Standard EMI

EMI Payment provides an option to the merchant's customers for making total payments in easy equal monthly installments at the applicable interest rates from the list of partner banks. This payment option helps merchants to encourage their users to make big-value purchases without worrying about paying the full amount upfront. Users pay the principal amount and interest in monthly equal installments.

For example:-

• Product Price: Rs 50,000
• EMI Plan: Interest rate -13% p.a., tenure -12 months 
• EMI: Rs. 4466
• Total Paid: Rs 53,592 (Principal amount - Rs 50,000 & Interest - Rs. 3592)

Note: Standard EMI solution by Paytm is offered for both credit card and debit card transactions on all checkout flows supported by Paytm

1. Credit card : User can do the transaction upto the credit card limit only. Currently, the following 19 banks are supported for providing Credit Card EMI as a payment option:

    

   HDFC BANK	SBI BANK	ICICI BANK	AXIS BANK
   BANK OF BARODA	HSBC BANK	RBL BANK	AMERICAN EXPRESS
   IDBI BANK	YES BANK	INDUSLND BANK	STANDARD CHARTERED BANK
   CITI BANK	KOTAK BANK	IDFC FIRST BANK	AU SMALL FINANCE BANK
   ONE CARD	FEDERAL BANK	CANARA BANK	PNB (in progress)

2. Debit card: For checking the eligibility of DC emi, please integrate the API checkEMIEligibility by passing the mobile number linked with DebitCard/Bank account of user. Also pass on the eligible mobile number in the mobileNumber field of Process Transaction API. Currently, the following two banks are supported for providing Debit Card EMI as a payment option:

   HDFC BANK

   ICICI BANK

   KOTAK BANK (will be available soon)

1. User adds the product to the cart and proceeds to the payment page.
2. User selects the EMI payment option, enters the card details, and selects the EMI tenure.
3. User enters the other parameters like CVV, expiry date and completes the transaction by completing the 2FA.
4. Bank takes somewhere around 5~7 working days to approve and convert the transaction into EMI.
   • Upon approval, the user starts paying the transaction amount in equal monthly installments as per the bank’s policy
   • In case the bank rejects the EMI conversion, the user needs to pay the full amount as per the billing cycle of the credit card

1. For DC EMI, banks require the user's mobile number to check the eligibility
2. To check the eligibility, merchant calls the checkEMIEligibility by taking the mobile number from user
3. If eligible, merchant passes the mobile number along with cardDetails in the ProcessTransaction API
4. For card authentication, Rs. 1 transaction will be done first and if successful, then the loan is booked against the transaction amount.
5. User will have to pay EMI as per the EMI plan selected during the checkout