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100% Love, 0% Interest - Easy EMI Program from ORRA

What is the ORRA EMI program?

It is a tie-up with multiple financial institutions that enable payment through EMI’s with instant, hassle free credit to customers to make purchases across multiple points of sale. The entire process rests on the creditworthiness of the individual which in turn requires certain documents to be provided at the time of making a purchase. It is a third party NBFC program that provides an EMI program to the customer that wishes to purchase jewellery. This program is aimed at simplifying the way customers purchase jewellery. It will be available across the 50 showrooms in 25 cities

What kind of jewellery can be purchased through the EMI Program?

This EMI scheme allows you to purchase only Diamond studded jewellery, this program does not allow for the purchase of Solitaires or gold jewellery.

What is minimum value for the program?

The minimum value is Rs. 25,000 with a maximum of Rs. 15 Lakhs.

So who can enroll in this program?

Any customer purchasing jewelley between Rs. 25,000 to Rs. 15 lakhs can enroll. The EMI program is subject to approval from the NBFC.

 

What is the benefit of enrolling for EMI’s?

This program allows you to purchase your dream piece of jewellery at a flexible rate with the convenience of an interest free EMI. The advantage of enrolling with this program will ensure that you will be to purchase your special piece of eternity the moment it catches your eye as opposed to waiting for the right moment when the budget matches the price.

What is the paperwork I require to fill in to enroll?

The documents required include the Pan Card and the Aadhaar card which are mandatory and non – negotiable which is later followed by the Utility Bills and Bank statements.

How much do I need to pay to enroll in the EMI?

The advantage of this program is that it looks at offering a flexible payment option to the customer based entirely on their ability to pay.

How long is my application valid?

The time taken is anywhere between 30 Minutes to about 3 hours. The eligibility of the customer can be revealed within 30 minutes, but the product is delivered only after confirmation from the NBFC, as any transaction over a lakh of rupees requires a verification of the customer’s address by the team.

How much time is required to complete the document verification process for the program?

The time taken is anywhere between 30 Minutes to about 3 hours. The eligibility of the customer can be revealed within 30 minutes, but the product is delivered only after confirmation from the NBFC, as any transaction over a lakh of rupees requires a verification of the customer’s address by the team.

How do I make the monthly payments?

The Payments happen via ECS, this is mandatory; and the down payment can happen online as well. The first payment is generally made by means of a cheque.

When does the EMI begin for the customer?

The EMI for the customer begins a month after the customer has enrolled in the scheme.

What is the discount I get on my instalments under the EMI program and what happens if I fail to pay my monthly instalments?

There will be no discounts offered to the customer in the event that s/he decides to enroll in this program; ORRA will be bearing the interest rates for the customer which is equivalent to a massive discount in itself.

Going forward the interaction will be between the customer and NBFC, ORRA at no point will be held responsible for any kind of delay in payment that occurs on the part of the customer. Any delay on the customer’s part to pay said installment will result in the Customer’s Credit scores being affected in a negative manner which may hamper the customer’s creditworthiness for all future transactions.

What is the buyback value of the piece?

If the EMI is yet not complete the customer cannot do a buyback of the piece but if s/he wants to then there will be an additional 10% deduction over and above the buyback value which is to be clearly communicated.

If the EMI is complete the customer can opt for the buyback as per the ORRA policy.

What happens in the event the customer wants to pay off the loan amount earlier?

In such a case, the transactions are between the NBFC and the customer and as such the customer can choose to either pay off the entire amount earlier or prematurely as per their discretion.

Can the customer avail of the upgrade policy whilst being a part of this program?

The customer can avail of ORRA’s 40% upgrade policy whilst being a part of the EMI program, so long as the additional value on the new piece is borne by the customer upfront. No relaxation will be offered to the customer in terms of a discount etc. considering that s/he is still paying off the loan on the original amount. There is no possibility of a loan on a loan.