No cost CC EMI FAQ's
0% EMI with Finance partners /Credit card option availability will vary program-wise.
1. Which banks allow using 0% Credit card EMI or Credit card EMI?
No-cost EMI is available on credit cards from all major banks (American Express, Bank of Baroda, HDFC Bank, ICICI Bank, Indus Ind Bank, Kotak Mahindra Bank, RBL Bank, Standard Chartered, Axis Bank, Yes Bank, State Bank of India)
2. Is there any minimum transaction limit?
Yes. 50,000 is the minimum.
3. Standard Chartered Bank offers 18 or 24 months No Cost EMI?
No. ONLY 12 months is available irrespective of the Program enrolled.
4. Will I have to pay any extra amount for EMI transaction?
If you are availing 0% credit card EMI, upGrad 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.
5. Are there any fees or down payment?
Certain banks charge nominal processing fees between INR 99 - 500 on 0% Credit Card EMI transaction. If charged, will be billed in the first repayment installment.
6. Can I use my International credit card for 0% credit EMI or Credit Card EMI?
Only Indian bank credit cards can be used. But you can pay the amount using the Credit card option in one shot / part payments, and later you can convert into EMI from your respective bank. The tenures and interest charged will depend on your bank. upGrad will not charge any processing fees or down payment for these transactions, this will be purely between you and your bank.
7. Are there any charges in case I opt for cancellation/refund from the course after paying balance with no cost EMI ?
Yes, there will be additional charges to the extent of interest paid by the upGrad to the bank, you will be refunded only Principal amount, i.e. the amount actually deducted/blocked from your card. This deduction will be in addition to the amount mentioned in the refund policy shared with your offer letter.
8. Can I Pay Using Multiple Credit Cards?
Multiple cards can be used to complete the payments using Part payment option make sure to inform the learner, minimum transaction is INR 50,000 to opt for 0% CC EMI E.g. Amount to be paid: 1,50,000. I can pay using 2 Credit cards. Yes, Example :
HDFC Card – Part payment – INR 1,00,000
ICICI Card – Part payment – INR 50,000
9. How can I opt for Credit card EMI if my bank is not listed in the 0% Credit card EMI or Credit card EMI?
You can pay the amount using the Credit card option in one shot/part payments, and later you can convert into EMI from your respective bank. The tenures and interest charged will depend on your bank. upGrad will not charge any processing fees or down payment for these transactions.
10. Why is the entire amount blocked on my credit card?
Initially, your bank will block the entire amount from your available purchase limit, and from your next billing cycle, you will be charged the EMI amount. As you start paying your EMI, your credit limit will be released accordingly. For example, if you have made a payment of INR 1,00,000 on a 6-month EMI and your credit limit is INR 2,00,000 then initially your bank will block your credit limit by INR 1,00,000. After payment of your first month's EMI of INR 15,000, the blocked amount will come down to INR 85,000.
11. Why is interest getting charged on No Cost EMI?
Your bank will charge you interest. However, this interest charge has been provided to you as an upfront discount at the time of your payment, effectively giving you the benefit of a No cost EMI. The total amount paid during the entire EMI tenure to the bank will be equal to the amount to be paid to upGrad.
Eg. Amount payable to upGrad: INR 4,05,000
Let's say Amount deducted at the time of the transaction: INR 3,79,850 (Principal amount) Bank charges interest of 12-15% per annum on INR 3,79,850
[Note: Interest factor is reducing rate and not Flat rate]
EMI AMOUNT = INR 33,750 x 12 = INR 4,05,000
Effectively, you have taken loan on 3,79,850 instead of 4,05,000