Business

How to Purchase With ‘No Cost EMI’ In 8 Simple Steps

Waiting to save up enough to buy a high-value product on your favourite shopping site? The days are over when you add it to the cart and wait. Now buy your favourite products with ‘No Cost EMI’ be it mobiles, home accessories, gadgets or beauty products.

That’s right! Now, pay NO INTEREST on your Equated Monthly Installments. ‘No Cost EMIs’ provide you with the option of getting your product while paying for it in instalments over a tenure of a few months, without any extra cost!

Here are eight simple steps in which you can buy products using ‘No Cost EMI’: –

1. Choose Your Product

Open the shopping website and choose or search for the product you want to buy. Some products are only available on some sites and not available on the other.

EMIs are available on gadgets, especially on mobile phones. In fact, buying mobile on EMI with a debit card is one of the most sought-after buying options. Flipkart and Amazon are the two most popular shopping sites which provide the option of EMI.

2. Check if it’s Available at ‘No Cost EMI’

After verifying the specifications of the product go to buying options section. Here, check if ‘No Cost EMI’ option is available for the product.

If yes, check on what kinds of cards is the option available. Also, identify the banks providing the option. While doing this check if the available choices suit you.

3. Read Terms and Conditions

It is a must to go through the terms and conditions before buying any product. Buying on EMI is no different. In fact, the option of EMI comes with its own set of terms and regulations that one must be aware of before making the buy.

4. Go to Buy Now, Select EMI as a Mode of Payment

Next, click on the option of buying the product. It will take you to the payment page. Once there, select the EMI option from the available modes of payment. Typically, credit card, debit card, cash on delivery and EMI are the modes of payment available for online ordering.

5. In EMI choose ‘No Cost EMI’

Even in the EMI mode of payment, many options are available. The seller might offer EMI on credit card or debit card. These would be EMIs that charge interest. Apart from these, an option of ‘No Cost EMI’ among buying options offers an interest-free choice of buying through EMI. Choose this option.

6. Choose EMI Tenure

A significant step in availing ‘No Cost EMI’ option is choosing the right EMI tenure. This decides how much amount you would pay monthly for the product.

If the tenure is long, for example, 12 months, then you would pay a smaller amount per month. If the tenure is for 9 months, then again you would pay a higher amount per month.

7. Compare Among Sites for the Best Deal

Even in ‘No Cost EMI’ option, select cards from select banks are available. This varies from one site to another and from time to time. It all depends on which bank a website is giving preference during that period.

You may compare between two or more sites and choose to order from the one where banks are offering ‘No Choice EMI’  that suits you.

8. Enter Card Details and Verify through Web Verification

After choosing ‘No Cost EMI’ option and choosing the bank of choice, enter the card details. The card can be a debit or credit card as per the instructions or even specialized cards. Google and search out the places where you can get such schemes.

Enter the card details and go for the final step in placing the order. Confirm web authentication of your card. You can do this by entering a password or by entering OTP sent on personal mail or number, or both.

Frequently Asked Questions on ‘No Cost EMIs’

Why should I go for ‘No Cost EMI’?

‘No Cost EMI’ provides you with the opportunity to buy your favourite products immediately by avoiding the burden of paying lump-sum in one go.

What mode of payment can I use for ‘No Cost EMIs?

‘No Cost EMIs can be charged on debit cards or credit cards or special cards (as mentioned above). Which cards are available for ‘No Cost EMI’ on your product depends on the product seller and the shopping site offering the purchase.

Websites can offer both debit or credit cards or either. Also, sites offer ‘No Cost EMIs’ on cards from specific banks with which they have a tie-up.

How will my EMI be charged?

The EMI will be charged on the card you choose to pay at the time of purchase.

Is there any fee at all with ‘No Cost EMI’?

There are no down payments or processing fees for these transactions. The only bank would charge GST on monthly payments.

About the author

Prateek Kulhari

Prateek is a business editor who writes about various topics such as technology, health and finance. At Pressly, he works along with the colourful folks that build a nation through tech startups. He is also a professional football player and video games enthusiast.

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