Premium Installment Policy

Introduction

This policy outlines the terms and conditions of our installment plans, including eligibility requirements, payment schedules, and responsibilities for both the customer and the company. Please note this plan is only available for in-store purchases on a referral base. 

1. Eligibility

To qualify for a Premium installment plan, customers must meet the following eligibility criteria:

  • Be at least 18 years of age.
  • Have a valid government-issued identification (ID).
  • Provide proof of address (e.g., utility bill, lease agreement).
  • Be a resident in the country where the installment plan is offered.
  • Provide a valid form of payment (credit card, debit card, bank transfer, etc.).

2. Installment Plan Options

We offer various installment plans to suit different financial needs. The available plans are: 

  • 3-Month Plan: Payments are spread over three months, with equal installments.

3. Payment Terms

  • Payment Schedule: Once the installment plan is approved, customers will be provided with a clear schedule outlining the due dates for each payment. Payments must be paid by the customer with the customer’s designated payment method on the agreed-upon dates.
  • Payment Amounts: Each installment will be calculated based on the total amount of the purchase, including any applicable taxes and fees, divided evenly over the term of the plan. For example, for a 3-month plan, the purchase amount is divided by three.
  • Interest Rates: Installment plans may include interest depending on the plan and purchase amount. The interest rate will be disclosed before finalizing the agreement and may vary based on the duration of the installment plan.
  • Early Payment: Customers can choose to pay off the remaining balance in full at any time without penalty.

4. Late Payments and Fees

  • Late Fees: A late payment interest will be applied if a payment is not received on the scheduled due date. The interest amount will be clearly outlined in the installment agreement.
  • Account Suspension: If multiple payments are missed or if payments are not made within a specified period, the installment plan may be suspended, and the full balance may become due immediately.
  • Impact on Credit: Failure to make payments on time may negatively impact the customer's credit score, depending on whether the account is reported to credit bureaus. Effibike Inc. may also take legal actions in filling claim against the customer for the debt. 

5. Refunds and Returns

  • Refunds: If a product purchased under an installment plan is returned or refunded, the amount refunded will be credited to the customer’s payment method. 
  • Returns: Customers must adhere to the return policy for the specific product and the eligibility for return indicated on the installment contract. If an item is returned within the allowed return window, the remaining balance on the installment plan may be recalculated based on the refunded amount. 

6. Changes to the Installment Plan

  • Modification Requests: Customers may request a modification to their installment plan, such as adjusting the payment frequency or deferring payments. Any modifications will be subject to review and approval by Effibike Inc..

7. Customer Responsibilities

As a customer using an installment plan, you agree to:

  • Timely Payments: Make payments on time according to the payment schedule.
  • Notification of Changes: Notify Effibike Inc. promptly if your contact information.
  • Financial Responsibility: Ensure that sufficient funds are available in your account to cover each installment payment on the due date.
  • Contact the Company: Reach out to customer support if you are unable to make a payment or if you anticipate any issues with your installment plan.

8. Company Responsibilities

We, as the provider of the installment plan, are committed to:

  • Transparency: Clearly communicating the terms of the installment plan, including any interest rates, fees, and payment schedules.
  • Support: Offering assistance and guidance if customers encounter any issues with their installment payments.
  • Privacy: Protecting your personal and financial information in accordance with data protection regulations.

9. Cancellation of the Installment Plan

  • By the Customer: You may cancel your installment plan at any time, provided that all due payments have been made. If cancellation is requested before the final installment, the remaining balance will be due immediately.
  • By the Company: The company reserves the right to cancel the installment plan if the customer fails to meet the agreed-upon terms, including but not limited to missed payments, fraudulent activity, or violation of the agreement.

10. Miscellaneous Terms

  • Transferability: Installment plans are non-transferable and can only be used by the individual who has signed the agreement.
  • Legal Compliance: All installment plans are subject to local laws and regulations regarding consumer finance. If any provision of this policy is found to be invalid, the remaining provisions will remain in full effect.
  • Dispute Resolution: In the event of a dispute regarding the installment plan, both parties agree to attempt to resolve the issue through customer service channels. If a resolution cannot be reached, the matter may be escalated to arbitration.