A few examples are the Insta EMI card that permits you to pay for products including AC, Smartphones, refrigerators, washing machines, and TVs, on interest-free EMIs through any major e-commerce websites such as Amazon or Flipkart.
In addition to shopping at Bajaj Finserv stores that accept no-cost EMI, you can use the card anywhere that accepts the EMI Card.
Interest Charges
The purchase value of other credit or debit cards that allow you to shop on EMI is subject to additional interest charges. The total amount you'll be paying with a No-Cost EMI card for a smartphone worth Rs. 15,000 is Rs. 15,000. On the other hand, with a regular debit or credit card, the total amount can be around 15,600 to 16,000 rupees. The amount can increase if you choose a longer repayment period.
Repayment Flexibility
Paying your amount in small EMIs without extra cost is what no-cost EMI means. The minimum amount you will pay for a mobile phone purchased at No Cost EMI for 4 months will be Rs. 12,000. For example, if you buy a phone for around 12k at No Cost EMI for 4 months, you will have to pay 3k monthly for 4 months.
Paper Work
Paying in small amounts is more convenient than paying a large amount all at once. All that paperwork is required to obtain a credit card. It is easy to enjoy the no-cost EMI feature offered by the Insta EMI Card. The application process is easy and can be completed online.
Also Read: Top 3 Smart TVs To Buy in 2022 on No Cost EMI
Fees & Charges
When taking out a mini-loan to buy something, you will normally need to pay a processing fee, and you will be required to pay EMIs that are higher than the product's price (due to the interest charge on loans).
If you choose a no-cost EMI option, you will be charged no processing fees and no interest by both the lender and the retailer. In this case, you pay only the item's actual price, but instead of making a lump sum payment, you pay it in three to twenty-four monthly installments.