Standard EMI

EMI Payment provides an option to your customers for making total payment in easy equal monthly instalments at the applicable interest rates from the list of partner banks. This payment option helps you to encourage your customer to make big value purchases without worrying about paying the full amount upfront. Customers pay principal amount and interest in monthly equal instalments.

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)

Standard EMI solution by Paytm is offered for both credit card and debit card transactions.

Note:Credit Card and Debit Card EMI is supported on all the checkout flows offered by Paytm.

1. Credit card : User can do the transaction upto the credit card limit only. Currently, the following sixteen 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

2. Debit card: For providing Debit Card EMI to your users, please make sure to pass mobile number in UserInfo object of Initiate Transaction API. Transaction amount is independent of the bank account balance. 
   For example, the user can do a Debit card EMI transaction of Rs. 50,000 with just Rs 1 bank balance. Currently, the following three banks are supported for providing Debit Card EMI as a payment option:

   HDFC BANK

   ICICI BANK

   AXIS BANK (will be available soon)

1. User adds the product into 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.
   1. Upon approval, user starts paying the transaction amount into equal monthly installments as per the bank’s policy
   2. In case bank rejects the EMI conversion, user needs to pay the full amount as per the billing cycle of its credit card

1. Paytm checks the user debit card EMI eligibility against the mobile number passed in UserInfo object of Initiate Transaction API.
2. If eligible, then the user can select the EMI plan and enter the card details to process the transaction. 
3. For card authentication, Rs. 1 transaction will be done first and if successful, then the loan is booked against the transaction amount.
4. User will have to pay EMI as per the EMI plan selected during the checkout

1. JS Checkout, All-in-One SDK & Standard Checkout : Merchant just need to get the EMI payment mode enabled on the MID. Please reach out to your account manager or drop your query on the contact us page.
2.  Plugins : Listed below plugins support Debit Card EMI. Merchant need to enable it in the configuration setting panel.
   1. Magento
   2. WooCommerce
   3. OpenCart
   4. PrestaShop
   5. CS Cart
   6. Nopcommerce
3. Custom Checkout : Please refer to the integration steps mentioned on the EMI Integration page.

This solution helps you offer zero/low cost EMI to your customers where the merchant or brand bears the interest component. To know more in detail, please refer to the EMI Subvention.