finally get back to your original limit once the entire EMI amount has been paid off.

Canceling EMI: EMI transaction requests, once submitted, cannot be cancelled/modified/reversed until the same have been approved/rejected by the bank which issued you your credit card. Should you cancel or return an order that was purchased using EMI post the approved/rejected decision of the bank, Gizmofashion will work with our payment processer CCAvenue to initiate the refund for the total purchase amount to you. However you would need to contact your bank to confirm how the cancellation could affect your EMI terms and the interest/cancellation charges that would be levied by them.

For any queries regarding foreclosure or pre-closure of your EMI transaction or for amounts charged on your credit card, please contact your bank. We would not be able to assist you with any such queries.

EMI’s are Offered Solely on Banks Discretion: The issuing bank may modify the terms of the EMI offering at any time. They may, at their sole discretion, choose to reject or change the EMI tenure (on the basis of customer credit history, amount of transactions, etc.) or withdraw the EMI scheme completely. For all such cases, you would have to follow up with the issuing bank as we will not be responsible for any rejection. Please be advised that your bank will levy service tax, education cess and other taxes on the charges levied by them for the EMI facility as mandated by applicable laws and regulations.

Other Terms and Conditions: We display on a best effort basis all EMI related information like EMI amount, interest rates charged, total amount payable for your purchase on our website www.gizmofashion.com as shared by our payment processer CCAvenue on an “AS IS” basis. Your bank/credit card issuing bank is the most authoritative source of all information and therefore you are requested and advised to contact them for any clarifications that you want.

We reserve the right to stop facilitating/offering the EMI service as a payment option on www.gizmofashion.com without any prior notice.

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