a) I-PLAN means the purchase of goods and services and /or cash advance by the Cardmember for which the Cardmember utilizes the available credit limit and repays the transaction amount in equal monthly installments according to the Terms and Conditions and I-PLAN Terms and Conditions.


b) I-PLAN/Term period is the number of monthly installments as selected by the Cardmember at the time of availing I-PLAN. MCB Bank, at its own discretion, can change the I-PLAN Term/Period without assigning any reason.


c) I-PLAN service charges means fee as the Bank may specify from time to time through the schedule of bank charges or through written notice to the card member and payable by the Cardmember in relation to the Card transaction made and/ or converted in I-PLAN.


d) Total I-PLAN price includes the purchase price and applicable I-PLAN service charge.


e) Monthly installments means purchase price of a product multiplied by payment factor applicable to a specific offer for a specific duration of installment plan.

f) Total I-PLAN price means sum of all monthly installments applicable to a specific offer for a specific duration of installment plan.


g) Terms and Conditions means the Terms and Conditions applicable on MCB cards, I-PLAN Terms and Conditions and in addition to the referred conditions.


1. General

1.1 The purpose of I-PLAN is to enable the Cardmembers/Supplementary Cardmember to purchase goods and services and /or cash Advance using the Credit Limit available on the Card and repay the transaction amount in equal monthly installments in accordance with the Terms and Conditions and I-PLAN Terms and Conditions.

2. ELIGIBILITY

2.1 I-PLAN is offered exclusively to the Cardmember subject to the condition that payment against his/her card are in good standing as per the Terms and Conditions, and the Cardmember has an available Credit limit on the Card Account. If a Cardmember fulfills the Terms and Conditions he/she may be eligible for availing I-PLAN.

2.2 All goods and services and/ or cash advance Transaction made within or out side Pakistan can be converted in to I-PLAN.

3. CONDUCTING I-PLAN TRANSACTION

3.1 In case the Cardmember is unable to effect payment to the I-PLAN installment, the Cardmember becomes liable to pay the Service fees as per the Terms and Conditions.

3.2 The Cardmember shall pay the total I-PLAN price inclusive of applicable I-PLAN service charge in equal monthly installments based on the I-PLAN term chosen by the card member. This will be the I-PLAN monthly installment.

3.3 The Bank shall process and authorize an I-PLAN transaction provided that the amount of the I-PLAN transaction is within the available Card Limit and Card account is in good standing as per the rules and regulations adopted by the Bank and the Terms and Conditions. The approved I-PLAN transaction will appear on the next statement of account.

3.4 The Cardmember may avail I-PLAN facility by submitting Application/instructions according to the Terms and Conditions to the Merchant subject to the conditions that the Merchant is authorized to do so. Subject’s to the Bank approval the supplementary card member may also avail I-PLAN facility according to the provisions hereof and the Terms and Conditions.


4. BILLING AND PAYMENT OF I-PLAN INSTALLMENTS

4.1 Based on acceptance of I-PLAN Application/Instruction, the I-PLAN monthly installment shall be billed to the card member starting immediately from the next statement of Account after the date of purchase and every month thereafter under the total I-PLAN Price is settled and paid in full.

4.2 In case of availing I-PLAN facility, the minimum payment amount on the statement of Account shall include but is not limited to all outstanding Liabilities and other amounts, plus the I-PLAN monthly installment(s) and any excess amount over the credit limit and past due amounts if any.

4.3 If the Cardmember pays less than the Monthly Minimum Amount on the payment Due Date specified in the statement of Account, in that case the Cardmember becomes liable to pay service fee/charges according to the Terms and Conditions.

4.4 The Cardmember may request for changing the number of I-PLAN monthly installments. The Bank may accept the instructions and may agree to the same subject to payment of the fee payable by the Cardmember for processing and accepting the instructions to reduce the monthly installments. The Bank may, from time to time as it deems fit in its absolute discretion, revise the processing charges.

4.5 The Cardmember may be allowed to prepay the outstanding I-PLAN amount in one lump sum payment subject to the payment of prepayment charges to the bank. The Bank may, from time to time, as it deems fit in its absolute discretion, revise the payment charges.

4.6 I-Party points are earned on the Transaction amount converted in I-PLAN. However, these points become redeemable with the payment of each I-PLAN monthly installment on pro rata basis.

4.7 In case the card is cancelled or not renewed by the Bank or Cardmember terminates the Card, the I-PLAN transaction is terminated automatically and the customer is liable to pay the remaining installments immediately along with the prepayment charges upon receipt of the Statement of Account.

5. SECURITY

The goods/services and all replacements, accessories and accessories thereto purchase under I-PLAN shall be deemed to be hypothecated in favour of the Bank pursuant to the provision of clause 7 of the Terms and Conditions. The Cardmember shall not make any statements or representations, which is in the conflict of the above position. The Cardmember shall not sell, rent out, mortgage or assign the good(s) or encumber the same or in any other manner transfer the good(s) or any interest thereinto any person or party. The card member shall exercise proper diligence in the use and maintenance of good(s).

6. PRODUCT LIABILITY

The Bank shall not be liable for any damage or loss incurred by the Cardmember arising our of the purchase, installation, use or otherwise of the good(s) and / or service(s) under I-PLAN for any negligence, breach of statutory or other duty on the part of the Bank nor shall the Bank be responsible in any way for the quality of the good(s) and or service(s) purchased under I-PLAN or otherwise. Any complaint as to the quality of goods purchased or services rendered through I-PLAN shall be referred to the supplier or Merchant and shall not affect Cardmembers obligation to continue paying the I-PLAN monthly installment to the bank.

7. MODIFICATIONS, AMMENDMENTS AND CANCELLATION

7.1 The Bank is entitled at any time and without any prior notice or liability to the Cardmember in any manner whatsoever to terminate I-PLAN or cancel or vary its benefits or features or vary or add or delete any of the I-PLAN Terms and Conditions. The Bank is also entitled to determine the minimum transaction amount allowed under I-PLAN for each particular offer.

7.2 The Bank reserves the right to disqualify any Cardmember from further participation, if in its, judgment, the Cardmember has in its way violated the I-PLAN Terms and Conditions and or the Terms and Conditions and or any reason that the Banks deems fit without assigning any reason whatsoever.

7.3 The Bank shall be entitled to disallow/refuse any application/Instructions submitted by the Cardmembers I-PLAN without assigning any reason whatsoever.

8. INDEMNITY

8.1 The Bank shall not be liable if it is unable to perform its obligations under I-PLAN Terms and Conditions, due directly or indirectly to the failure of any machinery or communication system, industrial dispute, war or Act of God or any thing out side the control of the Bank. Nor shall the Bank be responsible for any delay in the transmission to the bank of I-PLAN evidence by the specified Merchants or any other third party.

8.2 The I-PLAN Terms and Conditions herein shall be without prejudice to the Terms and Conditions governing the issue of and use of the Card and shall be applicable to I-PLAN transaction. If at any time, dispute arises in connection with the I-PLAN or I-PLAN Terms and Conditions, the Bank’s decision in connection with the same shall be final and binding.