Easy Payment Plan
We introduce to you Easy Payment Plan, a new feature to pay with more ease.
Through EPP, you can now use the QIB Mobile App to convert up to 10 Credit Card or Debit Card transactions into monthly instalments, with Minimum amount of QAR 5,000 per transaction, for a period of 3 to 24 months, without affecting your card limit or your account.
Features and Benefits
With EPP, you have various features and benefits at your fingertips, including:
- The Easy Payment Plan is available on Debit and Credit Card transactions
- Enabling the cardholder to purchase goods and services using the Card and pay the purchase amount in equal monthly installments in accordance with the terms and conditions of personal financing from the bank
- The possibility of converting purchases through the Card into monthly installments, starting from 3 to 24 months
- This service is available only on the QIB Mobile App and for retail customers.
- The minimum amount for converting the purchase transaction into instalments is 5,000 riyals.
- The maximum number of payment transactions should not exceed 10 transactions on all cards carried by the customer from the bank during the period of the easy payment plan
- The process of converting purchases into monthly installments takes place through the personal financing process followed on instant financing through the bank’s mobile application, based on the selected transaction amount and the chosen payment period.
- The profit rate of the personal finance transaction is 6.5% decreasing.
- The ratio of commitment to salary and the total outstanding obligations shall not exceed the ceilings specified by the Qatar Central Bank.
- No additional fees or charges.
Terms & Conditions
- General
1.1 Credit / Debit Card Easy Payment Plan is open to the holders of Credit / Debit Cards issued by Qatar Islamic Bank QPSC herein after referred to as “QIB or The Bank”
1.2 Hereinafter referred to as the “Credit /Debit card”. All Visa and Mastercard Credit / Debit cards issued by QIB hereinafter referred to as the “Credit / Debit card”. Easy Payment Plan is hereinafter referred to as the “EPP”.
1.3 The purpose of EPP is to enable the Cardholder to purchase goods and services using the Credit / Debit Card and repay the amount of the purchase in equal monthly instalments in accordance with these Terms and Conditions of QIB Personal Finance
- Eligibility
Every cardholder who meets the Credit / Debit Card Terms & Conditions of QIB and whose accounts are current (as determined by the Bank) will be automatically eligible for benefiting from EPP. EPP is available for primary Credit / Debit Cards holders.
- Conducting an EPP Transaction
3.1 The EPP is offered on all Credit / Debit Cards purchases transactions above QAR 5,000 or as defined by QIB, at a Personal Finance profit rate as specified by the bank for Personal Finance from time to time.
3.2 To avail the EPP on cards customer has to be eligible to take Personal Finance as per the Personal Finance Policy of QIB.
3.3 The EPP Term will vary from 3 months up to 24 months.
3.4 Customer at any given point can only avail a maximum of 10 EPP on all the cards which holding with QIB.
- Billing & Payment of the EPP Instalments
4.1 The amount to be paid every month “Equated Monthly Instalment (EMI)” will be computed by dividing the Total EPP Price by the EPP Term. The Total EPP Price is arrived by adding the Purchase Price of the goods or services and the profit for the EPP Term (if applicable).
4.2 EPP Monthly EMI shall be billed to the
Cardholder current account as per the QIB Personal Finance Terms and Conditions
4.3 Once the EPP is approved, a Personal Finance will be created for the customer and the proceeds of this personal finance will be credited to the Credit Card or to the Debit Card Account on which the EPP has been requested.
4.4 The payment of these EMI will be following the Personal Finance criteria of repayment as determined by QIB. The Bank shall have the right to demand the immediate payment thereof at its discretion.
4.5 The Cardholder request for reducing the EPP Term i.e. the number of EPP Monthly Instalments will not be entertained.
4.6 The Cardholder will be allowed the option of prepaying the Total EPP Outstanding Instalments amount in one lump sum prepayment as per the Terms and Conditions of QIB Personal Finance.
- Product Liability
QIB will not be liable for any damage or loss incurred by the Cardholder arising out of the purchase, installation, use or otherwise of the good(s) and/or service(s) under EPP as for any negligence, breach of statutory or other duty on the part of QIB nor shall QIB be responsible in any way for the quality of the goods and/or services purchase under EPP. Any complaint as to the quality of the goods purchased or services rendered through EPP shall be referred to the supplier or merchant and shall not affect cardholder’s obligation to continue paying the EPP Monthly EMI’s to QIB.
- Modifications, Amendments and Cancellation
6.1 QIB is entitled at any time and without any prior notice or liability to the Cardholder in any manner whatsoever terminate EPP or cancel or vary its benefits or features, or vary, or add or delete any of these Terms and Conditions. However, such termination shall not affect transactions concluded by the Cardholder and accepted by QIB under EPP before the termination decision. QIB is also entitled to determine a floor limit for the minimum amount of purchase allowable under EPP for each particular Offer.
6.2 QIB reserves the right to disqualify any Cardholder from further participation in EPP, if in its judgment, that Cardholder has in any way violated the rules and conditions herein, or has violated the Terms & Conditions attached to their QIB Credit / Debit Card. Suspension and disqualification shall not lead to termination of transactions already concluded by the Cardholder and accepted by QIB before such decision.
6.3 QIB shall be entitled to disallow/refuse any transaction submitted by the Cardholder to it under EPP without assigning any reason whatsoever.
- Indemnity
7.1 QIB shall not be liable if it is unable to perform its obligations under these Terms and Conditions, due directly or indirectly to the failure of any machinery or communication system, industrial dispute, war or act of God, or anything outside the control of QIB.
7.2 The Terms and Conditions herein shall be without prejudice to the existing Credit / Debit Card Terms and Conditions governing the issue of and use of the QIB Credit / Debit Card and shall apply to the EPP.
7.3 If at any time dispute arises in connection with either the EPP or these Terms and Conditions, QIB decision in connection with the same shall be final and binding. QIB reserve the right to terminate the EPP without prior notice.
7.4 These terms and conditions are governed by the laws of the state of Qatar. The Qatari courts shall resolve any dispute that may arise between the parties.
7.5 If a conflict arises between the Arabic and the English texts of these terms and conditions, the Arabic version will legally prevail.
7.6 All the previous agreed terms and conditions of the cards will remain valid and enforceable
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