Terms and Conditions

  1. Bank Alfalah Limited’s Step-By-Step (SBS) Plan means the purchase of goods and services by the Cardholder for the Cardholder to utilize the available credit limit and repay the transaction amount in equal monthly installments according to the credit card and SBS terms and conditions.
  2. ‘Total SBS prices’ include the purchase price (inclusive of all eligible taxes) and applicable SBS charges as per the Schedule of Bank Charges (SoBC).
  3. SBS processing fee of 2.5% or Rs. 500 (whichever is higher) shall be applicable per transaction. The Bank reserves the right to change all the SBS related fees and charges at its own discretion.
  4. The Cardholder shall pay the total SBS price inclusive of all applicable SBS charges in equal installments (SBS monthly installment) based on SBS terms chosen by the Cardholder.
  5. Products offered on 0% markup are as per tenures defined in the brochures under the respective product code/product model.
  6. Installment billed to Cardholders on cycle date shall be included in minimum payment by said Cardholder.
  7. If the Cardholder pays less than the monthly minimum amount on the payment due date specified in the statement of account, the Cardholder becomes liable to pay service fee/charges according to the terms and conditions.
  8. In case, the Cardholder decides to cancel his/her SBS, the Cardholder shall be liable to pay the pre-closure penalty i.e. 5% of remaining loan amount or Rs. 1,000 (whichever is higher).
  9. The Bank reserves the absolute right to accept/reject the request for conversion of the transaction or balance to SBS.
  10. Delivery of the product will be subject to the availability of stock.
  11. The Bank shall not be liable if merchant is unable to arrange the product within the time period due to any stock issue.
  12. All SBS products are subject to availability and market price. Any increase in price will be updated on website and Cardholder shall be appraised at the time of booking through Alfalah Contact Centre.
  13. All SBS promotions shall be valid for a limited time.
  14. Bank Alfalah Limited shall not, in any way, be held responsible for the quality, purpose, fitness of or merchantability of the SBS product delivered by the merchant.

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