MSc in Luxury and Fashion Management

No cost CC EMI FAQ's

0% EMI with 3rd Party Loan Facilitators /Credit card option availability will vary program wise.

1. Which banks allow using 0% Credit card EMI or Credit card EMI?
No cost EMI is available on credit cards from all major banks (American Express, Bank of Baroda, HDFC Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank, Standard Chartered, Axis Bank, Yes Bank, State Bank of India, CITIBANK and HSBC)
2. Is there any minimum transaction limit ?
Yes. 50000 is the minimum.

3. Standard Chartered Bank offers 18 or 24 months No Cost EMI ?
No. ONLY 12 months is available irrespective of the Program enrolled.

4. Will I have to pay any extra amount for the EMI transaction?
If you are availing 0% credit card EMI, upGrad will not charge any processing fees or down payment for these transactions. Your bank may levy GST or other taxes on the interest component of the EMI.

5. Are there any fees or down payment?
Certain banks charge nominal processing fees between INR 99 - 500 on 0% Credit Card EMI transaction. If charged, will be billed in the first repayment installment.

6. Can I use my International credit card for 0% credit EMI or Credit Card EMI?
Only the Indian bank credit cards can be used. But you can pay the amount using the Credit card option in one shot / part payments, and later you can convert into EMI from your respective bank. The tenures and interest charged will depend on your bank. upGrad will not charge any processing fees or down payment for these transactions, this will be purely between you and your bank.

7. Are there any charges in case I opt for cancellation/refund from the course after paying balance with no cost EMI ?
Yes, there will be additional charges to the extent of interest paid by the upGrad to the bank, you will be refunded only Principal amount, i.e. the amount actually deducted/blocked from your card. This deduction will be in addition to the amount mentioned in the refund policy shared with your offer letter.

8. Can I Pay Using Multiple Credit Cards ?
Multiple cards can be used to complete the payments using Part payment option make sure to inform the learner, minimum transaction is INR 50000 to opt for 0% CC EMI E.g. Amount to be paid: 150000. I can pay using 2 Credit cards. Yes, Example :
HDFC Card – Part payment – INR 100000
ICICI Card – Part payment – INR 50000

9. How can I opt for Credit card EMI if my bank is not listed in the 0% Credit card EMI or Credit card EMI?
You can pay the amount using the Credit card option in one shot / part payments, and later you can convert into EMI from your respective bank. The tenures and interest charged will depend on your bank. upGrad will not charge any processing fees or down payment for these transactions.

10. Why is the entire amount blocked on my credit card?
Initially your bank will block the entire amount from your available purchase limit and from your next billing cycle, you will be charged the EMI amount. As you start paying your EMI, your credit limit will be released accordingly. For example, if you have made a payment of ₹100000 on 6-months EMI and your credit limit is ₹200,000 then initially your bank will block your credit limit by ₹100000. After payment of your first month EMI of Rs.15000, the blocked amount will come down to ₹85000.

11. Why is interest getting charged on No Cost EMI?
Your bank will charge you interest. However, this interest charge has been provided to you as an upfront discount at the time of your payment, effectively giving you the benefit of a No cost EMI. The total amount paid during the entire EMI tenure to the bank will be equal to the amount to be paid to upGrad.

Eg. Amount payable to upGrad: INR 405000
Let's say Amount deducted at the time of transaction: INR 379850 (Principal amount) Bank charges interest of 12-15% per annum on INR 379850
[Note: Interest factor is reducing rate and not Flat rate]
EMI AMOUNT = INR 33750 x 12 = INR 405000
Effectively, you have taken loan on 379,850 instead of 405,000

1. Is there any deferral or refund policy for this program?

Refund Policy:

1. Learners must pay the applicable Caution Amount for their enrollment to the Program. This Caution Amount will be adjustable against the Total Program Fees payable by the learner.
2. As part of the application process, Students are required to undergo screening and an interview conducted by the University.
   a.) If the Students’ application is accepted by the university after successfully clearing the interview, any subsequent refund requests will be considered in accordance with the standard refund policy (refer to the 3 point below) subject to a deduction of Processing Fees of INR 20,000. Additionally, any processing or cancellation fees collected upon the disbursement of a loan will be non-refundable.
   b.) If the Students’ application is accepted by the university but the Student withdraws his/her application before attending the interview, any refund request will be considered in accordance with the standard refund policy, subject to a deduction of Processing Fees of INR 20,000. Additionally, any processing or cancellation fees collected upon the disbursement of a loan will be non-refundable.
   c.) However, if the Students’ application is not accepted by the university or rejected after an interview, in that case, the Student will be eligible for a full refund of the amount, including the processing fees /cancellation fee levied upon the disbursement of a loan, if loan has been availed of.
3. After the learner has made a partial or full payment of the Total Program Fees, the learner can claim a refund for this amount at any time before the cohort commencement date by raising a refund request through ‘My applications’ page on our website (www.upgrad.com), stating the specific reason for the refund. The refund shall be subject to a deduction of INR 20,000/- towards processing fee. If the learner has paid less than INR 20,000/- in total, the learner shall not be eligible for any refund in such a case.
4. learners shall not be eligible for a refund (under any circumstances) if the refund request is raised the post-program/Batch Start Date. In such a case, the learner will continue to pay the EMI of his loan (if applicable), as the loan cannot be canceled. This is also applicable to learners who could not complete their payment and hence could not get enrolled in their opted cohort. However, the learner can request a pre-program deferral as per the policy defined below for the same.
5. Learners shall not be eligible for refund of any amount paid towards the Program in case any discrepancy is identified between their application and self-attested documents, including but not limited to wrong details about your grades or any other incorrect information provided in your application.
6. In case of a valid refund request post obtaining the loan from a third-party credit facility provider, we would like to clarify that the responsibility of canceling the loan will lie with the learner as upGrad is not privy to such arrangements between the learner and the third party credit facility provider.
7. If learners do not submit documents as per the timeline mentioned in the offer letter, they will be deferred to the next batch, but they will not be eligible for any refunds of any amount paid by the learner.
   

Deferral Policy: (Pre- Program Commencement)

1. If a learner, due to unavoidable circumstances, is unable to commence the Program with the selected cohort and requests for a deferral before the Cohort Commencement Date, the learner will be given the option to defer to a later cohort.
2. However, the learner will be required to pay 50% of the Total Program Fee amount (inclusive of taxes) for the deferral to be approved. Till this condition is complied with, it will be assumed that the learner will be continuing in the same originally enrolled cohort.
3. A learner can request for deferral only once and to any cohorts scheduled to start in the next 1 year from the Cohort Commencement Date of the initial Cohort the learner has enrolled for.
4. The learner has time till the original Cohort Commencement Date to make the payment of the 50% of the Total Program Fee, post which the deferral request made by the Learner will expire. Once the deferral window expires, the learner will not be eligible for refund of any amount paid and, the above-mentioned applicable refund policy will apply.
5. The Total Program Fees payable by the learners who have opted for deferral will be as per prevailing Total Program Fee for the cohort the Learner has opted to defer to (No separate deferral fee is required to be paid).

Deferral Policy: (Post Program Commencement)

1. If a learner is facing severe issues in dedicating time to the Program, Learner will have an option to defer to another cohort. A Learner can request for deferral only once and to any of the cohorts scheduled to start in the next 1 year from the Cohort Commencement Date of the initial cohort the Learner had originally enrolled for.
2. The learner will be required to pay a separate, additional deferral fee of 5% of the Total Program Fees (inclusive of taxes) along with the differential Total Program Fees between the two cohorts.
3. The deferral request will be approved once the deferral fee and the differential Total Program Fees is paid.
4. Till this condition is complied, it will be assumed that the Learner will be continuing in the originally enrolled cohort.
5. The Learner has 7 calendar days (including holidays and weekends) from the date of deferral request to make the payment of the deferral fee and the differential Total Program Fees, post which the deferral request will expire, and the learner will continue as part of the current cohort.
6. If the Learner completes the such payment, the Learner’s login to the LMS will be disabled, the Learner will leave the deferred cohort and the Learner will start learning on the new cohort from the point of the last assignment that was graded in the deferred cohort. All grades and progress till that point will be carried forward as it is to the new cohort.
7. The deferral can only be requested during the cohort for which the Learner has enrolled is ongoing. Once the cohort has completed the Program, deferral requests shall not be entertained. For clarification, the cohort completion here shall mean the “last grace deadline” as communicated by upGrad.