All Myths About No Cost EMI Simplified
New Delhi : In this digital age, consumers can make the most of their shopping by convenient ways to spend. If you want to buy flagship items, you don’t have to save up, as you have other ways to pay. The concept of payments in No Cost EMI offers you affordability.
What is No Cost EMI?
Typically, when you opt to pay for items in EMI, you may pay for items in staggered monthly installments for a particular tenure. Along with the principal amount, you have to pay interest charges. In the case of No Cost EMI or ‘zero cost EMI’, you only have to repay your principal.
Common Myths Surrounding No Cost EMI
You have probably seen and heard of No Cost EMI in various promotions and advertisements and wondered what is No Cost EMI. Well, now that you are aware of its meaning, you can gauge what advantages this facility offers. However, there are certain myths surrounding No Cost EMI, and we are here to bust them. You can then make informed decisions while shopping. Here are the myths and truth:
1. Myth - No Cost EMI actually exists
Truth - While you may hear and read about offers of No Cost EMI, is it a reality? The unfortunate truth of the matter is that the concept does exist but in rare cases. Most of the time, even if you are tempted with an offer of No Cost EMI, the interest that is waived off your EMI is charged to you in other ways, such as processing fees.
2. Myth - No Cost EMI meaning stands for nil interest
Truth - Again, this is untrue. Someone has to bear interest charges, and if it isn’t you, the customer, then usually it is the retailer who pays the interest to the financier.
3. Myth - Products offered with No Cost EMI are cheaper than those offered without this
Truth - This is not true. Frequently, when you are offered No Cost EMI facilities for offline purchases, retailers add interest charges to the prices of products. In this way, they make up what they would have charged as interest.
4. Myth - No Cost EMI is available on all products
Truth - No, this is not the case. You may get ‘No Cost EMI’ offers only with a particular EMI card, and for specific purchases, depending on brands and models you buy. Moreover, certain credit cards may offer you this facility only at particular times, such as during festivals and such.
5. No Cost EMI is versatile and affordable
Truth - Not always, as you get fixed tenures to repay your principal amount, which may not always suit you.
How You Can Avail No Cost EMI with an EMI Card
If the question, ‘how does No Cost EMI work’ plagues you, here is the explanation. If you opt for the Bajaj Finserv EMI Network Card, you can buy most products from a host of retailers on No Cost EMI. This is a digital payment instrument with partner retailers that offer you No Cost EMI when you shop with this. How does No Cost EMI work in this case? The Bajaj Finserv EMI Network Card gives you a preapproved loan that you can convert to No Cost EMI. You can avail this card at Finserv MARKETS in an easy step-wise online process.