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HomeBusinessWhat Is A No-Cost EMI, And How Do You Pay For It?

What Is A No-Cost EMI, And How Do You Pay For It?

Who can pass on an interest-free opportunity to make a big purchase? No Cost EMI gives you the freedom to shop across millions of retail stores online and choose your favorite products without having to pay an additional  amount as interest on a monthly installment facility. You can purchase home appliances like refrigerators, televisions, mixer grinders, home theaters, etc. Even gadgets like smartphones, laptops, expensive or branded watches, and other accessories can become more affordable with easy repayment in installments. Since no additional charge is levied on the customer, they pay only the actual amount or price of the product, which is quite an excellent deal. 

How Does No-Cost EMI Work?

People often find it interesting to shop online with exciting offers when no interest factor is involved in the purchase and repayment process. In a no cost EMI means scenario, if you borrow Rs. 15,000 on any debit or credit card to purchase a product, you will have to repay the principal amount alone without any additional charges levied. Irrespective of the tenure chosen to repay the amount, only the exact amount charged gets deducted for a particular purchase. When the purchase is made and you begin paying the monthly installments, the bank charges no interest. This is possible since they recover their transactional costs from the margins of the retail store. The no-cost EMI especially on fast-selling products like mobiles or laptops ultimately increases sales productivity for online stores.

Benefits of No-Cost EMI

  • The offer is available on both debit or credit cards depending on the bank or financial institution you choose to initiate the payment via.
  • When you buy a product via a no-cost EMI, no additional interest charges are levied on your purchase. 
  • While buying your favorite product, no down payment is required. 
  • You can even use the facility provided if an exchange offer is available on various sites. 
  • Festival seasons are ideal for using no-cost EMI options when buying multiple products. 
  • The no-cost EMI option offers you better deals than the regular EMI option.

Payment Method for No-Cost EMI

  • Select the particular product you would like to buy on a no-cost EMI.
  • Before checking out to seal the deal, double-check the product details and check if no-cost EMI is available on your bank’s card for that specific purchase.
  • Carefully select the EMI options and the tenure of repaying the borrowed amount through EMI, ensuring that it does not significantly impact your regular monthly expenses.
  • Once you have selected all the options and repayment duration, enter the card details and proceed to checkout.
  • If you have used a credit card for your payment, the principal amount gets blocked.
  • You will receive the confirmation of the purchase or the payment details on your registered mobile number or email id linked to the bank form on which the payment has been made.
  • You have ordered your no-cost EMI mobile, which gets delivered within the stipulated time at your doorstep.

These are easy and simple steps to avail a no-cost EMI option while buying a mobile phone through an online retail store. Technology for digital payments keeps improving, and now you can even scan a UPI QR code for any app to make online payments for purchased products. 

The decision to make a significant investment seems daunting and requires a lot of planning and research. However, with easy EMI options, people don’t have to wait for a more extended period of time to buy the product they desire most. The No-cost EMI is a finance scheme that any cardholder can avail of without paying any processing fee or additional charges. These services have been provided to enable ordinary people to purchase a product of their choice and pay at their leisure.

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