Shopping on EMIs? Know the best benefits of no cost EMIS

Planning to shop for a gadget or an appliance? You may come across the term no cost EMI. If you are wondering what it means, a no cost EMI entails that you don’t have to pay any costs or extra interest on the principal amount for the loan you have borrowed.


No cost EMI is a great way to make some big purchases that would have been hard to afford otherwise. According to a Reserve Bank of India (RBI) circular, lenders were notified not to offer consumer loans or EMIs with a zero interest rate. Therefore, when a zero cost EMI comes into the picture, it means that you pay the price of the product in EMIs and the discount that would have been offered equals the interest that would have been applicable.


So, if you wish to buy a product for say Rs 60,000 and if an interest rate of 15 per cent were to be applied for a three-month EMI scheme, then, you would have to pay an interest of Rs 9,000. However, thanks to a zero cost EMI plan, you pay Rs 60,000 spread across three months. If you were not to use the EMI option, you are liable for a discount equal to interest rate.


No cost EMI is ideal for those who wish to buy big ticket items on EMI without credit card. In a situation where you can’t pay the price of a product upfront, you can opt for the Bajaj Finserv EMI card. It is an alternate option for those who want to shop on EMI without credit card.


What are the advantages of shopping on a Bajaj Finserv EMI card?


  • The card comes with a pre-approved loan of up to Rs 1.5 lakh that you can use to buy your favourite products.


  • You don’t have to worry about either interest rates or down payments, both of which you would have had to consider if you were opting for a traditional loan.


  • If you were to use the conventional credit cards for shopping, you would have attracted a high interest rate. Also, if you don’t have a credit card in the first place, Bajaj Finserv EMI card is a payment option that not only offers you the advantages of cashless payment but also an interest-free purchase.


  • The application process is hassle-free and you would need minimal documentation to get the card.


  • What’s more you can access your EMI card effortlessly on the Bajaj Finserv Wallet app, so you can shop in offline stores without having to carry your card. The card makes use of an OTP to your registered mobile number to authenticate your purchases so you can shop safely and in a secure manner.


  • You also have access to same day delivery with a Bajaj Finserv EMI card.


  • Having the Bajaj Finserv EMI card means the repayment tenures are flexible ranging from 3 to 24 months. There are no foreclosure charges either.


  • Bajaj Finserv EMI card also has offers from partner stores so you get the best deals and a wide range of products. You can shop for products with your no EMI card on the Bajaj Finserv EMI Store online. The card is applicable at over 84,200 stores across 1,300 plus cities. You can also shop on ecommerce sites such as Amazon, Flipkart, GoIbibo, MakeMyTrip, Paytm Mall, Pepperfry, Samsung or Yatra with your no EMI card.


So, what are you waiting for? Get yourself the EMI card online by visiting the Finserv MARKETS website or download the app. Know more about the Bajaj Finserv EMI Card apply online procedure. Alternatively, you can visit one of the Bajaj Finserv EMI Network stores and fill in your details to apply for the card.