No cost CC EMI FAQ's
0% EMI with finance partners and credit card option availability will vary program-wise.
1. Which banks allow using the no-cost credit card EMI option?
A. No cost EMI is available on credit cards from all major banks: American Express, Bank of Baroda, HDFC Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank, Standard Chartered, Axis Bank, Yes Bank, State Bank of India, CITIBANK and HSBC.
2. Is there a minimum transaction limit?
A. Yes. It's 50,000.
3. Does Standard Chartered Bank offer 18 or 24 months of no-cost EMI?
A. The bank offers only 12 months of no-cost EMI option. For any period that extends beyond, a certain interest is charged.
4. Will I have to pay extra for the EMI transaction?
A. If you avail of 0% credit card EMI, upGrad will not charge any processing fees or down payment. Your bank, however, may levy GST or other taxes on the interest component of the EMI.
5. Are there any fees or down payment charged by the bank?
A. Certain banks charge nominal processing fees between ₹99-500 on 0% credit card EMI transactions. If charged, it will be billed in the first repayment installment.
6. Can I use my international credit card for 0% credit card EMI or a standard credit Card EMI?
A. You can use only Indian bank credit cards to make payments against your course fees. But you can pay the amount using the credit card option in one shot and later convert it into EMIs from your respective bank. The duration and interest charged will depend on your bank. upGrad will not charge processing fees or down payment for these transactions; this will be purely between you and your bank.
7. Are there any charges if I opt for cancellation/refund from the course after paying the balance with no-cost EMI?
A. Yes, there will be additional charges, which will be equal to the interest paid by upGrad to the bank. You will only get the refund of the 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 in your Offer Letter.
8. Can I pay using multiple credit cards?
A. Multiple cards can be used to complete the payment. Take the part payment option to use multiple credit cards. The learner just needs to ensure that the minimum transaction amount is ₹50,000 if they want to opt for 0% credit card EMI. For example, if the amount to be paid is ₹1,50,000. You can pay using two credit cards: HDFC Card – Part payment – ₹1,00,000ICICI Card – Part payment – ₹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?
A. 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 ₹1,00,000 on a 6-month EMI and your credit limit is ₹2,00,000, then initially, your bank will block your credit limit by ₹1,00,000. After payment of your first month's EMI of ₹15,000, the blocked amount will be reduced to ₹85,000.
11. Why is interest getting charged on no-cost EMI?
A. Your bank will charge you interest. However, this interest charge has been provided as an upfront discount to you 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 equal the amount to be paid to upGrad in case of a cancellation or refund request. For example, the amount payable to upGrad is ₹4,05,000. Let's say the amount deducted at the time of the transaction is ₹3,79,850 (Principal amount). The bank charges interest of 12-15% per annum on ₹ 3,79,850[Note: Interest factor is reducing rate and not Flat rate]EMI AMOUNT = ₹33,750 x 12 = ₹4,05,000Effectively, you have taken a loan of ₹3,79,850 instead of ₹4,05,000
12. How much do I pay to block my seat?
A. You need to pay ₹25,000 to block your seat.