These terms and conditions apply to and regulate restructuring of credit card receivables by conversion of the outstanding ('balance conversion facility’) dues payable by the Card Member on RBL Bank Credit Cards and Co-brand Credit Cards ("RBL Bank Credit Card”) into term loan with equated monthly instalments (EMI). These T&C’s will be read in conjunction with the Card Member Agreement and you are requested to review these T&C’s before you decide to accept them and continue to opt for the balance conversion facility.

1. Card Member will be eligible to convert all outstanding amounts greater than INR 15,000 into EMI through the available channels.
2. Applicable rate of interest and processing on the balance conversion facility will be informed to the Card customer at the time of processing of the request application. The rate of interest and/or the processing fee can be modified by the Bank in its sole discretion.
3. The balance conversion facility shall be available over different tenures of 3, 6, 9, 12 or 18 months (or any other tenure defined by the Bank), subject to the option exercised by the Card Member and the approval granted by the Bank. Card Member will be deemed to have accepted the terms and conditions applicable to the facility once the request for transfer to balance conversion facility is made and the Bank accepts the same.
4. The Bank shall provide the balance conversion facility only upon a request by the Primary Card Member.
5. The Bank shall continue to levy the current applicable charge on the Card Member Account as per the applicable Schedule of Charges, and terms and conditions mentioned in the Card Member Agreement.
6. The monthly repayment amount is calculated as per standard reducing balance method. The interest charged is the reducing rate of interest and accordingly at any given month the portion of the monthly repayment amount applied towards interest is determined by multiplying the reducing interest rate with the principal outstanding after the deduction of the previous month repayment amount. In other words, the reducing rate of interest is the rate which when charged to brings the outstanding principal to zero at the end of the tenure, where the interest charged is calculated on a reducing principal balance.
7. RBL Bank reserves its absolute right at any time to add, alter, modify, change or vary terms and conditions herein and such amendment(s)/modification(s) shall be binding on the Card Member. The balance conversion facility being offered by the Bank is optional and the Card Members are not bound in any way to participate in this facility. Any such participation in the balance conversion facility by Card Member is voluntary. The Card Member shall be liable to pay any and all statutory levies such as Government Service Tax and/or other taxes/charges etc. as may be applicable under law from time to time.
8. Any disputes arising out of this offer shall be subject to arbitration under the Indian Arbitration and Conciliation Act, 1996 including any statutory amendments carried thereof. Arbitration shall be conducted by a sole arbitrator appointed by RBL Bank for this purpose and the award of the arbitrator shall be final and binding on the Card member and RBL Bank. The Place of arbitration shall be Mumbai and the language of arbitration shall be English. Existence of a dispute, if any, shall not constitute a claim against RBL Bank.
9. Applicable GST on interest charged is 18% .
10. The Applications for Restructuring will be subject to internal assessment, as per RBL Bank's policies & procedures.
11. The restructuring plan will stand revoked upon non-payment and such Card Member will not be eligible to reapply for any further restructuring plan.
12. As per regulatory guidelines, the Credit Card facility will be reported to the credit bureau as “Restructured” and the Credit Card Account will be deactivated.