• This Encash Offer (“Offer”) is open to only those SBI Cardholders who have received this Offer from SBI Cards & Payment Services Pvt. Ltd (SBICPSL).
• This Offer carries a flat rate of interest on the offered principal amount. Processing fee will be charged at the rate of 2% of the principal amount subject to a minimum of Rs.499/- and a maximum of Rs.1500/-.
• This Offer is subject to a limit on the maximum amount as contained and communicated by way of the mailer.
• SBI Cardholders are being offered the option of availing the benefits under this Offer by requesting for a Demand Draft or a Cheque. SBICPSL shall issue either of these two monetary instruments as per choice and request made by the SBI Cardholder. This Offer is subject to a minimum request for an amount of Rs. 10,000/-.
• The limit on the Encash offer is over and above the existing credit limit of SBI Card.
• The SBI Cardholder can take multiple Offers subject to available credit limit on the SBI Card account.
The monthly installment is calculated as (Principal Amount + Interest charge) / Tenure.
• The monthly installment schedule will begin from the SBI Cardholder next billing statement and continue over the tenure period chosen for the Offer.
• The Minimum Amount Due (MAD) will be 5% of the SBI Cardholders existing revolving balances (Retail/Cash/Balance Transfer) and the monthly installment due under offer (or all monthly installments due in case of multiple Offers).
• Non Payment of MAD will attract normal late payment fees and a maximum credit charge of 3.10%p.m. on the unpaid monthly installments.
• Under Payment of MAD will attract normal late payment fees and a maximum credit charge of 3.10%p.m. on the unpaid monthly installments.
• The Offer will be cancelled/terminated when the SBI Card becomes delinquent or blocked before all the installments have been charged. The Card Holder will be charged a maximum credit charge of 3.10% p.m. on the unpaid EMI + outstanding principal.
• The SBI Cardholder is supposed to pay the MAD in full to avoid getting delinquent.
• The SBI cardholder shall be levied a foreclosure fee amounting to 3% of the Principal amount outstanding in case of the Encash offer being voluntarily pre-closed by the customer prior to the maturity of the tenure period opted for.
• In the event, a cardholder puts a cancellation request, within 45 days of Encash facility getting booked then all fees charged will be reversed. Notwithstanding above it is clarified that the applicable charges will not be reversed once a cheque or a draft issued to the cardholder has been cleared and resulted in a clear credit to the cardholder account . Also in all cases of cancellations post 45 days, the fees charged will not be reversible and the same shall be charged to the cardholder.
• No request for change in billing cycle will be entertained before all the Offers / installments have been cleared by the SBI Cardholder.
• Transfer from this Offer to any other offer will not be entertained. SBICPSL reserves its absolute right at any time to add, alter, modify or change or vary terms and conditions herein.
• SBI Cardholders are not bound in any way to participate in this Offer. Any such participation is voluntary.
• Government service tax shall be levied on all fees, interest charges etc. as applicable.
• All and any disputes or differences arising from the Offer shall be subject to arbitration within the meaning of the Indian Arbitration and Conciliation Act, 1996. A sole arbitrator appointed by SBICPSL for this purpose shall carry out arbitration of all such disputes and/or differences. The award of the arbitrator shall be final and binding on the disputing parties. The place of arbitration shall be New Delhi and the language of arbitration shall be English.
• Booking the Offer on phone will be deemed as acceptance of the terms and conditions of this Offer.
• No request from Add-on being additional SBI Cardholder other than primary Cardholder will be entertained for booking of Offer or availing benefits under this offer