No Cost EMI

What Is A No Cost EMI And Does It Work In Your Benefit?

No cost EMI offers have been around for quite a few years now and they have helped customers acquire the latest gadgets through cardless EMI with ease. In this article, we will try to understand this concept and how you, as a consumer, can benefit from these schemes whenever you are out shopping next!

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What is a no cost EMI?

A no cost EMI offer is one where you don’t pay any extra charges as interest rates. Essentially, under this scheme, you are only required to pay the actual value of the product and nothing more than that. This helps consumers save a significant chunk of money whenever they decide to bring home that new television, refrigerator, or no cost EMI mobile from retail stores.

What are the Benefits of Opting for a No Cost EMI Loan?

No-cost EMI loans are better in many ways compared to traditional loan offers that come with high-interest rates.

Zero Down Payment 

More often than not, these schemes give you the option to not pay a penny in upfront costs when buying a product. You may simply walk into a store, choose your favorite product, fill in a few simple details, and you are done. It’s as easy as that to apply and to get approved, provided you also have a good Cibil score standing.

0% Interest Charge

As the name suggests, since it’s a no-cost EMI loan, interest charges don’t apply to the loan amount. You only pay for the actual price of the product without bearing any interest charges throughout the lifecycle of the loan amount. This saves you a lot of money since sometimes interest charges accrued can be as high as twice the price of the product itself. Therefore, not having to pay those interest charges comes as a huge relief to a very large section of the consumer base.

Multiple Options 

No Cost EMI offers are made available to the consumers through a variety of means. You have the option to opt for it via pre-approved credit lines from big eCommerce giants, reputed digital wallet providers, and even your debit card can act as a source. However, since they all have different terms and conditions, ensure that you pick and choose carefully to get the most out of the deal.

Festive Offers

Buying new no-cost EMI mobiles right when a big festival is about to hit will help you get the maximum benefits since prices of products drop significantly during the period. That means you will have to borrow less for the same gadget that would have cost you more had you not waited for the festivities to arrive.

Longer Repayment Periods

The repayment period can vary from a few days, or weeks, to a few months depending on where you took out the loan from. Therefore, it’s important to pick your loan provider carefully so that you don’t end up pinching your wallet and can make timely repayments.

Helps you Build a Good Credit Score

All those timely repayments you make on that loan will help you build a strong Cibil score making you eligible for bigger loans in the future. This is especially true for people who don’t yet have a credit history and taking a loan to buy a consumer durable item will slowly build that score up.
There are numerous benefits to shopping on EMI rather than using your money. It makes you financially disciplined and forces you to plan your finances in a way that you don’t delay or default on those payments which is a great way to learn how to not fall into a debt trap. So, if you are thinking of getting that brand new mobile buy now pay later, or that shiny new laptop anytime soon, consider getting a no-cost EMI to save money and bump up that Cibil score!

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