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.
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.
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:
While shopping online for gadgets and appliances on websites like Flipkart and Amazon.in, the buyer has to follow the steps listed below:
While shopping in brick and mortar stores for expensive gadgets, furniture, and appliances, the buyer has to follow the steps listed below:
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:
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:
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:
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:
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:
While availing the no-cost EMI facility, you will not have to pay any down payment, processing fee, or an interest.
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.
It takes 3-5 working days for the seller to process the EMI option chosen by you.
No, this option will be available on selected products only.
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.
List of No Cost EMI Offers