Here's All About No Cost EMI.
Retailers and e-commerce sites allow you to pay for a high-cost item in monthly payments, much like you would with an EMI. The client, on the other hand, will not be charged any interest if they choose this choice. In a nutshell, you pay the whole cost of the goods in a series of instalments. “A no-cost EMI ecosystem consists of a store, a bank, and a client.
What if I choose a no-cost EMI instead of a standard EMI? You will not be charged any interest. For example, imagine you spend Rs 19,000 on a mobile phone and earn Rs 1,000 in interest over a five-month period. It is now necessary to pay a total of Rs 20,000. If you choose the EMI option for ten months, you would just have to pay Rs 2,000 each month. Similarly, if you choose No Cost EMI, you would be required to pay the same amount in monthly instalments as the item's price i.e 19,000 without any interest.
Also, if you use the EMI option while purchasing an item, you will receive a discount. If you choose the same no-cost EMI, however, you will not receive a discount. This indicates that the discount has been missed. This implies that if you make a payment, you will receive the standard EMI discount in advance, which benefits both the seller and the bank. There is no need to pay any money upfront because the items are acquired using a no-cost EMI. Both the consumer and the bank will gain from this. As a result, e-commerce businesses are increasingly providing no-cost EMIs. As a result, while promoting deals, e-commerce businesses include the no-cost EMI option. And not only that with No Cost EMI's it also lures us to buy high-end products which cost hefty.
What if I choose a no-cost EMI instead of a standard EMI? You will not be charged any interest. For example, imagine you spend Rs 19,000 on a mobile phone and earn Rs 1,000 in interest over a five-month period. It is now necessary to pay a total of Rs 20,000. If you choose the EMI option for ten months, you would just have to pay Rs 2,000 each month. Similarly, if you choose No Cost EMI, you would be required to pay the same amount in monthly instalments as the item's price i.e 19,000 without any interest.
Also, if you use the EMI option while purchasing an item, you will receive a discount. If you choose the same no-cost EMI, however, you will not receive a discount. This indicates that the discount has been missed. This implies that if you make a payment, you will receive the standard EMI discount in advance, which benefits both the seller and the bank. There is no need to pay any money upfront because the items are acquired using a no-cost EMI. Both the consumer and the bank will gain from this. As a result, e-commerce businesses are increasingly providing no-cost EMIs. As a result, while promoting deals, e-commerce businesses include the no-cost EMI option. And not only that with No Cost EMI's it also lures us to buy high-end products which cost hefty.