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    No Cost EMIs

    Making a big-ticket purchase might need a lot of financial planning and isn't something that is readily doable. But like most other things in life, it is not impossible. Credit cards have played a major role in bringing about this change. Now, people don't need to sit and plan for months to buy the mobile that they have been dreaming of or the high-end washing machine they have been eyeing for a long time. To add to their convenience, several credit cards offer the no-cost EMIs option on mobiles. This finance scheme can be used by cardholders to buy expensive gadgets online without having to pay any additional processing fee, down payment, or any other kind of additional payment. It was launched to help customers buy the product of their choice without having to go through a monetary setback.

    How does the no-cost EMI scheme work?

    • In case of regular EMIs, the seller charges you a processing fee which ranges between 0.5% to 3% and an interest rate that can vary from 8% to 15%. For instance, if an individual has bought a product worth Rs.12,000 and has availed a standard EMI option of 6 months, the breakup of their payment will be as follows:
      • Tenure of EMI= 6 months
      • Principal sum= Rs.12,000
      • Rate of Interest= 12%
      • Processing Fee=2%

    So, each month, the buyer has to pay Rs.2,157. They will be charged an interest worth Rs.441 and a processing fee of Rs.250. Hence, the buyer has to pay a total amount of Rs.12,691.

    • In case of no-cost EMIs, the buyer doesn’t have to pay any processing fee or interest on the product purchased. For instance, if an individual has bought a product worth Rs.12,000 and has chosen an EMI tenure of 6 months, they will have to pay  Rs.2,000 per month. The total interest and processing fee charged will be Rs.0. Hence, the total amount that the buyer has to pay is Rs.12,000.

    Process To Avail A No-cost EMI

    While shopping online, individuals can avail a no-cost EMI while buying expensive gadgets, furniture, appliances, lifestyle accessories, among others. However, at brick-and-mortar stores, this finance scheme is applicable only on gadgets, appliances, and furniture. Listed below are the procedures that a buyer needs to follow in order to avail a no-cost EMI:

    Process to Avail No-Cost EMI While Shopping Online

    While shopping online for gadgets and appliances on websites like Flipkart and Amazon.in, the buyer has to follow the steps listed below:

    • Select the product they want to buy.
    • They will need to check if that particular product has no-cost EMI options available.
    • If the product has EMI options available for its purchase, the buyer will need to go through all the instalment options available.
    • They will need to select the EMI option that they think will suit their finances on the payment page.
    • Next, they will need to enter their credit card details including the card number, name on the card, expiry date, and the CVV number.
    • Once they proceed with the checkout, the principal amount will be blocked on their credit card.
    • They will receive a complete breakdown of the payment details on their registered email id.

    Process to Avail No-Cost EMI while Shopping Offline

      While shopping in brick and mortar stores for expensive gadgets, furniture, and appliances, the buyer has to follow the steps listed below:

    • Once they have selected the product that they want to buy, the buyer will need to select the EMI option that they want to avail. The EMI options available in stores is 3, 6, 9, and 12 months.
    • Next, they will need to fill out a form with details like their name, contact number, address, the EMI option that they want to avail, and their signature.
    • They will also need to submit copies of one proof of identity and proof of address along with the form.
    • Once the documentation is done, they will be allowed to take the product home.

    Online Stores That Offer A No-cost EMI Option

    Individuals who want to make a big-ticket purchase using the no-cost EMI option online can do it by buying the gadget or appliance on Flipkart or Amazon India. These two online stores provide the no-cost EMI option for their customers so that they don’t have to burn a hole in their pockets while making the purchase. Let’s take a look at how Flipkart and Amazon India’s no-cost EMI option functions:

    No Cost EMI Online on Flipkart

    The online shopping giant has tied-up with 13 different banks to offer this finance scheme to its customers. However, this option is available on a list of products only. There is no additional interest or processing fee charged on the product by Flipkart. For instance, if an individual buys a refrigerator for Rs.18,000 and chooses to pay the money back in 9 instalments, they will need to pay Rs.2,000 for 9 months. There will be no extra costs involved in the transaction. Listed below are the steps that one needs to follow to avail the no-cost EMI option on Flipkart:

    • Once they select the product, they will need to search for the "No-Cost EMI" option that will be listed on the right hand side of the page and under the offers section.
    • Under the "No-Cost EMI", they will get to see the plans that are available for that particular product.
    • Next, from a list, they will need to select their preferred bank and the tenure of the instalment.
    • Then, they will have to click on the "Continue" tab and place their order.
    • In the payment mode, they will need to select "No-Cost EMI."
    • Next, they will need to enter details like their credit card number, expiry date, and the OTP that will be sent to them on their registered email id.
    • Once, they enter the OTP, their transaction will be completed.

    No Cost EMI Online on Amazon India

    The Indian branch of the US e-commerce website Amazon, offers a no-cost EMI option in partnership with 11 different banks, namely, Standard Chartered, Axis Bank, HDFC Bank, Yes Bank, ICICI Bank, HSBC, Citibank, Kotak Mahindra Bank, SBI, RBL, and on EMI card provided by Bajaj Finserv and an NBFC (Non-banking Financial Company).  While purchasing a product on Amazon.in that has a no-cost EMI option available, the buyer will not have to pay any additional costs. For example, if they are buying a television for Rs.21,000 that comes with the option of no-cost EMI and they choose to make the payment in 9 instalments, they will have to pay Rs.3,000 for 9 months. Hence, they will end up paying Rs.21,000 which is the exact amount borrowed. However, Amazon.in doesn’t provide this facility for an EMI tenure of more than 12 months. Listed below are the steps that one needs to follow to avail the no-cost EMI option on Amazon.in:

    • Buyers will need to select the product that they need to buy and check its eligibility for no-cost EMI.
    • Once they check the eligibility, they will need to select the tenure of their EMI.
    • After that, they will be directed to the payment page.
    • On that page, they will need to type in the details of their credit card including the number of the card, name on the same, expiry date, and CVV number.
    • Once they furnish the above-mentioned details, their transaction will be processed.    

    Offline Stores That Provide The No-cost EMI Option

    Apart from online stores like Flipkart and Amazon.in, a lot of brick and mortar stores also provide a no-cost EMI option on mobiles, furniture, appliances, amongst an array of products that the customers can choose from. However, at some of these stores, the customer would need to fill out a form and submit a couple of documents while availing this option. Once the documentation is fulfilled, customers will be able to take home the product they want to. However, most of these stores have a minimum purchase amount that the customer needs to fulfil in order to avail the no-cost EMI option. Listed below are some of the stores and retail outlets that offer a no-cost EMI option on gadgets and appliances to their customers:

    1. Croma
    2. Big Bazaar
    3. eZone
    4. Central
    5. Vijay Sales
    6. Brand Factory
    7. Lenskart.com
    8. The Raymond Shop
    9. AP Electricals
    10. Aakarshan Electronics and Home Appliances
    11. Aanjaneya Enterprises
    12. Acme Fitness Private Limited
    13. Aditya Birla Retail Limited
    14. Akshya Electronics
    15. Jai Durga ELectro World LLP
    16. Jubilant Agri and Consumer Products Ltd
    17. Kusuma Enterprises
    18. Kundan Electronics
    19. Mahesh Electricals          
    20. Reliance Digital
    21. Sangeetha Electronics
    22. SBR Enterprises
    23. Thomsun Music House
    24. UNI Air Systems
    25. Unilet Appliances PL

    Participating Banks Of The No-cost EMI Scheme

    There are quite a few banks in India that offer no-cost EMIs for consumers who want to buy gadgets and appliances online as well as from brick-and-mortar stores. Listed below are the names of the banks that offer this facility:

    1. Axis Bank
    2. ICICI Bank
    3. HDFC Bank
    4. Citibank
    5. SBI
    6. IndusInd
    7. Yes Bank
    8. Kotak Mahindra Bank
    9. RBL Bank
    10. HSBC
    11. Standard Chartered Bank 

    FAQs About No-Cost EMIs

    1. Will I have to pay a down payment in order to avail a no-cost EMI?
    2. While availing the no-cost EMI facility, you will not have to pay any down payment, processing fee, or an interest.

    3. Will my bank charge an interest?
    4. Yes, the bank will charge you an interest. However, the interest that they charge will be given to you upfront as a discount at the time of buying the product. So, this way, they give you a benefit of no-cost EMI.

    5. How long does it take to process the EMI?
    6. It takes 3-5 working days for the seller to process the EMI option chosen by you.

    7. Is the no-cost EMI option available on all the products that the seller has?
    8. No, this option will be available on selected products only.

    9. While shopping online, will I be given a no-cost EMI option on exchanging an old product to purchase a new one?
    10. Yes, you can avail the same on exchanging products as well. However, the EMI amount will be calculated on the basis of the amount that will be reduced.

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