Daraz Easy Monthly Installment plans are here to simplify life!
Monthly Installment plans were never easy to activate. Previously, If you had opted to transfer a transaction to an installment plan, you would have to call the bank after purchasing a product. Then, the wait would begin. Waiting for the call to get transferred, waiting to decipher all the terms and conditions, and waiting for the plan to activate.
Today, Pakistan’s largest e-commerce platform is easing the provision of monthly installment plans.
Daraz Easy Monthly Installment Plans – Overview
The e-commerce giant has partnered with several banks to facilitate its customers with “Daraz Easy Monthly Installment” plans. The process is fairly straightforward, and today, we will walk you through it.
Step 1: Select a Product
We’re looking to upgrade our television for Peekaboo HQ. So we head on over to Daraz and select this TCL 55” 4K Android TV. Always make sure to check for an official seller or the reliability of a third party seller.
Terms to Note:
-
- Product quantity should be one.
- Price of the product must be in excess of PKR 10,000.
- Price of the product must not exceed your credit card’s credit limit.
- Only the full amount can be converted to EMI. You cannot pay half and cover half to EMI.
Step 2: Add to Cart
Having confirmed the authenticity of the product and seller. Next, we will add the product to our cart. Continue to the checkout page, where you will be presented with shipping details. Be sure to fill out all addresses and contact details accurately. Once done, click on proceed to pay.
Step 3: Select Daraz Easy Monthly Installment Plan
This next screen shows you a host of payment methods available to you. Here select the Daraz Easy Monthly Installments button to see available banks. Select your bank and the desired installment period.
Step 4: Pay Now
Proceed to fill out the details of your credit card and press Pay Now. The next step will prompt you to enter an OTP/authorization code sent to the mobile number registered with your bank. Once completed, the payment will be processed.
Things to Note:
-
- The EMI plan will be activated within seven working days.
- In case of delays, the customer must call their bank to inquire about status.
- Once the EMI plan is approved, the full amount of product will remain blocked on your credit limit. This will be reflected on your bank statement. The monthly payment will be deducted and charged from this amount.
Daraz Easy Monthly Installment – Bank Terms
One thing the banking industry never has (and never will) make easier for customers are the fine print – the terms and conditions. Not to worry, we will break it down for you for each of the five banks.
The step-by-step process remains the same as detailed above. Certain installment plan details such as tenure, fees, and markup vary.
MCB Bank
First up, we have MCB Bank. The payment plan is outlined in the table below in terms of different tenures.
| Tenure | Markup | Fees | Per Month
(PKR) |
Total Cost
(PKR) |
|---|---|---|---|---|
| 3 Months | 0% | 2.5% | 28,633 | 88,050 |
| 6 Months | 0% | 2.5% | 14,317 | 88,050 |
| 12 Months | 0% | 2.5% | 7,158 | 88,050 |
MCB’s payment plans are the simplest of the five. With as standard processing fee and markup regardless of tenure. Hence, the final cost for all plans works out the same (rounded to nearest ten rupees).
UBL
| Tenure | Markup | Fees | Per Month
(PKR) |
Total Cost
(PKR) |
|---|---|---|---|---|
| 3 Months | 0% | 1.5% or 1,500 | 28,633 | 87,400 |
| 6 Months | 0% | 1.5% or 1,500 | 14,317 | 87,400 |
| 12 Months | 0% | 1.5% or 1,500 | 7,158 | 87,400 |
Moving on to UBL, the payment plans increase ever so slightly in complexity. As was the case with UBL, the markup is 0% regardless of tenure. However, the processing fees are slightly different depending on the price of the chosen product.
1.5% or PKR 1,500, whichever higher. In the case of our TV, 1.5% of PKR 85,900 is roughly PKR 1,300; hence the higher flat rate of PKR 1,500 is applicable. This works out to PKR 87,400 as the final cost, which is a hair cheaper than MCB.
Bank Alfalah
| Tenure | Markup | Fees | Per Month
(PKR) |
Total Cost
(PKR) |
|---|---|---|---|---|
| 3 Months | 0% | 0% | 28,633 | 85,900 |
| 6 Months | 11.11% | 0% | 15,907 | 95,442 |
| 12 Months | 22.21% | 0% | 8,748 | 104,976 |
| 18 Months | 33.33% | 0% | 6,363 | 114,534 |
On the surface, Bank Alfalah’s 0% processing fees seem enticing. However, for any tenure longer than three months, the bank starts charging interest.
Therefore, if you’re looking at a three-month tenure, Bank Alfalah is the cheapest option. For longer monthly installments, you would be better off with the other bank options.
Silk Bank
| Tenure | Markup | Fees | Per Month
(PKR) |
Total Cost
(PKR) |
|---|---|---|---|---|
| 3 Months | 0% | 1.5% or 1,500 | 28,633 | 87,400 |
| 6 Months | 12% | 1.5% or 1,500 | 16,035 | 97,710 |
| 12 Months | 24% | 1.5% or 1,500 | 8,876 | 108,012 |
Working out to be the same price as UBL, Silk Bank’s three-month tenure is a good option. However, a high markup on longer tenure increases the price of our TV considerably.
| Tenure | Markup | Fees | Per Month
(PKR) |
Total Cost
(PKR) |
|---|---|---|---|---|
| 3 Months | 0% | 1.5% or 1,500 | 28,633 | 85,900 |
| 6 Months | 0% | 5.5% | 14,317 | 90,624 |
| 12 Months | 0% | 11.5% | 7,158 | 95,778 |
Standard Chartered has kept the markup simple, at 0% for all tenures. However, the bank is playing the classic trick of using processing fees as a substitute for markup. 0% for the three-month tenure, processing fees rise as the tenure length increases.
Verdict
Having dissected all the fine print, MCB and UBL emerge as the fairest and cheapest options. These would be the recommended banks to choose for Daraz Easy Monthly Installments.
Another variable to take into account is customer service. MCB has been considered somewhat backward in terms of their online infrastructure and customer service. UBL might edge MCB in this regard.
Essentially, the decision to opt for Daraz Easy Monthly Installment plan depends on the type of product being purchased and access to bank credit.
In certain scenarios, you may find a better price paying upfront. To explore available deals and discounts on electronic retailers, visit Peekaboo Guru. Find bank offers and card discounts for Karachi, Lahore, and Islamabad.
