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No Cost EMI

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For the purpose of these terms and conditions, wherever the context so requires, “you” and “your” shall relate to any natural or legal person who has opted for payment in equated monthly installments (“EMI”) pursuant to payments made by credit cards (“EMI Offer”) for making any purchase(s) on Restfit. By availing the EMI Offer, you are agreeing to and accept the terms and conditions set out herein:

  • You agree and confirm that you will need to pay applicable EMI and interest on the total value of the order at the time of payment to the bank, in accordance with the terms applicable to the credit card through which you undertake the transaction. The EMI Offer is being offered uniformly, on all the products listed on the Restfit Website. The EMI Offer does not amount to a waiver by any bank or financial institution on the interest component of the equated monthly installments being paid by you. However, this interest charge has been provided to you as an upfront discount at the time of your purchase, effectively giving you the benefit of a No Cost EMI.
  • You agree that in the event you fail to make timely payments of EMI, there may be additional interests or penalties which may be levied by the bank, and you shall be solely liable to pay any such additional interests and penalties if any.
  • The discretion to process payment lies with the bank that has issued the credit card being used by you for the transaction. Restfit will have no obligation or liability in the event the bank refuses to process the transaction, for any reason.
  • The EMI Offer is currently valid for EMIs having a tenure of 3 (three) months and 6 (six) months only. The EMI Offer is facilitated by selected banks only, as displayed on the No Cost EMI Offer page.
  • Restfit will not charge a processing fee for availing the EMI Offer. However, the relevant bank may charge processing fees or cancellation charges as per their internal policies. Such charges shall be paid by you to the relevant bank and Restfit will have no liability or obligation to refund such charges in the event of a return of the Purchased Product or cancellation of the orders placed on the Website.
  • Any returns or cancellations will be as per Restfit’s returns and cancellation policy, available for viewing on the Website. In the event of any return of the product for which payment was made using the EMI Offer (“Purchased Product”), or refund of the amount paid by you pursuant to the EMI Offer in an EMI transaction, the interest already charged by the relevant bank will NOT be refundable.
  • Restfit retains the right to modify or cancel these terms and conditions and the EMI Offer at its sole discretion at any time with no further notice.
  • We request you to consult your bank or card issuer on the mechanics of cancellations, refunds or pre-closures affecting the terms of the EMI offered, and the details of the interest or cancellation charges that may be levied for the same.
  • You understand and agree that there may be a constraint on the number of transactions or purchases on a specific credit card, based on the transaction limits set by the issuing bank. You confirm that you shall abide by the terms and conditions as may be applicable on the credit card being used by you.
  • You may be charged GST or other applicable taxes by your bank for the transactions undertaken using the credit cards issued by such bank.

No-Cost EMIs

No-Cost EMI is an Offer by which you pay your EMI provider only the product price, equally divided over your repayment timeline.

Let us consider the example of buying a mattress worth ₹15000 on No-Cost EMI on a 3-month EMI period. The bank charges 15% interest per annum. In this case, the retailer offers a discount of

Original Cost of Mattress with No cost EMI No Cost EMI Discount Offered by Restofit Net Cost of Product Total interest to be paid under EMI (In case of purchase on EMI) Final Price EMI for 3 months
₹15000 ₹367.33 ₹14632.67 ₹367.33 ₹15000 ₹5000

In the above example, the original price is discounted by ₹367.33. This cost is borne by the retailer. For a bank charging 15% interest per annum with an EMI period of 3 months, the discount is 2.45%. The discounted amount is ₹367.33 (₹15000 * 2.45%). Your customer will pay interest on a discounted amount of ₹14632.67. The interest paid by her would be ₹367.33.

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