These Terms and Conditions (“Terms”) apply to credit card issued by BOBCARD Limited (BOBCARD) Limited (“BOBCARD”) pursuant to a co-branded partnership with its co-branding partner i.e. Oneconsumer Services Private Limited (“BOBCARD One co-branded Credit Card”). Availing of OneCash facility on your BOBCARD One co-branded Credit Card would mean acceptance of the below terms and conditions by the Cardholder (“You” or “you”).
These Terms presently in force from September 08, 2023 and are subject to changes from time to time. The most recent version will always be available on BOBCARD’s website as well as on the OneCard app/website. Any applicable charges shall be shown to you in the OneCard app and any changes to these charges shall be notified to you in the OneCard app.
The present Terms are in addition to and not in substitution or derogation of, the BOBCARD One co-brandedCredit Card Most Important Terms and Conditions (“MITC”) as well as the BOBCARD One co-brandedCredit Card Terms and Conditions (“T&C”) and nothing contained herein shall prejudice or affect the clauses of the MITC and T&C. Unless otherwise specified, the words and expressions used herein shall have the same meaning as in the MITC and T&C.
1. Definitions and Interpretation
1.1 “Cardholder” means an individual who has been issued the BOBCARD One co-brandedCredit Card.
1.2 “Credit Limit” means the limit up to which a Cardholder is authorised to use the BOBCARD One co-brandedCredit Card for a purchase transaction at an online/offline merchant establishment.
1.3 “Customer Care” refers to customer service and support systems provided by FPL.
1.4 “Equated Monthly Instalment (EMI)” shall mean the equated monthly instalments of amounts payable by the Cardholder in respect of the Facility and comprises of the principal amount of the Facility + Interest + applicable Goods & Services Tax (GST).
1.5 “Facility” or “OneCash” means the facility of cash transfer on EMI service on credit cards provided / agreed to be provided by BOBCARD directly into Cardholder’s bank account, at its sole discretion, to the extent of amounts not exceeding the available Credit Limit.
1.6 “FPL” means FPL Technologies Private Limited, an authorised outsourced service provider appointed by BOBCARD. FPL is responsible for managing the BOBCARD One co-brandedCredit Card.
1.7 “Minimum Amount Due” or “MAD” means the amount mentioned in the BOBCARD One co-brandedCredit Card statement, which is the minimum payment a Cardholder must make by the payment due date to keep the card account in good standing.
1.8 “BOBCARD One co-brandedCredit Card” means the co-branded credit card issued by BOBCARD Limited (BOBCARD) pursuant to a co-branded partnership with its co-branded partner Oneconsumer Services Private Limited (“Oneconsumer”) and managed by FPL as an authorised outsourced service provider of BOBCARD.
1.9 “Total Amount Due” or “TAD” means the amount mentioned in the BOBCARD One co-brandedCredit Card statement, which is the total amount due for payment when the statement is generated.
2. Use of the Facility:
2.1 The Cardholder shall be shown an eligible OneCash limit not exceeding the Credit Card Limit of Cardholder as decided by BOBCARD at its sole discretion. The Cardholder shall raise a request for OneCash by selecting the required amount from eligible OneCash limit from the OneCard app. BOBCARD shall disburse the same to the Cardholder in the form of direct transfer to his/her bank savings account (as provided by Cardholder) within maximum of 7 days from the date of request by Cardholder.
2.2 The final approval of the eligible amount of the Facility to be granted is subject to the Cardholder’s performance on the BOBCARD One co-brandedCredit Card and the available credit limit at the time BOBCARD receives the Cardholder’s request for the Facility.
2.3 The credit limit on the BOBCARD One co-branded Credit Card will be blocked by the amount for which the Facility is granted to Cardholder.
2.4 The Cardholder hereby agrees to avail the Facility on the precondition that he/she will not use the Facility, in whole or any part, towards purchases of capital markets / gold / investment /purchase of small savings instruments nor for the purpose of repaying your BOBCARD One co-branded Credit Card outstanding amount.
3. EMI Facility
3.1 The Cardholder shall repay the Facility amount thereon in EMIs. The EMI amount together with other details shall be showcased /communicated to Cardholder depending on the input parameters provided/selected by Cardholder such as the Facility amount, tenure of Facility etc.
3.2 The Cardholder can select the EMI tenure between minimum 2 months to maximum 36 months.
3.3 Only select Cardholder(s) are eligible to avail the Facility. BOBCARD reserves the right to decide the eligibility as per internal policy and guidelines.
3.4 BOBCARD reserves its absolute right and discretion to approve or decline any request for Facility.
3.5 The amount of EMI due for a particular month shall subsequently be reflected in the statement for that particular month. The Minimum Amount Due component in the statement will include the EMI of this Facility.
3.6 The Cardholder shall be required to pay the entire amount of the EMI for a particular month on the payment due date, as indicated in the statement and the same shall not be permitted to be carried forward/included in the next statement. In the event the payment is not made by the payment due date, it shall be construed as a default by the Cardholder and Cardholder shall become liable to pay the amount together with late payment charges, as specified in the MITC and T&C’s.
4. Interest, Charges and Instalments
4.1 The EMI interest charges on EMI transactions are charged at a rate communicated to the Cardholder at the time that you avail the Facility and on a monthly reducing balance. We reserve the right to change the offered EMI interest rate from time to time and furthermore.
4.2 Any change in the EMI interest rate shall not affect EMI transactions already getting billed on the BOBCARD One co-brandedCredit Card prior to the effective date of that change.
4.3 Once the EMI tenure has been chosen by you, the same cannot be changed.
4.4 Currently, there would be a processing fee of up to 2.5% on the transaction amount (min of ₹99) + GST as applicable. A foreclosure charge of 3% on the remaining principal amount(min of ₹ 99) + GST as applicable will be charged if closed before the chosen tenure.
4.5 Goods and Services Tax will be applicable on processing fee, interest and foreclosure charges and is subject to change as per the prevalent tax laws as amended by the Government of India.
4.6 The Credit Limit on the BOBCARD One co-brandedCredit Card shall be blocked to the extent of the Facility availed by Cardholder. The Credit Limit will be released as and when the EMI is billed and paid for in subsequent months.
4.7 Fees and charges once posted to the Cardholder’s account while availing Facility and EMI foreclosure shall not be waived off for the Cardholder in any scenario.
5. Billing and Repayment
5.1 The interest component for the first installment shall be computed from the Facility availing date. For all the installments, the interest shall be computed on a monthly basis and the installment shall be added to the MAD on the date of each monthly bill.
5.2 After processing Cardholder’s request for Facility amount, the amount shall be billed on the first statement for the BOBCARD One co-brandedCredit Card that is generated post the conversion of the transaction into EMI Plan.
5.3 The installment amount for each EMI transaction shall be paid in full each month, notwithstanding the minimum monthly payment requirements stipulated in the MITC and T&C. The EMI installments amounts for any billing period will be added to the minimum monthly payment calculated for all other charges or outstanding balances for that billing period.
5.4 Any amount in excess of Cardholder’s full outstanding balance reflected in your current statement, will result in a credit balance lying in your card account and will not be applied to unbilled EMI installment amounts.
5.5 Notwithstanding anything stated elsewhere, BOBCARD at its sole discretion reserves the right to off-set any credit balance on the card account against any due EMI installment.
5.6 BOBCARD reserves the right to late payment fees and default interest on any unpaid or partially paid EMI.
6. Schedule of Repayment
6.1 While creating the schedule, 30 days (year of 360 days) will be considered for a month’s interest and based on the calculation, the entire schedule will be created.
6.2 Example:
Principal = ₹ 10,000, Tenure = 6 months, Interest rate = 1.33% p.m, GST = 18%* of the interest component
*GST will be applicable as per prevalent tax laws. Tax laws are subject to change/amendment time to time by Government of India.
7. Cancellation/foreclosure of EMI facility
7.1 Notwithstanding anything contained herein, in the event, Cardholder forecloses the Facility within 3 days from the date of availing the facility amount, no foreclosure fees shall be applied to such Cardholder. Example: If a Cardholder avails this Facility on 1st January then 3 days here would mean 1st to 3rd January.
7.2 Cardholders may foreclose all unbilled principal in full only by opting for foreclosure by calling Customer Care or from the EMI dashboard in the OneCard app. Upon foreclosure, the entire outstanding amount will be billed to the Cardholder’s account statement. If the Cardholder has carried forward balance at the time of foreclosure, the entire amount will attract applicable interest rate as specified in the monthly statement of account else the amount will be due for payment as per billing cycle.
7.3 Upon foreclosure, the entire outstanding amount along with the upcoming month’s interest (only if the EMI has been posted to Cardholder’s account) will be billed to the Cardholder’s account statement as a part of the Total Amount Due. If the Cardholder chooses not to pay the entire amount and opts to carry forward a balance, the entire amount will attract applicable interest rate.
7.4 In the event the Cardholder’s account remains past due for more than ninety (90) days (due to non-payment of Minimum Amount Due), the EMI shall be foreclosed with the principal outstanding along with the upcoming month’s interest (only if the EMI has been posted to Cardholder’s account), billed to the Cardholder account. BOBCARD shall be entitled to demand immediate repayment of such outstanding amounts as deemed appropriate.
7.5 In the event the BOBCARD One co-brandedCredit Card is blocked prior to all EMI(s) being charged, the EMI(s) shall still continue to be billed in the monthly statement and shall be included as a part of the Minimum Amount Due. However, in the event the BOBCARD One co-brandedCredit Card remains past due for more than ninety (90) days, the EMI shall be foreclosed as stated above.
7.6 If the Cardholder does not renew the BOBCARD One co-brandedCredit Card and in the event the period of the BOBCARD One co-brandedCredit Card expires during the tenure of the EMI facility, BOBCARD shall be entitled to debit the Cardholder’s account up to ninety (90) days of no payment.
7.7 In case of BOBCARD One co-brandedCredit Card renewal/upgrade, if the new card is out for delivery and undelivered which leads to deactivation/cancellation, the EMI account will be closed and the Cardholder will be liable to pay the complete outstanding as per the statement with the foreclosure and associated charges.
8. Events of Default
8.1 If one or more of the events specified in this Clause (“Events of Default”) occur or shall have occurred, BOBCARD, Oneconsumer and/ or BOBCARD’s authorised service provider, may call upon the Cardholder to foreclose the Facility by a notice in writing or the Cardholder shall send an intimation for cancellation of the Facility in writing:
a) The Cardholder’s commission of a breach of any of the terms and conditions and covenants herein contained or having made any misrepresentation to BOBCARD and/ or its authorised service provider.
b) The Cardholder’s having been declared as an insolvent.
c) Any proceedings for misconduct having been initiated against the Cardholder.
d) The Cardholder’s failure to furnish any information or documents that may be required by BOBCARD.
e) The Cardholder’s entering into any composition with his/her creditors.
f) The Cardholder’s defaulting on any of the terms and conditions of any other facility provided by BOBCARD to the Cardholder.
g) The existence of any other circumstances which, in the sole opinion of BOBCARD, jeopardize BOBCARD’s interest.
8.2 Upon the occurrence of any event of default as specified above, BOBCARD and/ or its authorised service provider shall be entitled to exercise rights and remedies available to it under these Terms as also the MITC and T&C’s.
9. Miscellaneous
9.1 The Cardholder has understood BOBCARD’s method of calculating EMIs payable.
9.2 The Cardholder has understood and agrees that by availing of the Facility, the Cardholder shall not be, unless otherwise stated by BOBCARD in writing, eligible for any reward points whatsoever, whether awarded under any other reward points scheme on the BOBCARD One co-brandedCredit Card that may be announced by BOBCARD from time to time.
9.3 Nothing contained in these terms and conditions shall be construed as an obligation of BOBCARD to continue to offer the Facility after the date of termination of the Facility. BOBCARD reserves the right at any time without previous notice to add, alter, modify, change or vary all or any of these additional terms and conditions.
9.4 The Facility shall be available on the primary card only, subject to the available Credit Limit and will be provided to the Cardholder requesting for the Facility, at the sole discretion of BOBCARD.
9.5 Any action permitted to be taken by an authorised service provider of BOBCARD under these Terms shall be deemed to have been authorised by BOBCARD.
9.6 The Cardholder shall also indemnify for all claims brought by a third party against BOBCARD, Oneconsumer and/or BOBCARD’s authorised service provider from any actions, claims, demands, losses, damages, costs, charges, and expenses which BOBCARD, Oneconsumer and/or BOBCARD’s authorised service provider will suffer, sustain due to the breach of any of these Terms by such Cardholder.
9.7 Any and all disputes arising out of providing the Facility to Cardholder shall be subject to the exclusive jurisdiction of courts of Pune, India.