What is No Cost EMI? How to buy products on loan?
What is No Cost EMI? You must have often seen it on Flipkart or Amazon. Buy a laptop, buy a phone or buy a camera in No Cost EMI. All the shopping sites give No Cost EMI on all the Large Appliances. If you do not know what is No Cost EMI? Who can buy the product using it or what is its condition? If you do not know about it then you are at the right place.
Wherever you go online shopping, you get to see the option of No Cost EMI on many products. Shopping sites recommend that you can buy any product on EMI, for this you will not have to pay any kind of interest. In such a situation, if you want to buy a product on loan, then you should be aware of it.
Today an upcoming offer is going on on Flipkart, if you can buy the Real me x7 from Flipkart with No Cost EMI. The price of this phone is Rs 19,999, but there are some conditions to buy it.
- First of all, it is necessary to have a credit card to buy the phone online with EMI.
- The credit card should also be from the company on which Flipkart or Amazon supports.
So let’s know a little more about it.
What is No Cost EMI?
Whenever a customer buys a product, there are two modes of payment, credit and debit. If the customer wants to pay the full amount in one go, then it is called debit payment. The customer wants to buy the product by paying with a credit card, then it is called credit and credit card companies provide such facilities to their customers. If you buy that product on credit, then no interest will have to be paid for it and the customer can pay the entire price of the product in several parts.
No Cost EMI, that is, customers can buy any product online on EMI without paying any interest to this complete process and the benefit of the customer.
Suppose you have to pay for a phone of Rs 19,999 in 9 months. So according to the rule, you have to pay 2354 rupees every month. But what is the advantage of Flipkart or Amazon in this? What is the advantage of banks? When you get a phone of Rs 19,999, after paying 2354 in 9 months, you will give only Rs 19,999.
So what is the benefit of the bank in this and if Flipkart is giving you a phone of Rs 13,999 for the same price. So what is the use of that? In this deal, only the benefit of the customer is visible, that he is getting the phone without paying any interest by paying Rs 1556 every month.
- First of all, the customer has the advantage because he got a phone of Rs 13,999 by paying only Rs 2354/ month for 9 months without paying any interest.
- That product of Flipkart which does not sell easily or many people cannot buy by paying money at once. Sold that too easily through No Cost EMI.
- Whenever a seller sells a product on No Cost EMI. So he reduces his price a little, for all the selected banks and this price is available to the bank as interest. Suppose the price of a product is Rs 12000 and someone buys the product from the customer according to 1000 / month at no cost emi for 12 months, then Rs 500 is made in the bank and the seller pays Rs 500 out of 12000 to the bank. Gives.
If seen technically, there was a loss of 500 rupees for the seller in this, but according to the market strategy plan, then the seller sold his product very easily. Which was not sold or the product which people cannot buy by paying money together.
How to buy products from Flipkart or Amazon with No Cost EMI?
I ordered something online for the first time in 2021 through No cost EMI, here is the details of the same.
Now let me tell you in detail about booking the smartphone from Flipkart on no cost EMI. So that you understand how to book a phone on EMI, you will have to pay zero interest.
Here I have opened it in the browser to book the Realme x7 phone on the Flipkart site. Here you can see that the phone is written with No Cost EMI Starting with 3334/month. One thing to note is that no cost EMI is available on every product. You can only buy the same product on EMI with no interest. On which offer has been given from Flipkart or Amazon.
Step 1. Now to book the phone, we click on the Buy button and click on Place Order.
Step 2. After filling the Order Place and Address, the option of Continue comes. Now click on it.
Step 3. Now the option of payment is being shown in front of us. In which there is also the option of EMI with PhonePe, Credit / Debit card. Already we are buying the phone on No Cost EMI, so we will select the EMI option.
Step 4. After selecting the EMI option, 2 more options are showing, EMI with interest and No Cost EMI. Out of this, we will click on No Cost EMI.
Step 5. If I have a credit card from HDFC bank, then I will select HDFC from the option. Whichever bank’s credit card you have, you select that option. After that I want to pay the price of the phone at Rs 2,364/month in 9 months. So I will select 2364 for 9-month. If you want to make payment in 3 months, then you can select 6,667 for 3-month. After selecting the option, we will click on Choose this plan.
Step 6. If I have a credit card from HDFC bank, then I will select HDFC bank from the option. Whichever bank’s credit card you have, you select that option. After that I want to pay the price of the phone at Rs 2,364/month in 9 months. So I will select 2364 for 9-month. If you want to make payment in 3 months, then you can select 6667 for 3-month. After selecting the option, we will click on Choose this plan.
Step 7. After clicking on Choose this plan, enter the details of credit card and click on Confirm option and our payment will be confirmed and phonebook will be done.
Here I have told you an example, similarly on top smartphone brands as well as headphones, and other products, you can get anything on EMI without interest. But you have to note that whoever is booking the product, must check it for whether it is eligible or not.
Friends! If you have a credit card, then buying any product from Amazon or Flipkart on No Cost EMI is of great benefit to you. Because we do not have to pay any interest in this and we pay the price of the product in several months, so the burden of payment does not even come. Many customers do not know what No Cost EMI is. And how with the help of this we can buy anything online without giving any kind of interest? Hope you have understood from the information given here and if you have any question or suggestion, then definitely tell in the comment.