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Low cost carrier Spicejet, has launched an Equated Monthly Installment (EMI) scheme called ‘Book Now, Pay Later’. The scheme allows passengers to save up to 70% interest on deferred/delayed payment interest costs relative to traditional credit card fees and is valid on credit cards of Axis Bank, HSBC Bank, Kotak Bank, and Standard Chartered Bank which are issued in India. The airline aims to launch with other banks soon.
Passengers holding credit cards issued by these banks can pay as per their own preference of schedule that may vary between 3 and 12 months, at interest rates in the range of 12-14%, compared to typical roll over credit card interest rates in excess of 36%. The one point to note is in the case of airfare refunds, customers will have to bear the costs of the interest rate already billed for that particular booking.
Debojo Maharshi, Chief Marketing Officer, Spicejet
“Providing customer convenience and enhancing options through unique travel schemes and offers are central to SpiceJet’s philosophy. We are confident that this scheme will make air travel more economically-viable than ever before for those customers who want to travel now, but pay later”
