What is No-cost EMI and how does it work? - Letsdiskuss
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Posted 14 Mar, 2019 |

What is No-cost EMI and how does it work?

Shailendra Kumar

Finance Advisor | Posted 23 Apr, 2019

There are three stakeholders in a No Cost EMI, namely the retailer, the bank, and the consumer. The No Cost EMI is a scheme offered by retailers, providing a mode of payment through which a credit card holder can purchase products using EMI, without having to pay interest to the bank for the same. When you use the No Cost EMI option, the cost of the item or items is covered by the balance in your card. Post this you need to decide the duration of the repayment, which can be anywhere between three to six months. Accordingly, the cost of the product will be divided and then deducted from your account until it’s fully repaid. 

In order to avail the No Cost EMI option, you need to possess the credit card of the bank offering the scheme. You have to pay a nominal fee and apply for the EMI card which can be used at partner stores or online outlets, as you deem fit.

Know more about how does no cost EMI work.

Ashu Sharma

Blogger | Posted 20 Mar, 2019

The No Cost EMI  is a method of payment that works on a credit card. This scheme allows the holder of the card to buy durable products through Equated Monthly Installments but there is no cost/interest for the same.