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  • Smart EMA Scheme by Lagu Bandhu
  • Smart EMA Scheme by Lagu Bandhu

1. Terms and conditions

a. This scheme is applicable for the purchase of Diamond Studded Jewellery, Solitaire Diamonds, Loose Gemstones, Gemstone Studded Jewellery, Plain Gold Jewellery, and Gold Coins at any Lagu Bandhu Jewellery store. The Idea behind this scheme is to create a platform for our customers to plan their jewellery purchase using Smart Equal Monthly Advances (Smart EMA) and get a reward benefit from enrolling in it.

2. Enrolment

a. Any customer above 18 years of age and having a valid PAN Card can enrol in the Smart EMA scheme by filling out the enrolment form and providing all the required details.
b. Customers can choose any Equal Monthly Advance “EMA” amount in multiples of ₹1000/- starting from a minimum of ₹5000/- Eg ₹5000/- or ₹6000/- or ₹7000/- etc. This amount shall be called as the “Enrolment Amount” or the “EMA amount”.The date of enrolment shall be called the “enrolment Date”.
c. The subsequent EMA shall be due on the same date of subsequent months. These shall be referred to as the “EMA due dates”.
d. Customers will be required to pay the EMA amount on the Enrolment date to mark the first monthly advance and to start the scheme.
e. Providing a valid PAN card copy is compulsory and an additional address proof should also be submitted (Aadhaar Card, Passport, Election Card).
f. In case of EMA amount of ₹20,000/- and above, submitting a hard copy of PAN card is mandatory.
g. There is an enrolment fee of ₹1000/-This fee will be waived off at the time of normal maturity but deducted in the case of foreclosure. Refer to the Foreclosure section for more details.
h. Providing the name of nominee is highly recommended with valid ID details.
i. Customers will be required to read full Terms and Conditions and sign this form below to confirm that the customers have read both properly and that they agree to the terms and conditions and also to confirm that the details provided by them are correct and authentic.

3. Monthly Advance Payments

a. Customers would be required to deposit the EMA amount on or before the next EMA due. date. For example, if the Enrolment amount is ₹5000/- and Enrolment date is 10 of January 2024, then customers should pay the subsequent EMA on or before the 10 of each subsequent month.
b. The payments of EMA are to be made by cash, cheque, credit card, debit card, NEFT, RTGS or UPL In case of payment by credit card or debit card, additional convenience charges will apply.
c. Customer will be given a Card which will bear the record of payments made by him/her which will be updated every month when the payments are made. A replica of the Membership Card Record will be maintained by us in the shop which will be updated simultaneously.
d. The “Membership Record” maintained at the shop, which will bear the signature of the customer as well as the authorized signatory from the shop will be the conclusive documentary record for the purpose of operation of the scheme. This will also include the record of all payments in a separate ledger for each scheme referred to as the “Scheme Account Ledger”.
e. The total amount received from the customer towards EMAs at any point in time during the scheme shall be referred to as the “Total Scheme Receipt Amount”.

4. Scheme Benefit

a. The Scheme Benefit Amount is the amount added to the customer’s scheme account ledger by us as a reward for successfully completing the scheme. A customer is entitled to the scheme benefit only after successful payment of all EMA’s on or before every EMA due date.
b. The Scheme benefit is given as a percentage of the enrolment amount and this percentage depends on the type of jewellery selected for the purchase. Refer to the table below for scheme benefit details:

Jewellery Type

No. of Monthly Advances

Benefit as % of single monthly advance

Diamond Studded / Loose Gemstones / Solitaire Diamonds




Stone Studded


Plain Gold




c. The scheme benefit amount will be added to the Scheme Account Ledger of the customer only when the scheme is complete and the customer wishes to purchase any jewellery type listed in the table above.
d. The scheme benefit is not encashable.
e. The scheme benefit is not transferable to a different customer.
f. The scheme benefit cannot be clubbed with any other ongoing offer or any other ongoing scheme.

5. Scheme Redemption

a. A scheme is called as “redeemed” when the customer makes a complete purchase transaction of an amount equal to or greater than the scheme maturity amount.
b. The difference in the Purchase amount and the scheme maturity amount shall be borne by the customer at the time of scheme redemption.
c. All the prevalent metal, gemstone and labour rates shall apply as on the date of redemption. No previous rates shall be considered.

6. Foreclosure

a. A scheme can be closed before the completion of its normal completion or before the receipt of all monthly advances. Such a scheme is deemed as “Foreclosed.”
b. In case of Foreclosure of a scheme, no scheme benefit shall be given.
c. In case of Foreclosure of a scheme, the enrolment fee of ₹1000/- shall be deducted and the remaining full scheme receipt amount shall be refunded.
d. The customer shall get back the amount equal to the total scheme amount minus the deductions. This amount will be referred to as the “Scheme Foreclosure Amount.”
e. In case a scheme is fully paid up and is due for maturity but the customer has not been able to visit the shop to purchase the jewellery of their choice within 11 monthsfrom the Enrolment date, then the scheme shall be deemed as foreclosed and the enrolment charges will be deducted.
f. We shall make the payment of the Foreclosure amount to the customer by means of cheque or NEFT or RTGS in the name of the enrolled member.
g. The foreclosure payment to the customer will be made by account payee cheque only or NEFT or RTGS.
h. The foreclosure payment cheque will be in the name of the Enrolled customer only.

7. Scheme Maturity, Maturity Amount and Maturity Date

a. A scheme is deemed as matured when all the EMA have been paid up without delays and the appropriate scheme benefit has been added to the total scheme receipt amount.
b. The Scheme Maturity Amount is the final total amount that the customer can use for the purchase of jewellery once the scheme is matured.
Scherne Maturity Amount = Total Scheme Receipt Amount+ Scheme Benefit – Deductions (if any)refer to the table below for understanding to working of scheme maturity amount.













































Total Amount Invested





­Your scheme matures. The scheme
benefit will depend on what type of jewellery you choose to buy as shown

Benefit as % of Advances Single
Monthly Advance

Benefit in terms of amount.




Diamond Studded Jewellery/ Loose
Gemstones/ Solitaire Diamonds







Stone Studded Jewellery







Plain Gold Jewellery






Gold Coins




c. The “Maturity date” is the date on which the scheme is deemed as matured. In an ideal case, the maturity date will be the date exactly after 10 months from the Enrolment date.

d. The Maturity date can get extended in case of delayed payment of advances by the customer. The detailed terms and conditions related to delayed payments is given below in the relevant section

8. Grace Period, Delays, Deductions, Other Charges, Maximum Extension

a. In case a customer does not make the payment on or before the due date of any monthly advance, then that advance will be considered as a delayed advance. The next due date of the monthly advance will be postponed to the actual date of payment for all subsequent months and therefore the maturity date will also get extended by those many days.
b. A customer can avail a Grace Period of maximum 7 days. This means that the customer can make a payment within 7 days from the due date without getting the date extension.
c. In case the customer delays the subsequent payment by more than grace period again, then the scheme shall be further extended by the amount of delay in days.
For example, let us say that the EMA due date for a scheme is 5th of every month.
Then a customer can make a payment of the next EMA up to 12th of each month and there will be no extension.
But if the customer makes a payment, say, on 15th of the month then all the next EMA due dates are changed to 15th of subsequent months. This amounts to a total extension of 10 days (7 grace days + 3 additional days of the delay)
Now if the customer again makes a delay of 4 more days beyond grace days, ie, the customer makes a payment on 26th of the month, then the scheme is extended further by 11 more days 7 grace days + 4 days of delay). And the total extension now is 21 days
d. A customer can avail a cumulative extension of a maximum of 30 days. If the total extension is beyond 30 days, then the scheme shall be considered Foreclosed. In such a case, the foreclosure deduction shall apply and the Scheme Foreclosure Amount shall be directly deposited in the account of the enrolled customer by a cheque or NEFT or RTGS.
No scheme benefit can be availed in such a case.
e. In case of dishonour of cheque the said “EMA” would be treated as unpaid and the customer will have to bear the bank charges thereby attracting provisions of grace period and delays as mentioned above.
f. The management will have the right to terminate the scheme at any time, without giving any reason by refunding the money collected under the scheme. The terminated scheme will be considered as Foreclosed.

9. All disputes are subject to Mumbai Jurisdiction only.

I have read and accepted all the terms and conditions of the scheme Smart EMA. I agree to the deductions and other charges mentioned in the sheet above that may be incidental due to defaults or delays in payments, Forclosure, or any other reasons.