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What is No Cost EMI and how does it work?

  • Highlights

  • With No Cost EMI you pay nothing over the purchase price

  • Divide your purchase price by the tenor to compute EMIs

  • Get a No Cost EMI loan of up to Rs. 4 lakh from Bajaj Finserv

  • Shop for 1 million+ products through the EMI Network

A 2019 Economic Times report reveals that Easy EMI options grew by a whopping 1000% in Tier III cities over a one-year time period, thus proving the popularity and convenience offered by this type of financing. By paying through EMIs, you split up your purchase over a long tenor, thereby making it easier for you to manage your monthly budget. Today, retailers and e-commerce platforms offer you two types of Easy EMIs: regular and No Cost EMI.

You know how regular Easy EMI works. You make a down payment, your financier pays the remainder, and you repay the loan over the tenor at the agreed interest rate. But, what does No Cost EMI mean? You may notice that when you shop via certain retailers online, you get the option to pick a No Cost EMI facility plan offered by Bajaj Finserv. This kind of financing is also available on products sold on the Bajaj Finserv EMI Network and accessible via the EMI Network Card. The journey to understanding the difference between regular and No Cost EMI plans and evaluating your benefits starts with knowing how No Cost EMI works.

Read on to know more about No Cost EMI.

What is No Cost EMI?

No Cost EMI is a type of Easy EMI in which you pay nothing over the agreed purchase price. The purchase price is then divided by the length of the tenor to calculate your EMIs. Some financiers offer the interest component applicable as a discount upfront. Others may offer a deal inclusive of certain discounts and processing charges. However, you aren’t charged anything above the purchase price with No Cost EMI, meaning that you incur no additional EMI charges on a monthly basis. No Cost EMI is sometimes referred to as zero cost EMI financing.

What is 100% finance?

Additional Read: The Bajaj Finserv EMI Network What All You Can do With it

How does No Cost EMI work?

Consider that you are buying a television on No Cost EMI. The amount you pay post discounts and processing charges is Rs. 1 lakh. Assume that your tenor is 12 months. Here, your EMIs amount to Rs. 1,00,000/12 = Rs. 8,333.33 per month. Having seen what is zero cost EMI facility and how it works, learn how to avail it.

How to get No Cost EMI financing

To avail No Cost EMI financing, you need to have a debit/credit card that offers you this facility or a special No Cost EMI Card like Bajaj Finserv’s EMI Network card. Simply use your EMI card at a partner seller store online or offline and enjoy a No Cost EMI deal. This card can be used at over 60,000 partner stores across 1,300+ cities in India. This card is arguably one of the best No Cost EMI cards to possess, as it gives you access to over 1 million products through the EMI Network. Further, you need not settle for less with, as the EMI Network card offers you a No Cost EMI loan of up to Rs. 4 lakh.

Now that you know what is a No Cost EMI offer and where to get one, make smarter purchases when you shop next. Check your pre-approved offer from Bajaj Finserv to get access to Easy EMI deals quickly. Doing so gives you instant approval through a customised deal!

This festive season, Bajaj Finserv brings to you #JustEMI wali Sparkling Diwali. During this campaign, you can shop for the latest electronics from any of our partner stores near you and get vouchers of up to Rs. 9,500*. Just shop for a minimum of Rs. 15,000 and get gift vouchers of Rs. 2,700 from Big Bazaar, Rs. 1,300 from BookMyShow, Rs. 4,000 from MakeMyTrip and a 3-month Netflix subscription worth Rs. 1,500.

That’s not all, you also get a cashback of up to Rs. 3,000 when you shop for the latest smartphones starting Rs. 15,000 on the EMI Network.

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