Whether it's an unforgettable overseas trip, a state-of the art home theatre system or a complete overhaul of your home, you can make it happen with the Convenient Cash Loan facility on your Nations Trust Bank Credit Card.
As a privileged credit card member you can enjoy the convenience of obtaining a cash loan up to 75% of your credit limit over the counter at any Nations Trust Bank Branch while also enjoying the flexibility of paying your loan back in installments.
- Minimum Cash Loan Value - Rs. 25,000/-
- Maximum Cash Loan Value Obtainable - 75% of the permanent credit limit, subject to a maximum of Rs. 500,000/- (whichever is lower)
- Upfront Handling Fee - 3% of loan amount
- Repayment options available - 6,12 & 24 months
- Pay a Convenient Cash Loan Fee based on the tenure of the loan
||Cash Loan Fee
||Annual Effective Rate
||5.25 % of the loan value
||10.5 % of the loan value
||21 % of the loan value
Example : For a cash loan of Rs. 50,000 :
Upfront handling fee -> 50,000*3% = 1,500.00
||Convenient Cash Loan Fee
||Repayment Amount Payable per month
||Cash Loan Fee
||Total Monthly Commitment
||[50,000]/6 months = Rs. 8,333
||[50,000*5.25%]/6 months = Rs. 437.50
||[50,000]/12 months = Rs. 4,167
||[50,000*10.5%]/12 months = Rs. 437.50
||[50,000]/24 months = Rs. 2,083
||[50,000*21%]/24 months = Rs. 437.50
TERMS AND CONDITIONS
- Convenient Cash Loan (CCL) is made available to all credit cards issued by Nations Trust Bank PLC (Bank) excluding Corporate cards.
- A Card-member/ Card-Holder (Customer) is eligible to apply for a minimum CCL of Rs. 25,000/- and up to a maximum of Rs.500,000/- per transaction or seventy five percent (75%) of the permanent credit limit under the credit card issued by NTB (whichever amount is lower ). This will be subject to the available balance of the credit card at the time of applying for such CCL facility and subject to the approval of the Bank.
- The Customer applying for CCL facility must fill in the CCL application form and personally call over at any Nations Trust Bank branch with proof of identity in order to obtain the said CCL facility.
- The Customer can choose to repay the CCL amount within a period of 6, 12 & 24 months together with a fee [CCL Fee] charged by the Bank at the rates of 5.25%, 10.5% & 21% of the CCL amount respectively. (The Annual Effective Rate will be 20.67%)
- The Customer is entitled to earn rewards points on the CCL transaction amount.
- The approved CCL amount will be disbursed on the same day in cash over the branch counter upon the Customer signing the record of charge form ( ROC)
- The CCL amount shall be re paid by way of equated monthly installments (CCL Installments) together with the monthly installments of the CCL Fee (CCL Fee Installments). The CCL Installment and the CCL Fee Installment will be arrived at by dividing the respective CCL amount and CCL Fee amount by the tenure opted by the Customer. Hence the CCL Installment and the CCL Fee Installment will be fixed throughout the chosen tenure.
- CCL Installments and CCL Fee Installments will be debited to the Customer’s credit card account on a monthly basis and reflected in the credit card statements similar to a normal transaction charged to the credit card.
- The CCL facility will be subject to a handling fee charged upfront at a rate to be determined by NTB from time to time. However, this handling fee will be waived off if a customer wishes to pay the CCL Fee upfront.
- The total CCL amount will be blocked within the existing credit limit and the respective installments will be billed to the Customer’s credit card statement on a monthly basis. The blocking will be gradually reduced along with the repayment of each installment.
11. The Customer shall be required to pay the minimum payment by the due date as set out in the credit card statement.
- The Customer expressly agrees that the Bank reserves the right at its sole and absolute discretion to determine apply and appropriate all payments received by the Bank in such manner or in order of priority as it may deem fit.
- Interest will accrue on any CCL Installment or CCL Fee Installment or part thereof which remains unsettled by the payment due date at the standard interest rate applicable to the credit card determined by the Bank from time to time.
- Pre settlement of a CCL can be done by paying the total value of the outstanding CCL installments. In such an instance, the total outstanding of the CCL Fee or 4% of the remaining outstanding CLL installments, whichever is lower, will be charged as the Early Settlement Fee.
- In the event the Customer’s credit card is terminated, cancelled, not renewed, or suspended due to any reason whatsoever or any breach of the terms and conditions herein including nonpayment of dues under the CCL or any breach of the Customer agreement and the terms and conditions thereof, the outstanding CCL Installments and Early Settlement Fee shall become immediately due and payable in full to the Bank.
- The Bank shall determine the features services attached to the use of CCL and shall have the absolute discretion to change withdraw vary or amend the CCL features services and conditions attached thereto from time to time as the Bank deems fit with communication thereof.
- The Bank reserves the right to amend, change, add or delete any of the terms and conditions hereof from time to time with notice to the Customer.
18. Unless otherwise expressly provided herein, the Bank’s Customer agreement relating to the respective credit card shall apply to the CCL and the payment of CCL installments hereunder which shall be treated as a normal transaction charged to the credit card. In the event of any conflict arising between the terms and conditions hereof and the Customer agreement the former shall prevail only to the extent the same shall relate to matters involving the CCL.
I hereby confirm that the above terms and conditions were given and explained to me before the signing hereof and I have read and understood the said terms and conditions and agree and consent to be bound thereby.