Payment & Security Policy

At Sofanetic, we ensure that every transaction you make with us is conducted in a secure and protected environment. Below, you’ll find a list of our payment options along with answers to some frequently asked questions.

Cards

Digital EMI

EMI

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Cards

Digital EMI

EMI

EMI is available for orders over ₹10,000. We offer the following options:

0% interest EMI through Snapmint.
Credit card EMIs with standard charges as per your bank’s policy (via RazorPay).

Snapmint:

How It Works:

1. Sign up and receive a real-time decision on your purchase in under a minute.
2. Upload your ID and address proof, then make the down payment.
3. Within 24 hours, we’ll visit you to sign the NACH (ECS) mandate as prescribed by NPCI.
4. Your order is then processed.

Have More Questions About Snapmint?

Snapmint is committed to offering transparent and fairly priced EMI options. Whether or not you have a credit history or credit card, Snapmint believes you’re more than just your credit score. Learn more [here]

Terms and Conditions:

1. Instant Approval: 95% of EMI applications are approved instantly. No credit card is required. If instant approval is not possible, we will notify you immediately.

2. Down Payment: To confirm your order, a down payment is required.

3. Verification: We may request a bank statement to verify your salary or income.

4. Processing Fee: A small processing fee may be charged by Snapmint for each EMI transaction.

5. Order Cancellation: Orders canceled before delivery are eligible for a full refund of the processing fee and down payment.

6. Returns: In case of returns, EMI payments will continue until confirmation is received from Durian Industries.

7. Vouchers/Discounts: Vouchers and promotional discount codes can be used in conjunction with EMI options.

8. Bank Terms: Other terms and conditions of participating banks will also apply.

Razorpay:

RazorPay provides EMI options on all major credit cards, with interest rates set according to the banks’ standard rates.

How It Works:

1. Choose EMI with your credit card via RazorPay.
2. Enter your details according to the provided guidelines.
3. Place your order and you will be redirected to the RazorPay payment gateway.
4. Enter your bank details and complete the payment through the gateway.

EMI On Credit Cards

The issuing bank may change the terms of the EMI offering at any time. Additionally, the issuing bank may, at its sole discretion, reject or modify the EMI tenure based on factors such as customer history and transaction amounts, or withdraw the EMI scheme altogether. In such cases, customers must follow up directly with the issuing banks, and Sofanetic will not be responsible for any rejections.

Sofanetic is not liable for any disputes arising from the non-conversion of transactions into EMIs. Customers should inquire about the status of their EMI requests with their issuing banks.

Sofanetic has a threshold value for EMI purchases. The current threshold is Rs.10,000, above which EMI options are available for your products.

Once EMI transaction requests are submitted, they cannot be canceled, modified, or reversed until the issuing banks have approved or rejected them. For example, if an EMI request is submitted on January 1 and the issuing bank processes it by January 7, it cannot be canceled, modified, or reversed before January 7. Only after the issuing bank’s decision can customers cancel the transaction. In case of cancellation, Sofanetic will initiate a request with its payment aggregator (RazorPay), who will then coordinate with the issuing bank to process a refund. Upon approval of the refund by the bank, the credit card limit will be increased. However, please note that cancellation charges of 20% of the total order value will apply, which will be the customer’s responsibility.

FAQs

What are the annualized interest rates for the different banks?

The annualized rates for different banks are as follows:

Sr.No	Bank Name	3 Months	6 Months	9 Months	12 Months	18 Months	24 Months
1	Axis Bank	12.00%	12.00%	13.00%	13.00%	N.A.	N.A.
2	Kotak Bank	12.00%	12.00%	14.00%	14.00%	15.00%	15.00%
3	Standard Chartered Bank	13.00%	13.00%	14.00%	14.00%	15.00%	15.00%
4	IndusInd Bank	14.00%	14.00%	14.00%	14.00%	13.00%	13.00%
5	HSBC Bank	12.50%	12.50%	13.50%	13.50%	13.50%	N.A.
6	ICICI Bank	13.00%	13.00%	13.00%	13.00%	N.A.	N.A.
7	AMEX	15.00%	15.00%	15.00%	15.00%	N.A.	N.A.
8	Central Bank	13.00%	13.00%	14.00%	14.00%	N.A.	N.A.
9	Ratnakar Bank	13.00%	13.00%	13.00%	13.00%	13.00%	13.00%
10	Corporation Bank	N.A.	16.00%	N.A.	18.00%	N.A.	18.00%

**Disclaimer: the bank interest rates are subject to change as per their individual policies.

Why Was I Charged the Full Amount Instead of EMI?

EMI transactions are processed in offline mode. This means that you will initially be charged the full amount on your credit card. The transaction will then be converted into an EMI transaction within 5-7 working days. Until this conversion is complete, the charge will appear as a full amount transaction on your credit card. If 7 working days have passed since your transaction and it has not yet been converted to EMIs, please contact your card-issuing bank for assistance.

I’ve Contacted My Bank, But They Have No Information on EMI Conversion. What Should I Do?

Our payment aggregator, RazorPay, sends the details of settled transactions for EMI conversion, including all relevant information, to the card-issuing banks within 3-4 business days from the transaction date. If it’s been 2 days since your transaction, the bank may not yet have received the necessary details. Please wait for 3-4 business days, and then check with your bank again for the status of the EMI conversion.

It’s Been a Week and My Transaction Still Isn’t Converted to EMIs. What Should I Do?

If 7 working days have passed and your transaction has not been converted into EMIs, please contact your card-issuing bank for further assistance. Please note that Sofanetic is only a facilitator in this process and does not have control over the approval, delay, or rejection of EMI conversions. These decisions are made solely at the discretion of the card-issuing bank.

My Credit Card Bill Shows the Full Amount Charged. What Should I Do?

Check the transaction date and the bill generation date. If more than 7 working days have passed since the transaction and it still shows the full amount, you should contact your card-issuing bank to determine the payment amount. The bank may process the EMI conversion at a later date, which could adjust your bill.

Why is the Total EMI Amount Higher Than the Transaction Amount?

The issuing bank charges interest at an annualized rate per EMI transaction. This interest rate is determined by the bank and is displayed at the time of the transaction.

What If My Issuing Bank Rejects the EMI Conversion?

If the EMI conversion is rejected, the amount will remain as a regular credit card charge. If you wish to cancel the transaction, please inform us within 24 hours. We will raise a request with RazorPay, who will coordinate with the issuing bank to facilitate a refund. Once approved, the refund will be reflected in your credit card limit.

What If I Change My Mind After EMI Conversion Approval?

If your EMI conversion request is approved but you decide to cancel, please let us know. We will initiate a request with RazorPay, who will then work with the issuing bank to process your refund. Once the bank approves the refund, it will be reflected in your credit card limit.

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