What is No Cost EMI
The No cost Equated Monthly Instalment (EMI) refers to a plan where you can pay the goods or the services in instalments with zero processing fees and zero interest. In simple words, you have to pay for the products/services in Equated Monthly Instalment but, you have to only pay the total amount of products/services with no extra charges.
Example Of No Cost EMI
In the given example, you can check that there is the XYZ product of Rs. 22,900. If we opt a no-cost EMI option, then we have the option to pay in installment with zero interest. You can see in the example that there is the option to pay an amount in 03,06,09,12 months, and there is no interest we have to pay only the principal amount.
|Months||Monthly EMI||Overall Cost|
|6||3832@ No Cost||22990|
|9||2555@ No Cost||22990|
|12||1916@ No Cost||22990|
Advantages of no-cost EMI
Helps In Fulfils The Needs-
With the help of no-cost EMI you can fulfills all your needs as it becomes easier for you to but anything in installments with no interest.
Zero additional cost-
It is the biggest advantage that we have to pay only the principle amount and don’t have to pay the processing fee and other fees.
You can avail it on multiple platforms-
No cots EMI is now available online and offline merchants. So, it becomes easy for the buyer to avail the product easily.
Easily available online-
Today, all the online sites are offering the no cost EMI’s offers so you can directly avail of the offers online only.
How No Cost EMI Works on Debit card
If you don’t have a credit card for EMI payment then you don’t need to worry, the new concept of no cost EMI on the debit card has been recently launched. So, let’s talk in detail related to the Debit Card EMI schemes. Here we are stated the common terms and conditions for the Debit card EMI scheme.
Terms And Conditions:
It may be noted that the stated terms and conditions have been taken from various sources; it may be possible that it may vary from bank to bank.
- To avail the benefit of no cost EMI on debit card individuals require to maintain a fixed or a recurring deposit.
- The Equated Monthly Instalment (EMI) option is available for 3,6,9,12,18 and 24 months as per the offer by the bank.
- It may be noted that the limit of the purchase of no cost EMI on a debit card will be a maximum up to 90% of the fixed deposit principal value.
- The Equated Monthly Instalment (EMI) must be completed before the fixed or a recurring deposit matures.
- It may be noted that at the time of availing offer first, the complete amount will be deducted from your bank account only, and later on, it will be reserved within 02 working days.
How No Cost EMI Works on Credit Card
- Logon to the online website or the offline store for the product or services you want to avail.
- Choose the product/services you want to buy/avail.
- Now go for the No EMI option.
- Choose the appropriate EMI scheme.
- Complete the transaction
For more financial and other schemes, check our web portal. All the details of important schemes are available on this page.