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Souq offers a happy shopping experience to all the customers with 0% interest rate and simple installment schemes. Now customers can pay for eligible items in three simple steps to a more affordable and hassle free installment services only at Souq. In a special initiative, Souq has tied up with six leading banks of UAE to offer 0% interest rate installment on a minimum purchase of 1000AED. Only credit card holders of these banks can apply for the 0% interest rate installments. It is a one of the special Souq Bank Offer which provides ease for shopping costly products.
0% interest rate in simple terms is an offer by which one pays to the Easy Payment Plan (EPP) provider through which the product price divided equally over a period of time. For instance, if the cost of a product is AED 1,200 and you choose to pay back in 3 months tenure then you’ll pay the EPP provider AED 400 every month for 3 consecutive months, amounting to AED 1,200.
This way the customers will have the right to own the item right away but with the convenience of paying later in the form of small monthly installments without paying anything extra. This shall make expensive items such as electronics more affordable, giving the convenience to pay as per the terms and conditions of the concerned bank.
For the convenience of readers and prospective buyers we have listed down the names of the banks offering the scheme, also the special terms and conditions applied to avail 0% EPP for each bank.
ADCB Credit Card
ADCB credit card holders have to make a minimum transaction of AED 1000 or more on Souq to avail 0% EPP scheme. On final purchase of the eligible item, customers must call 800 20 30 and convert the booking into 3 or 6 months installments after 24 hours of a transaction and immediately before the next billing cycle of a credit card. Customers should know that a processing fee of AED 50 is applicable on an ADCB credit card for 0% Interest Payment Plan.
Emirates Islamic Bank Credit Card
Emirates Islamic Bank Credit Cardholders have to make a minimum purchase of AED 1000 by using the card on Souq. Once they have finalized the purchase, they are supposed to call 600599995 for booking 3 or 6 months 0% EPP within 3 days time, post making the purchase. On receiving the request the bank performs the conversion by charging a processing fee of 2%.The transaction shall stand cancelled in case the cardholder has returned the product(s) or the cardholder does not call the Bank.
Emirates NBD Credit Cards
Emirates NBD Credit Cardholders can enjoy the facility of availing the scheme for 6 or 12 months duration. It allows you to convert the purchase of minimum AED 1000 on products ranging from electronics, home appliance, home appliances, health & beauty and more. A processing fee of AED 49 per transaction has to be paid by the customer on 0% installment scheme. The request is converted into 3 to 5 working days.
Buy products of minimum prescribed value or more by using Emirates NBD credit card and call Emirates NBD at 800 ENBD (3623) within 24 hours after the transaction and before the next billing cycle.
Mashreq Bank Credit Card
Similar to other banks, Mashreq Bank Credit Cardholders must make a transaction of AED 1000 or more on Souq with the card and must call 04 4244449 to avail the scheme. Any purchase can be converted into 3 or 6 months 0% Easy Payment Plan. Alternatively, it also offers SMS facility where the cardholder can simply text SMS “Easy” to 4250 and will receive a call from bank representative for affecting the EPP conversion.
The bank charges one time, 1% processing fees for 3 months scheme and 2% processing fees for 6 months scheme on the total transaction. The scheme shall stand invalid in the following scenarios:
• Cardholder calls the bank after 50 days of the transaction.
• Cardholder returns the product(s).
• Cardholder does not contact the bank.
National Bank of Abu Dhabi (NBAD) Credit Card
NBAD offers the comfort to shop anything at no extra cost for a period of 3 or 6 months. NBAD cardholders must make a purchase of AED 1000 on Souq by using the credit card. On making the purchase, the customer must call 800 2211 or SMS ‘EPP’ to 2050 to avail conversion scheme for the required tenure.
The conversion will be reflected in the NBAD Credit Card statement in the next month. A minimum 1% processing fee on the total amount will be charged for 3 months scheme and 2% processing fee for 6 Months scheme.
Samba Bank Credit Card
Samba Bank credit card holders have to make a purchase of AED 1000 or more on Souq using the credit card. Customers need to email the purchase invoice to by mentioning the name, mobile number, transaction details and order ID number in the email body.
The bank will give a confirmation call and convert the booking to 3 or 6 months 0% interest installments. The scheme will not be applicable if the Cardholder has returned the product(s) or the Cardholder does not agree to have the transaction converted to SIP.
