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Standard EMI Suite

Let your users pay later with easy monthly instalments!

Overview

EMI is a powerful payment option which can help your users make high ticket purchases without worrying about making the entire payment upfront. The affordability offered by splitting the payment into EMIs not only enhances customer retention but also boosts final conversions. For merchants focusing on medium to high-ticket items, offering EMI becomes an essential component of the checkout journey.

The Juspay EMI suite offers a unified and intuitive experience to enable EMIs for your users during checkout. Integrated with multiple payment gateways, the Juspay EMI Suite serves as a single, no-code platform that allows you to seamlessly enable EMI payment options across banks, issuers, and gateways.

Additionally, the Juspay Offer Engine supports the creation of various EMI offers, including No Cost, Low Cost, and Instant discounts on top of standard EMI plans. These offers are gateway-agnostic and can be effortlessly enabled on your checkout page.

EMI Types:

There are three types of EMI plans that are offered to customers:

Standard EMI: Equal monthly instalments at applicable interest rates.
Low-cost EMI: Equal monthly instalments at reduced interest rates. A certain percentage of the applicable interest is given as an upfront discount.
- This is supported by Juspay Advanced Offers Engine
No-cost EMI: Equal monthly instalments for only paying back the original amount, with no interest. The applicable interest is waived off as part of a discount or offer.
- This is also supported by Juspay Advanced Offers Engine

Banks, NBFCs, and issuers offer EMI payment options to users through the following instruments:

Credit Card: The transaction amount is authorized by the customer's issuing bank and converted into EMIs within 3-4 days, depending on the credit card provider's terms.
Debit Card: Customers are not required to have a balance greater than the transaction amount in their accounts when placing an order. However, they must ensure that their accounts have sufficient funds to cover the EMI due each month.
Cardless: NBFCs and Banks offer a Cardless EMI payment option by extending credit to worthy customers. User authentication is done using the mobile number and/or the last four digits of the PAN card. The customer's approved credit limit is utilized during the transaction.

Feature Details

PA/PG Supported:
- Razorpay, PayU, Pinelabs, Paytm_v2, CCAvenue_v2, Billdesk, TPSL, Easebuzz, Bajaj Finserv, Cashfree, ShopeSe, HDFC
Platforms Supported: Android, iOS, Web and mweb
Supported Juspay Integrations :
- Juspay HyperCheckout (Payment Page)
- Juspay Express Checkout SDK
- Juspay Express Checkout API
UX Configurable: Yes
Merchants live with EMI flow: Oneplus, Xiaomi, Croma, Curefit, Star Health etc (60+ merchants)

User Journey

EMI Mobileweb View

Feature Benefits

Differentiated user experience by offering multiple EMI options on your platform
High customer retention, increased conversions and assured future revenue
Easy enablement of EMI plans without the need to integrate with individual PGs
Transparent and clean user interface to show EMI plan details and amount breakup
Easy to use interface for merchants to configure EMI plans as and when required
3% higher success rates compared to individual gateways based on routing capabilities
Real time analytics, visibility and monitoring for all EMI transactions

Frequently Asked Questions

Does EMI transaction reflect immediately for customer?

Why do I need to configure multiple gateways for EMI?

If customer cancels the EMI transaction, will the EMI loan gets cancelled?

For credit card refunds, the bank will credit the refund amount to the customer's card, but cancelling EMI may require the customer to contact the issuer depending on their support.

In the case of debit cards or cardless transactions, full refunds result in the loan being cancelled by the bank, while for paid EMIs, the principal amount is reversed to the customer's account. Partial refunds involve adjusting the EMI principal or reducing it, although not all issuers may support this; merchants are advised to confirm details with their PA/PG or issuer.

How does the EMI plan information gets relayed when more than one gateways are supporting EMI?

Merchants can set up multiple gateways to run EMI plans. Juspay's EMI suite retrieves gateway-specific plans and combines them where there is overlap. For example, if both Gateway A and Gateway B support HDFC Credit card transactions for a 3-month EMI plan, the API response will display a single plan with Gateway A and B listed as supported gateways for that specific plan.