For the modern consumer, loans and Equated Monthly Installments (EMIs) are the new buzzwords when it comes to making purchases. Most people choose to shop online now owing to the various options available online and even prefer making their payments online.
Online shopping gives you greater freedom to browse for products, choose the product you like best and buy it – all in one seamless process. This is further facilitated through products such as the EMI Card which enable you to make payments instantly and through no cost EMIs.
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What is No Cost EMI?
No Cost EMI is a mechanism through which you can convert the price of the product you wish to buy into EMIs on which you will not be charged any interest.
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This helps ensure that you are buying the product at its actual cost, without any increase owing to interest payable on the same.
If you have seen this on e-commerce websites and have wondered how no cost EMI works, you are in the right place. No cost EMIs enable you to buy a wide range of products when you shop online or offline including several types of consumer electronics for your home or office.
How does No Cost EMI Work?
The no cost EMI form of payment enables buyers to purchase a range of products at EMIs with no additional charges such as interest included. When you purchase a product with no cost EMIs, there is no requirement for even a downpayment to be made. The product can be yours with maximum convenience and in the fastest possible time.
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While no cost EMIs are the best possible online payment method available, there are a few things you should keep in mind before you start using them.
Fix your Repayment Tenure:
When you decide to go with no cost EMI on any e-commerce site and you choose to purchase a Bajaj Finserv EMI Card (this one is the most common option if you do not have a credit card from a leading bank), you get a flexible repayment tenure ranging from 3 to 24 months. However, it is best to understand your finances and then choose the tenure that is most viable. Consider the required amount along with the time you need to comfortably pay the amount, and only then take a call on the repayment tenure that is most appropriate to your condition.
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Repay in Time:
Once you have decided your repayment tenure, it is best to stick to it. If you delay your EMI payments, it is likely to result in your credit score dropping. This is not ideal since in the future, it may harm your chances of availing any loans or taking any credit. However, if you are using the no-cost Bajaj Finserv EMI Card, you can also choose to foreclose your payment without incurring any additional costs.
Apply with Ease:
The EMI Card, which offers payments through no cost EMIs, can usually be availed quite easily. You need to apply it online, pay a nominal fee, upload your documents and activate your card.
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Eligibility Criteria:
The eligibility criteria for different EMI Cards can differ, but Bajaj Finserv EMI Card with no cost EMI has the easiest criteria for you to be eligible. You need to be between 25 to 60 years of age, have a regular source of income, have a good credit history, a savings bank account in India, and address proof for a location in India to avail this facility.
Documents Required:
You simply need to keep your PAN Card, Aadhar Card, a cancelled cheque and a signed ECS Mandate ready while applying for the no cost EMI Card.
If you have always found yourself thinking, “How does no cost EMI work?
”, now is as good a time to find out. With a Bajaj Finserv EMI Card, you will never again have to struggle to buy expensive items when you shop online. The Card comes with a pre-approved loan limit of Rs. 1.5 lakh, and allows you to repay your loan over a period ranging from 3 to 24 months.
