Loan on Card Terms and Conditions

Loan on Card Terms & Conditions

The terms and conditions below are in addition to the Credit Cardholder Agreement already accepted and agreed to by the Cardholders via acceptance of the Liv Credit Card (“Card”).

1. Loan on Card is a transaction on the Card initiated by the cardholder via Liv app, which the Cardholder agrees to repay Liv in equal monthly instalments.

2. The total of Loan on Card amount along with the interest amount for the instalment period & processing fee will be charged to the Cardholder Credit Card Account reducing the available Credit Limit as well as Cash Limit.

3. A processing fee may be applicable on Loan on Card, which can be a flat amount, or a percentage of the total Loan on Card amount availed, as communicated at the point of sale or at the rate specified by Liv on its website.

4. The total Loan on Card amount eligibility shall be communicated to the Cardholder at the point of sale or at the rate specified by Liv on its website

5. Loan on Card is inclusive of the Cash Limit on the Card & hence the Cash Limit will not be available until the entire Loan on Card amount has been settled.

6. If the Loan on Card amount to be transferred as mentioned in the exceeds more than the eligibility criteria on the date of acceptance by Liv, Liv will automatically transfer only an amount equal to eligibility criteria of Credit Cardholder’s available Credit Limit as well as Cash Limit as authorized by the Credit Cardholder.

7. One equal monthly instalment (EMI) for the Loan on Card will be billed every month to the Credit Card account until the tenure of the Loan on Card is completed and will be a part of the monthly “Total Payment Due”.

8. In case of early settlement of the Loan on Card before the expiry of the entire tenure of the plan, an early settlement fee of 1% of the remaining principal outstanding shall be levied to the Cardholder Credit Card Account. Further, all interest or fee charged towards instalments pre-settled shall have to be borne by the Cardholder and no such charge will be waived off by Liv

9. Approval of the Loan on Card is at the sole discretion of Liv

10. Rewards / cashback / loyalty points will not be credited on any Loan on Card transaction.

11. Liv reserves the right, at its absolute discretion, to enroll the customers who have already benefited from this program for any other card promotions.

12. It is the Cardholder’s responsibility to ensure that he/she provides the correct and valid information to Liv in order to ensure Loan on Card deal is booked appropriately during this Program.

13. Liv reserves the right, at its absolute discretion, to amend and/or supplement these terms and conditions at any time without any prior notification to the Cardholder. Any such amendments or supplements shall be provided on Liv App.

14. These terms and conditions are governed by and construed in accordance with the laws of the United Arab Emirates and the Emirate of Dubai.

15. In no event shall Liv, any of its affiliates, or any of its officers, directors, employees, or agents be liable or responsible for any loss, damage or expense arising out of or otherwise related to this Program.

16. Liv does not offer or provide any warranties or accept any responsibility or liability of any kind in respect of this Program and hereby disclaims any and all express or implied warranties with respect of the same.

17. Liv shall not be in breach of its obligations or otherwise be liable to conduct this Program as a result of any Force Majeure Event. A Force Majeure Event in these terms and conditions, shall mean circumstances beyond the reasonable control of Liv including, amongst other things, acts of God, industrial disputes, acts and regulations of any governmental or authority in any jurisdiction. In such circumstances, Liv obligations to the Cardholder shall automatically stand discharged without the need to provide notice.

18. Upon non-payment of three or more instalments towards your Loan on Card, the instalment plan shall be terminated and the entire outstanding balance, including the remaining principal amount and interest, shall be added into existing credit card outstanding balance which would be considered as New Balance.

19. In case of Revolving Loan on Card Payments made to the card will first settle the Loan on Card amount/Interest and then the billed and unbilled cash advances and purchases.

20. Liv will attempt to resolve any dispute as per the Credit Card Cardholder Agreement and the above-mentioned terms.