Silk Bank Installment Plan has been introduced in collaboration with Daraz to make online shopping a lot more convenient. Now you can use your Silk Bank credit card to purchase your favorite product on Daraz and convert it into easy monthly payments.
The installment plans are available on a broad range of products. All you have to do is check for a button on Daraz signifying “Easy Monthly Installments Available” and then follow the procedure outlined below.
Silk Bank Installment Plan Procedure
To activate the Silk Bank Installment Plan, simply follow these steps:
- Select a product with a value of over PKR 10,000
- Add to cart after confirming that product is from a genuine seller
- Select Easy Monthly Installment Plan at checkout
- Pay Now using your Silk Bank Credit Card
Plan Terms & Conditions
Silk Bank Installment Plans range over three tenures and vary in cost based on the duration.
The three-month tenure has a 0% markup, which ramps up as the installment period increases, 12% markup for six-months, and 24% for twelve months. On the other hand, processing fees remain the same at 1.5% or PKR 1,500, whichever higher.
| Tenure | Markup | Fees |
|---|---|---|
| 3 Months | 0% | 1.5% or 1,500 |
| 6 Months | 12% | 1.5% or 1,500 |
| 12 Months | 24% | 1.5% or 1,500 |
We can use the example of a Canon EOS 2000D DSLR Camera to understand the various plans better. The camera initially costs PKR 57,800 on Daraz.
The three-month tenure will be the cheapest due to 0% markup, costing PKR 19,266 per month. In the six-month tenure and twelve-month tenure, the camera will cost PKR 10,789 and PKR 5,972, respectively.
The processing fee will be PKR 1,500 flat for all tenures as this is higher than 1.5% of the product’s price. Therefore, the final cost of the camera in the first installment plan is PKR 59,300. For the six-month plan, the final cost comes out to PKR 66,234 and PKR 73,172 for the longest twelve-month tenure.
If opting for the three-month tenure, Silk Bank prices are competitive. However, other banks offer cheaper options for longer tenures. Read our in-depth article comparing all five brands partnering with Daraz for Easy Monthly Installments.
