Posted 14 Mar, 2019 | Finance
What is No-cost EMI and how does it work?Add Answer
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.