Daraz in collaboration with select banks of Nepal has introduced a 0% EMI (Equated Monthly Installments) plan on the purchase of products on its platform. Although this service can only be availed via few banks, there are some exciting perks to it that might interest you. So what is it all about? Let’s get right in.
The new 0% EMI plan from Daraz lets credit cardholders of available banks purchase products within given payment plans without any mark-up and processing fees, though they are supposed to fulfill the minimum purchase amount. But there’s a catch.
You can’t expect to avail of the plan adding more than a single product to your shopping cart. If you’ve already made a purchase using any other plans, you can’t transfer it over to Daraz’s zero percent EMI plan.
If you’re to make a purchase using the 0% EMI plan, you need to have a single product added to your cart and the payment gateway associated with it has to be via credit card validated through the following banks:
- NIC Asia Bank
- Machhapuchchhre Bank
- Sunrise Bank
- Citizens Bank
Once you’re done with the payment procedure, you’d have to call up your respective bank (Branch) and ask them to convert your payment to EMI. For NIC Asia account holders, this process gets a little easier as you can simply fill up an EMI request form and jot down the tenure and the amount you wish to pay per month. Once validated, you’ll receive an SMS confirming the same. This process might take up to 7 working days so be patient.
The minimum purchase amount, maximum cap, and tenure are subjected to partner banks and might vary from one bank to another.
|Banks||Minimum Purchase||Maximum Cap||Tenure|
|NIC Asia Bank||NPR 15,000||NPR 140,000||3 months|
|Machhapuchchhre Bank||NPR 15,000||Approved Limit||3 months, 6 months|
|Sunrise Bank||NPR 15,000||Approved Limit||3 months, 6 months|
|Citizens Bank||NPR 10,000||Approved Limit||3 months, 6 months|