What does no cost EMI actually mean?

Have you ever had an item on your shopping wishlist for so long, but never got around to purchasing it because of its steep price? In such instances, EMI purchases make it possible for you to own the product of your dreams without breaking the bank. The no-cost EMI facility, in particular, can be very useful.

Not sure what no-cost EMI means? We’ll break it down for you.

What is the meaning of no-cost EMI?

EMI stands for the term ‘equated monthly installments.’ It is an arrangement where the cost of the product or service is distributed across a specified period. So, you can repay the cost of your purchase in smaller amounts instead of paying it all upfront. For this benefit, you need to pay nominal interest on the purchase price.

A no cost EMI does not include this additional interest component. You only have to pay the original purchase price of the product or service, distributed over the EMI period chosen by you. The Bajaj Finserv EMI Network Card gives you the option to buy several products at no cost EMI.

If you want this EMI card, apply on Bajaj MARKETS today.

How does no cost EMI work?

No cost EMIs, unlike your regular EMIs, do not include the interest component. So, for example, if you use your EMI card to make a purchase worth Rs. 18,000, you only need to repay exactly Rs. 18,000 – and not a rupee more as interest.

In the above case, if you opt for a 3-month repayment tenure, your monthly no cost EMI will be Rs. 6,000 (i.e. Rs. 18,000 ÷ 3 months).

Alternatively, if you choose a 6-month repayment tenure, your monthly no cost EMI will be Rs. 3,000 (i.e. Rs. 18,000 ÷ 6 months).

The benefits of no cost EMI

Making your purchases using the no cost EMI facility has many advantages for you financially. Here is a closer look at the top benefits of no cost EMIs.

• You do not need to pay any interest on the credit used.
• No cost EMIs allow you to make big ticket purchases conveniently.
• You can make use of the no cost EMI facility for both online and offline purchases.

What can you purchase with no cost EMI?

You can make purchases with the no cost EMI facility using the Bajaj Finserv EMI Card. With this facility, you can purchase a variety of products such as air conditioners, refrigerators, mobile phones, laptops, sofa sets, mattresses, other furniture and even flight tickets.

Conclusion

Now that you know what no cost EMI means and how it works, you can make use of this facility to purchase any eligible product without feeling any pinch financially. If you don’t have an EMI Card apply for one on Bajaj MARKETS today to make your purchases more pocket-friendly and convenient.

Author Bio: Vinod Gill is a writer who specializes in writing content on Finance and Banking subjects. He is a Digital Marketing Consultant, Blogger, and Co-Founder of Digital marketing institute in Jaipur.