Credit Card EMI: No Cost EMI makes shopping easy, understand these things before shopping


No-Cost EMI Shopping : Festival season is going on in the country. Many big e-commerce platforms are offering tremendous discounts for purchases on their products. In today’s time No-cost EMI is quite popular among the customers. Many people are resorting to this option while shopping for expensive goods online. They don’t have to pay the full price all at once. By distributing this large amount in installments, it becomes much easier to repay as EMI.

What is No-Cost EMI

Let us tell you that in the festive season, if you want to buy things like refrigerator, TV or washing machine with the help of No-Cost EMI during online shopping, then first understand the important things related to it. .

Getting cashback offer

The option of no-cost EMI can be beneficial for those who do not want to pay full price all at once to buy an expensive item. If you buy an item online through the no-cost EMI option, and pay the installment through a credit card, merchants are offering a discount or cashback on the card payment made by you during this period.

E-commerce platform opinion

Adhil Shetty, CEO, BankBazaar.com, says that no-cost EMI helps you shop for electronics and other items through credit cards. Many times it also happens that e-commerce platforms attract customers to purchase through EMI scheme by offering lucrative offers of zero interest.

impact on credit score

After making a purchase through No Cost EMI, if the installment is not paid on time, then your credit score can be adversely affected. In such a situation, before choosing an EMI scheme, check whether you can easily repay the installments or not.

How to choose EMI

Even though generally no-cost EMI scheme does not charge the customers directly, the cost is recovered from them in some form or the other. This can be done by adjusting the cost of the goods, processing charges or discounts. If you buy the same item on regular EMI, then the interest details are communicated to you separately. To decide which is better between the two options, you should look at the total cost of the goods purchased which includes all the factors including retail price, discount processing charges.

what is the extra charge

One must know about the additional charges while choosing the no-cost EMI scheme. These include all additional charges including pre-payment penalty i.e. amount charged on first payment to late payment charges. Before choosing EMI, you should gather information about all these.

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