How it works?

No-cost EMI on Melorra allows you to break down the expenses for your purchase into equally divided monthly installments of a tenure of your choosing at 0% interest

Step 1

Select your favourite fine jewellery.

Step 2

Choose your EMI option at the checkout.

Step 3

Enter your details and complete the order.

Step 4

We will take 24 hours to verify your documents and confirm your order.

EMI Calculator

Enter Product Cost*

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Choose EMI Tenure*

Down Payment

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EMI

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Melorra EMI for Diamond and Gemstone

Melorra has partnered with Snapmint to offer an EMI facility for customers shopping exclusively for Diamond and Gemstone jewellery. Snapmint is an online portal that makes Equated Monthly Installments (EMI) for customers easy. Snapmint is registered with the Reserve Bank of India (RBI) and follows the respective guidelines.

Snapmint EMI Benefits for Melorra Online Customers

Snapmint EMI option at Melorra applies only on Diamond and Gemstone jewellery (EMI on NON-GOLD components only). Here are the Snapmint EMI benefits:

Hassle-free online process - it's paperless!

No Interest cost applied

No hidden charges!

Credit Card not required

Offering 3, 6, and 9-month EMI plan

Step-by-step Snapmint EMI Process

Snapmint EMI Options

Snapmint EMI Eligibility for Offline Store Purchase:

Price Range: 1Lakh - 2Lakh (approx.)

Employment Type: Salaried or self-employed
Income Tax Returns (ITR) detail is mandatory
The credit scores should be more than 750
Customers should have 6 months' bank statement/ GST returns
EMI amount 20% of salary (active non-revolving credit card) or EMI greater than the customer’s Average Quarterly Balance AQB/2 from the bank statement with 5x of EMI worth credits every month
Credit statements should not have any defaults

Price Range: Above 2 lakh

Customers should be Employed (non-Salaried will not be considered)
Income Tax Returns (ITR) detail is mandatory
6 months’ bank statement is required for the Snapmint EMI process
Provident fund verification is mandatory for the Snapmint EMI process
Snapmint EMI amount should be 20% of the salary
No defaults in credit history should be carried
The credit scores should be more than 750
No existing EMIs to be carried more than 35% of their salary
EMI should be lesser than the Ten-day median in the bank statement
EMI should be lesser than the Average Quarterly Balance(AQB) /2 in the bank statement

*T&C Applied

FAQs

What is this 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 our retail experience centres as well. Customers can choose the EMI duration from options of 6 months / 9 months / 12 months. The first month EMI has to be paid as a down payment by the customer at the time of purchase.

What is minimum value for the program?

The minimum value is Rs. 10,000 with a maximum of Rs. 10 Lakhs.

Who can enroll in this program?

Any customer residing in India and purchasing jewelley between Rs. 10,000 to Rs. 10 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.

How do I 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 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 happens if I fail to pay my monthly installments?

Going forward the interaction will be between the customer and NBFC, Melorra 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 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.