What Is No Cost EMI, Know Its Benefits – Today we will know what is No Cost EMI, when you do online shopping, you must have seen that there is a word written in front of No Cost EMI. After all, what is this thing, what is No Cost EMI, in today’s time almost all companies give an option on some of their products No Cost EMI. What does it mean and how is it different from Simple EMI. Through this post, we are going to tell you about this, what is the benefit to the customer company and the bank, so let’s know what is No Cost EMI and what are the benefits of it.
Amazon Flipkart Both these companies are very popular in our country in terms of online shopping, most of the people use these two apps for online shopping and whenever you shop from it, you must have seen in most of the sale that no cost EMI offer. In such a situation, many people often get confused by looking at EMI and No Cost EMI, so let us tell you that there is only the difference between interest and processing fee, which we are telling further and you can understand by looking at it. Let’s know.
What Is No Cost EMI
In ordinary EMI, if you buy any item, then you have to pay processing fee and interest in it which gets added to the amount of the month, rather in No Cost EMI, you have to pay only the cost of the product and in this it is in any way other than my The amount is not added, so we call it No Cost EMI, first let us tell you what is No Cost EMI, so let’s know what happens.
If you buy any product from EMI, then it is very important to have a credit card, whatever online shopping companies are it Flipkart or Amazonia, any online shopping company that offers no cost EMI, they have joined hands with some banks. It happens that if you have a credit card of any bank like HDFC Bank Axis Bank, then you get the most offers on them.
For example, if the rate of a product is ₹ 15000 and the company has offered no cost EMI on that product, then you can give ₹ 15000 in three or five installments, if you are dividing it in three installments, then you can pay ₹ 5000. You can pay month by month and if you want to pay in five installments then you can give ₹ 3000 a month.
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If we talk about simple EMI, then you also have to pay some interest in every monthly installment like if you buy any item of ₹ 15000 then you can have this honor from 16000 to 17000 and it also includes interest. If we talk about Low Cost EMI, then we do not have to pay any interest in it, if your product is of ₹ 15000, then you have to pay ₹ 15000 in different installments, in No Cost EMI, you have to pay any different type of interest. There is no need for the product, the more you have to pay the money
Benefit From No EMI
The customer benefits the most from low cost EMI because in this, the customer has to pay only ₹ 15000 on the same as 15000, that too in different installments and no interest on EMI has to be paid.
Now you must be thinking that what will be the benefit to the people of online shopping site in this, then we want to tell you that the company offers no cost EMI on the product which sells less or that product. There is less demand, by offering no cost EMI on the products which sell less, the company is able to sell that product as much as possible and in this the bank also benefits because credit card is also used in it and we do this. It is also known that the bank also deducts some charges for using credit or debit cards, then it also benefits the bank.
So now you must have known that people what are the benefits of some this my and what are the benefits to some customers, banks and people with online shopping sites, it benefits, yet you get the offer of no cost EMI in very few products but Everyone benefits from this.