Do we have to pay extra in no cost EMI?

Do we have to pay extra in no cost EMI?

Technically, no cost EMI is when you pay for a product in installments without any interest charged on it. In simple terms, it means that you pay only the total price of the product, with no extra charges.

What are the charges on no cost EMI?

In case of no-cost EMIs, the buyer doesn’t have to pay any processing fee or interest on the product purchased. For instance, if an individual has bought a product worth Rs. 12,000 and has chosen an EMI tenure of 6 months, they will have to pay Rs. 2,000 per month.

How does no cost EMI work on Flipkart?

The Flipkart No Cost EMI comes with loan tenures ranging from 3 to 12 months, making sure it doesn’t dent your savings. Based on the term of payment and cost of the product, an agreed amount is deducted every month until the loan term is completed.

Is Bajaj card no cost EMI?

The Bajaj Finserv’s No Cost EMI facility helps you convert the cost of your purchase into interest-free EMIs with no additional fees or hidden charges involved. The Insta EMI Card comes with a pre-approved loan of up to Rs. 2 lakh, with a flexible tenor of up to 24 months.

What is difference between EMI and no cost EMI?

The major difference is when you choose to pay for a product through regular EMIs, your EMI amount consists of the interest component and the processing fees. And when you choose no cost EMI, you can convert the price of your product into interest-free EMIs.

What is EMI and no cost EMI?

No Cost EMI is an offer by which you pay your EMI provider only the product price, equally divided over your repayment timeline. For example, if you buy a Rs. 18,000 item at a 6 month tenure, you will pay your EMI provider Rs. 3,000 every month for 6 months, amounting to a total of Rs.

Is no cost EMI good or bad?

No-cost EMI can be a good option if the product you want to buy has a genuine discount. It is advisable not to opt for a loan to buy a product you don’t need, due to the temptation of zero-cost EMI. Also, if you get a loan to buy a product, don’t default on your EMI.

Can I cancel no cost EMI?

BFL will cancel the loan if you have not paid the first instalment yet. In case you’ve paid instalment(s), the same will be refunded to your Card and the loan will be cancelled by them. You will not be charged for the foreclosure or pre-closure of your No Cost EMI availed through BFL.

How can I pay my flipkart down payment?

All you have to do is, go to the page of the product that you want to purchase, then click on the ‘buy now’ option. Then, once you are redirected to the next page, click on the ‘Flipkart Pay Later EMI’ option as your mode of payment. Then, choose your preferred tenure and plan, and continue.

What is the difference between no cost EMI and standard EMI?

How does zero cost EMI differ from a regular EMI scheme? The major difference is when you choose to pay for a product through regular EMIs, your EMI amount consists of the interest component and the processing fees. And when you choose no cost EMI, you can convert the price of your product into interest-free EMIs.

Why is EMI bad?

The consequences. EMI amount gets refl ected on monthly credit card bills along with other dues. So when you fail to pay your dues, you will be charged normal interest for non-payment along with a late payment fee and taxes.

Can I close my EMI?

If the cardholder becomes delinquent, the EMI shall be closed and the principal outstanding, the interest for the day till closure and the pre-closure charges shall be debited to the cardholder’s credit card account and appear in the subsequent monthly statement.

Can I shop online with my Bajaj Finserv EMI network card?

You can use your Bajaj Finserv EMI Network Card to shop online as well as offline. Bajaj Finserv has partnered with Flipkart to offer more than 4 lakh products on No Cost EMI.

What is no cost EMI in Flipkart?

Flipkart, India’s leading e-commerce company, offers a wide range of products such as TVs, ACs, smartphones or washing machines and a range of lifestyle products. To make these purchases more convenient, Flipkart has partnered with the Bajaj Finserv EMI Network to offer products on No Cost EMIs.

What is Bajaj Insta no cost EMI?

The Bajaj Finserv’s No Cost EMI facility helps you convert the cost of your purchase into interest-free EMIs with no additional fees or hidden charges involved. The Insta EMI Card comes with a pre-approved loan of up to Rs. 2 lakh, with a flexible tenor of up to 24 months.

What is no cost EMI for TV?

The No Cost EMI facility from Bajaj Finserv helps you convert the price of your product into interest-free EMIs. So, if you buy TV of price Rs.60,000 on No Cost EMI for a tenor of 10 months, then you only pay an instalment of Rs.6,000 per month and nothing more.