Reliance Digital, one of India's leading electronics retail stores has recently announced its latest offering - No Cost EMI. This means that now you can buy your favourite electronic gadgets without paying any interest or processing fee. Yes, you read that right! Zero interest and zero charges on EMI. This is great news for all those tech-savvy people who want to upgrade their gadgets, but were restrained by the high prices. So, let's dive in and know more about this exciting offer.
How does No Cost EMI work?
Reliance Digital's No Cost EMI is available on select credit cards and Bajaj Finserv Insta EMI card. You can avail the offer by choosing a product worth Rs. 5,000 or more. At the time of checkout, you can select the No Cost EMI option and choose the desired repayment period, which can go up to 60 months with the Insta EMI Card. The EMI amount will be debited from your credit card or EMI card every month, but without any interest or processing fee. This means that you pay exactly the same amount as the purchase price, spread over your selected repayment period.
How to calculate No Cost EMI?
If you are interested in availing Reliance Digital's No Cost EMI, you might want to know how to calculate the EMI amount. The formula is quite simple:
EMI = (Principal Amount + Interest)/Number of months
However, in the case of No Cost EMI, there is no interest charged, which means the formula simplifies to:
EMI = Principal Amount/Number of months
Let's take an example to understand this better. Suppose you want to buy a Samsung 50-inch LED smart TV, which costs Rs. 55,000. You choose the No Cost EMI option and select a repayment period of 12 months. Now, your EMI amount will be:
EMI = 55,000/12 = Rs. 4,583
This means you will have to pay Rs. 4,583 every month for the next 12 months, without any additional cost. On the other hand, if you opt for a regular EMI scheme, which charges an interest rate of 12%, your EMI amount would be:
EMI = (55,000 + (55,000*12%))/12 = Rs. 5,110
This means you will have to pay Rs. 5,110 every month for the next 12 months, which is higher by Rs. 527 compared to the No Cost EMI option. Thus, No Cost EMI is not only convenient, but also economical for the customers.
What products are available under No Cost EMI?
Reliance Digital offers No Cost EMI on a wide range of products, including smartphones, laptops, refrigerators, washing machines, air conditioners, cameras, and gaming consoles, among others. You can choose your favourite brand and model without worrying about the price tag. Some of the popular brands available under No Cost EMI are Samsung, LG, Sony, Apple, Vivo, Oppo, HP, Dell, and Lenovo, among others.
Advantages of No Cost EMI
No Cost EMI has several advantages over traditional EMI schemes. Let's have a look at some of them:
1. No additional cost: As the name suggests, No Cost EMI means you don't have to pay any interest or processing fee, which saves you a lot of money in the long run.
2. Flexible repayment period: You can choose a repayment period that suits your budget and convenience, ranging from 3 to 24 months. This gives you the flexibility to manage your finances better.
3. Wide range of products: Reliance Digital offers No Cost EMI on a wide range of products, including the latest gadgets and appliances. You can choose what you want without worrying about the price.
4. Instant approval: If you have a credit card or EMI card that is eligible for No Cost EMI, you can get instant approval at the store. This means you can take your favourite product home without any delay.
5. No hidden charges: Unlike traditional EMI schemes, there are no hidden charges or penalties for pre-payment. You can pay off your EMI anytime without any additional cost.
Conclusion
Reliance Digital's No Cost EMI is a game-changer in the electronics retail market. It offers a great deal of convenience and affordability to customers who want to upgrade their gadgets without breaking the bank. With zero interest and zero charges on EMI, you can be assured of transparent and fair pricing. So, the next time you see your dream gadget, you don't have to worry about the cost. Just head to the nearest Reliance Digital store and avail the No Cost EMI offer.