MCB Installment Plan has been available to consumers for quite some time. However, the bank offers this service only on select partner brands.
Those options are no longer limited as MCB has partnered with Daraz to simplify the process of obtaining MCB Monthly Installment Plans. Along with simplifying the process, this move is also expanding the products and brands eligible for an installment plan.
MCB Monthly Installment Plan Procedure
To activate a MCB Monthly Installment Plan, simply follow these steps:
- Select a product with a value of over PKR 10,000
- Add to cart after confirming that product is from a genuine seller
- Select Easy Monthly Installment Plan at checkout
- Pay Now using your MCB Credit Card
Plan Terms & Conditions
The fine print remains unchanged regardless of the type of product. There are three monthly installment plans to choose from, depending on the installment duration you would like.
Of all the banks that have partnered with Daraz for the provision of easy monthly installments, MCB has the most straightforward plan. All tenures have a 0% markup along with a set processing fee of 2.5%.
As such, if we were to take the example of purchasing a Dell Inspiron 15 on easy monthly installments. The original cost of the product is PKR 119,999, when paying upfront. If converted to an installment plan, a 2.5% processing fee works out to PKR 2,999. Opting for a three-month plan, PKR 40,000 would be due per month. In contrast, the six-month and 12-month plans would cost PKR 20,000 and PKR 10,000 per month, respectively.
| Tenure | Markup | Fees |
|---|---|---|
| 3 Months | 0% | 2.5% |
| 6 Months | 0% | 2.5% |
| 12 Months | 0% | 2.5% |
Hence the final cost of the laptop at the end of tenure would be PKR 122,998. This will remain the same for all three installment plans.
Also partnered with Daraz for the provision of easy monthly installment plans are Standard Chartered Bank, Bank Alfalah, Silk Bank, and UBL. There are different terms and conditions for each bank. Read our in-depth article comparing all five banks partnering with Daraz for Easy Monthly Installments.
Easy Monthly Installment Plans allow customers to buy their favorite products without the massive impact of a high initial cost. However, paying upfront may allow you to save big on products due to frequent sales on electronic products.
To explore available deals and discounts on electronic retailers, visit Peekaboo Guru. Find bank offers and card discounts for Karachi, Lahore, and Islamabad.
