What is a No-cost EMI Facility

Getting a smartphone, fitness equipment, laptops and other such products, can strain your budget as they are expensive. This may lead you to compromise on the features you want or stretch your budget to fit the cost. 

 

Financing options like the Bajaj Finserv EMI Network Card, let you convert your expensive purchases into EMIs, making them more affordable. It eliminates the need to pay in lump sums and the no-cost EMI facility helps you avoid additional interest charges. 

If you have this EMI card or are planning to get one, knowing what no-cost EMI is and how to utilise this facility is essential.

In regular EMIs, the issuer will charge interest until you pay all the instalments. This adds to the cost, which makes the product or service more expensive in the long run. On the other hand, no-cost EMI is a type of payment plan that enables you to pay for a product or service in affordable instalments without any interest. 

 

Simply put, you need to pay the actual cost of the product or service. Consider this example to better understand how no-cost EMI works:

• You buy a product worth ₹45,000

• You choose a tenor of 9 months

• The EMI amount will be ₹5,000 (₹45,000/9)

 

If you had chosen the regular EMI option, the interest amount will be added to ₹45,000 and then the total will be paid in instalments. So, you will be paying more than the original cost.

 

Note: The total incurred amount may vary if other costs and fees are applicable.

With this card, you get a limit of up to ₹3 Lakhs, which allows you to make multiple purchases on EMI without any hassles. Here are some other benefits of using the card: 

• You can purchase a wide range of products easily from any of the 1.5 lakh partner stores 

• You do not need to pay any interest or extra charges to convert the product’s cost into EMIs

• You can benefit from discounts and EMI offers while purchasing products with this card

• You may be eligible to convert the entire cost of the product into EMIs without making any down payment 

• You enjoy the flexibility of choosing a repayment tenor of up to 60 months that matches your preferences

• You do not need to pay any foreclosure charges in case you choose to repay the entire cost of the product early

Now that you know what a zero-cost EMI is, know how how you can buy products you like: 

1. Visit any Bajaj Finserv partner store near you

2. Explore and select the product you want to buy 

3. Select the card as the payment option

4. Check the EMI options available and choose card as the payments 

5. Share the details of your card with the cashier for verification

6. Authenticate the transaction with the OTP sent to your registered number