What is no-cost EMI?
A no-cost EMI is an offer where you can pay for a product or service in affordable monthly instalments with zero interest. This means that you are only paying for the total price of the product, with no extra charges.
For example, if you buy a product worth Rs 15000 at 3-month no-cost EMI, you will have to pay Rs. 5000 each month for 3 months to your EMI provider (such as ZestMoney), which will be a total of Rs.15000 at the end of 3 months with zero interest cost.
Where can you use a no-cost EMI?
Have you ever found yourself eyeing the latest range of smartphones and wishing you could replace your old, outdated mobile with a trendier one? We’ve all been there – scrolling for hours, looking at the new features and watching unboxing videos, only to realize the price is too high for you to pay. And it’s not just phones – it’s the same with a variety of products and services. From laptops and cameras, to international trips, furniture, and even clothes, we yearn to afford things that seem so unaffordable. We have good news: now they can be within your reach!
Many brands these days have added a variety of payment options for your convenience. Of these, Equated Monthly Instalment (EMI) plans have taken India’s e-commerce economy by storm, with a lot more people availing the payment plan being offered.
Statistics show that almost one out of every two Indians is open to taking a loan to improve their lifestyle.
Apart from regular EMI plans, a new version has emerged that makes life more affordable than ever before: no-cost EMI. A wide range of no-cost EMI products has been made available by retailer platforms which include consumer durables and expensive items like mobile phones, laptops, cars, TVs and more.
This in-depth guide to no-cost EMI will help you understand the what, where and how of availing this payment plan.