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  • As someone has rightly put, "It takes as much energy to wish as it does to plan." Human life surrounds around making wishes and working towards making them come true. However, a lot of times, the things we wish for remain monetarily unattainable. But not any more. One of the largest online shopping portals in India, Amazon.in offers its customers the no-cost EMI option on mobile. This finance scheme has gained popularity amongst consumers because of the convenience it offers. There are no additional costs applied to the EMIs under this scheme. So, while making a big-ticket purchase, customers will not have to pay a processing fee, an interest or a down payment. However, Amazon.in offers no-cost EMIs only on tenures of 3, 6, 9, and 12 months. If the customer avails a tenure of more than 12 months, they will need to pay an interest for the product they purchase. Let us take a look at the processes involved in this finance scheme offered by Amazon.in.

    How Does The Facility Of No-cost Emis Work On Amazon.In?

    To get a fair idea about how the facility of no-cost EMIs works on Amazon.in, let us make a simple comparison of an air conditioner bought on the portal under a standard EMI scheme and the same product bought under a no-cost EMI scheme. Suppose the AC is available on Amazon.in for Rs.37,999.

    Listed below are the interest rates charges by some of the banks that the buyer will have to pay while buying the AC under a standard EMI and a no-cost EMI scheme:

    • A regular EMI scheme: While buying the AC on Amazon.in, if the customer chooses a regular EMI option, they will have the following tenure options to pick from and the interest rates will be decided accordingly. However, the customer will not have to pay a processing or convenience fee while making an EMI transaction:

      Name of the Bank

      Tenure

      Rate of Interest (per annum)

      Axis Bank

      3 months

      6 months

      9 months

      12 months

      18 months

      24 months

      12%

      12%

      13%

      13%

      15%

      15%

      Citibank

      3 months

      6 months

      9 months

      12 months

      18 months

      24 months

      13%

      13%

      15%

      15%

      15%
      15%

      HDFC

      3 months

      6 months

      9 months

      12 months

      18 months

      24 months

      13%

      13%

      14%

      14%

      15%

      15%

      HSBC

      3 months

      6 months

      9 months

      12 months

      18 months

      24 months

      12.5%

      12.5%

      13.5%

      13.5%

      13.5%

      15%

      ICICI Bank

      3 months

      6 months

      9 months

      12 months

      18 months

      24 months

      13%

      13%

      13%

      13%

      13%

      13%

      IndusInd Bank

      3 months

      6 months

      9 months

      12 months

      18 months

      24 months

      13%

      13%

      13%

      13%

      15%

      15%

      Kotak Mahindra Bank

      3 months

      6 months

      9 months

      12 months

      18 months

      24 months

      12%

      13%

      14%

      14%

      15%

      15%

      SBI

      3 months

      6 months

      9 months

      12 months

      18 months

      24 months

      14%

      14%

      14%

      14%

      --

      --

      Standard Chartered Bank

      3 months

      6 months

      9 months

      12 months

      18 months

      24 months

      13%

      13%

      14%

      14%

      15%

      15%

      RBL

      3 months

      6 months

      9 months

      12 months

      18 months

      24 months

      13%

      13%

      13%

      13%

      13%

      13%

      Yes Bank

      3 months

      6 months

      9 months

      12 months

      18 months

      24 months

      12%

      12%

      13%

      13%

      14%

      15%

      • Under a no-cost EMI: If an individual purchases the AC priced at Rs.37,999 under a no-cost EMI, they will not have to pay an interest only if they choose an EMI tenure of 3, 6, 9, or 12 months. If they chose a tenure of 18 or 24 months, the bank will charge them a standard interest rate. To further explain the concept of no-cost EMIs on Amazon.in, let’s use an example. Suppose the customer has chosen to the pay the principal amount, which Rs.37,999 in 6 months. In this case, they will receive a no-cost EMI discount at the time of placing the order. The principal amount will be blocked by their preferred bank and after a few days, it will be converted into EMIs. Since there are no additional costs involved in a no-cost EMI scheme, the customer ends up paying only the principal amount, which is Rs.37,999 in six different instalments.

      How To Avail A No-cost EMI On Amazon.In?

      In order to avail a no-cost EMI option on Amazon.in, the customer will need to follow the steps listed below:

      • Once they finalise the product that they want to buy on the website, they will have to check the product's eligibility for no-cost EMI.
      • After confirming that the product is available under the no-cost EMI option, they need to go through all the instalment options available under the scheme.
      • Next, they will need to select the tenure and EMI option that on the payment page.
      • After selecting the suitable EMI option, they will need to fill in their card details including the card number, the name on the card and the CVV number.
      • Once they type in the above-mentioned details, the transaction will be processed.

      Products On Which No-cost EMIs Are Applicable On Amazon.In

      The no-cost EMI scheme on Amazon.in is applicable on a minimum cart value of Rs.3,000 or more. Listed below are the categories of products that come under the website's no-cost EMI scheme:

      • Mobiles
      • Audio sets
      • Washing machines
      • Echo and Kindle e-reader
      • Televisions
      • Refrigerators
      • TV units
      • Laptops and tablets
      • Dining sets
      • Sofas
      • Cameras
      • Beds
      • Air conditioners
      • Home and kitchen appliances
      • Wardrobes
      • Coffee tables
      • Recliners
      • Microwave ovens

      Partner Banks

      Amazon.in has partnered with 12 different banks to offer the no-cost EMI scheme to its customers. Individuals who want to avail this scheme should own a credit card from the partner banks or a Bajaj Finserv EMI Card or an HDFC debit card. Mentioned below are the names of the banks that have partnered with Amazon.in for this scheme:

      • Axis Bank
      • Citibank
      • HDFC Bank
      • HSBC Bank
      • ICICI Bank
      • IndusInd Bank
      • Kotak Mahindra Bank
      • SBI
      • Standard Chartered
      • RBL
      • Yes Bank

      FAQs on no-cost EMIs on Amazon.in

      1. Can I avail the option of no-cost EMIs along with Amazon Pay Balance?
      2. No, you cannot club these two option while purchasing a product on Amazon.in.

      3. Is this scheme available along with exchange offers?
      4. Yes, the no-cost EMI can be availed along with an exchange offer. In such a situation, the EMI amount will be calculated on the decreased principal amount.

      5. How long does it take to process an EMI?
      6. It take 3 to 5 business days to process an EMI.

      7. Will I be able to avail the no-cost EMI scheme while shopping on the Amazon.in mobile app?
      8. Yes, this scheme is available on purchases made on the website’s mobile app version as well.

      9. Will I need to make a down payment to avail this scheme?

      No, you will not have to pay a down payment under the no-cost EMI scheme.

        

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