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How Does No Cost EMI Work?

Are you confused about what does no cost EMI mean and how does no cost EMI work? Here we help you understand what is the meaning of no cost EMI and understand how you can avail zero cost EMI.

What is an EMI?

EMI, which stands for equated monthly instalments, is a method of paying off an outstanding loan against a purchase. It involves a down payment against which the financier pays the remaining amount as loan, for a period, over an agreed rate of interest. The total amount to be repaid then includes the principal loan amount and the interest on the loan. This is equally divided and paid back in monthly instalments over a stipulated time frame. In this regard, what does no cost EMI mean?

What is the meaning of no cost EMI?

While regular EMIs require you to pay the actual amount borrowed along with the interest accrued on that amount, No Cost EMI lets you pay only the principal amount borrowed. In other words, no cost EMI financing calculates your EMIs by dividing only the purchase price of the item by the length of the repayment tenure, without charging anything extra.

How is it at no additional cost?

An RBI circular was released In September 2013, which prevented consumer loans and EMIs to be marketed by lenders at zero interest rate. Considering this, what is the meaning of no cost EMI? It means that if you opt for no cost EMI, the financier can either offer you a discount upfront against the interest component applicable or may offer you a deal which is inclusive of some discounts along with processing charges. The Bajaj Finserv EMI Network card, for example, gives you a discount on the product cost by deducting the interest from the price of the product. As a result, no cost EMI is also known as zero cost EMI.

How to select the EMI tenure?

Depending on the financier, the tenure varies for repaying the loan. The No Cost EMI facility from Bajaj Finserv, lets you divide the product price into convenient EMIs that can be spread over a tenure of 3, 6, 9, 12, 18, or 24 months, depending on your preference.

Shop in No Cost EMI at the Bajaj Finserv EMI Store

Buy Mobile on EMI

  • Starting at
    ₹7990* + GST
Shop Now

Buy Mobile on EMI

  • Shop on No Cost EMI
    Buy the latest mobile phones & smartphones online in No Cost EMIs at the Bajaj Finserv EMI Store

Buy TV on EMI

  • Starting at
    ₹11,990* + GST
Shop Now

Buy TV on EMI

  • Shop on No Cost EMI
    Shop for the latest TVs online in No Cost EMI at the Bajaj Finserv EMI Store

Buy Laptop on EMI

  • Starting at
    ₹41,490* + GST
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Buy Laptop on EMI

  • Shop on No Cost EMI
    Shop for the latest Laptops online in No Cost EMI at the Bajaj Finserv EMI Store

Buy AC on EMI

  • Starting at
    ₹18,490* + GST
Shop Now

Buy AC on EMI

  • Shop on No Cost EMI
    Shop for the latest Air Conditioners online in No Cost EMI at the Bajaj Finserv EMI Store

Buy Refrigerator on EMI

  • Starting at
    ₹11,770 + GST
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Buy Refrigerator on EMI

  • Shop on No Cost EMI
    Shop for the latest Refrigerators online in No Cost EMI at the Bajaj Finserv EMI Store

How to avail zero cost EMI?

The no cost EMI facility can be availed by means of a debit or credit card that offers the feature or with an exclusive zero cost EMI card such as the Bajaj Finserv EMI Network card. The Bajaj Finserv EMI Network card can be used in any of the partner stores online. It can also be used to avail no cost EMI deal in any of the 84,200+ stores that it partners with over 1300 cities. The scheme allows you to shop for over one million products on equated monthly instalments (EMI) with no additional interest, down payment or processing fee. So, check out the Bajaj Finserv EMI Network card apply online process to start shopping in No Cost EMIs!

Happy Customers of Finserv MARKETS

Getting a loan to take care of my wedding and relieving my parents to enjoy the occasion was the best decision I ever made. Easy-to-apply, amazing interest rate and quick disbursal, what more can one ask for!

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My husband and I will finally move into our own house this Diwali. All thanks to Finserv Markets, with competitive interest rates, minimal processing fees and easy to repay EMIs, our dream saw the light of reality in no time!

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I bought my first iPhone using my Bajaj Finserv EMI Network Card. Zero downpayment with a No cost EMI on Bajaj Finserv EMI store just made my day!

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