Nowadays, everyone wants to buy the things they need easily. Whenever they have to buy a new phone, laptop or TV, the first thing people think about is the EMI option. No cost EMI means you don’t have to pay any additional charges. This way your budget is not overburdened and you can easily buy what you like
Many banks and financial institutions in India offer credit cards that offer the benefit of no-cost EMIs. Using these cards, you can easily buy major electronic devices and home appliances. This option is best for people who do not carry large amounts of cash but want to meet their needs immediately. A no cost EMI plan helps a lot in your financial planning and helps you divide your expenses according to your monthly income.
What is No Cost EMI?
No Fetched EMI is an arrangement where you pay the add up to buy sum in rise to month-to-month installments. There are no additional charges or handling expenses included. For example, if you purchase a phone Prize Rs. 30,000, you will pay Rs. 30,000 separately each month without any extra fees. This arrangement is perfect for individuals who cannot pay an expansive entirety upfront.
No Fetched EMI makes a difference if you oversee your budget effortlessly. Numerous individuals lose control over their investing and feel focused. Taking EMI is accommodating since you pay littler sums each month, which equalizes your costs. You can select an arrangement of 3, 6, 9, or 12 months as per your budget. Each month’s installment remains the same, making it helpful to pay agreeing to your month to month income.
Key Benefits of No Fetched EMI
- Pay the full cost in rise to month-to-month payments.
- No intrigued or preparing expenses charged.
- Fixed month to month installments makes budgeting easier.
- Ideal for those who cannot pay a knot in its entirety.
- Helps adjust month to month costs and decrease stress.
- Easy to arrange installments as per your pay.
Benefits of No Cost EMI
There are no extra benefits or fees for anything: When you opt for a no-cost EMI plan, you only pay the actual cost of the product. There are no hidden charges and no interest charged in this plan. You just pay whatever the cost of the item is in equal monthly installments.
Paying in installments is very easy
You break up your big expenses into smaller installments that don’t burden your monthly expenses. This way you can easily buy a phone, laptop, fridge or any big item without spending a lot of money at the same time.
Managing a monthly budget becomes easy
There is a fixed installment every month which you can easily manage according to your income. The advantage of this is that there is no financial pressure on you and you can easily manage your other essentials.
Flexible time periods are available for Pistol
Can choose any plan from 3 months to 12 months. It depends on your income and expenses. For example, if you want a short installment, you can choose a long-term plan
Special offers are also available from banks and online stores
These offers reduce your total cost and make shopping more worthwhile.
You can shop abroad without spending a lot of money
The biggest advantage of this EMI system is that you can get anything instantly. You don’t have to pay a huge amount at once and you pay in smaller installments, making your life easier.
Which credit cards offer no cost EMI?
Many banks in India offer credit cards that come with no-cost EMI plans. The most popular and trusted banks include SBI, ICICI, HDFC, and Axis Bank. These banks offer cards to their customers with an easy and fast EMI option. SBI cardholders can easily buy electronics and home appliances on EMI. ICICI Bank also offers the benefit of no-cost EMI to its credit card customers, making payments easy for them.
HDFC Bank provides an EMI calculator with its cards which helps you to preview your monthly repayment plan. This tool helps you create a better plan by keeping track of your income and expenses. The Axis Bank Card app is very user-friendly and helps you set up EMIs and track payments. These cards are accepted both online and offline and let you split your purchases with ease.
Online stores where EMI cards are used.
These days it is easily possible to avail no cost EMI as major online stores in India like Amazon, Flipkart, Croma and Tata Clip offer such plans. When you shop on these websites, you get the EMI option on the checkout page where you select your bank card and choose the tenure. The EMI plan varies for each product, so check the EMI options and terms on the product detail page.
Getting EMI on both Amazon and Flipkart is very easy. The system of these sites is designed in such a way that you can easily link your bank card and set the EMI plan as per your convenience.
How to apply for a credit card?
Getting a credit card these days has become very easy. You can fill the application form online by visiting your favorite bank’s website or mobile app. In this form, you have to provide your basic details like name, mobile number, income and address. The bank processes your application and verifies the necessary documents like identity proof and income proof. After verifying the documents, the bank issues you your credit card.
Some banks also offer fast delivery options to their customers in which you get the card in just 3 to 5 days. After getting the card, you can activate the EMI feature by logging into the bank’s app or website. There you have to set your repayment period. You can choose any EMI plan of 3 months, 6 months, 9 months or 12 months which is convenient for you.
What if you miss your EMI payment?
Shortage of EMI payment can be a problem in any financial plan. If you don’t pay your monthly EMIs on time, the bank may trust you a price or late fee. These fees add to the total amount you owe, making it more difficult for you to pay. Hence it is very important to take care of your EMI schedule.
In some cases, if the payment delay becomes excessive, the bank also affects your credit score. A low credit score can make it harder for you to get a loan or new credit cards in the future. That is why paying EMIs on time is very important for your financial health. Most banks also send you payment reminders through their apps or SMS so that you can make your payments on time.
How does an EMI calculator work?
EMI calculator is an online tool that helps you easily understand the monthly payment of a loan or credit card. In this calculator, you can guess your monthly installment by entering your total loan amount, interest rate and lease. This tool gives you an opportunity to do your financial planning in a better way.
If you are using a no cost EMI plan, the interest is zero but with the help of EMI calculator, you can check your monthly payment and how much you have to pay every month. Many online websites and banks provide these calculators in their apps, using which you can create a plan as per your needs.
Conclusion
Before taking a no cost EMI plan, there are some important things to understand. First, you should have a complete estimate of your income and expenses. Set your EMI tenure and amount according to what you can afford. This will help you manage your financial situation better. Second, pay attention to the card and store terms. In some cases, there may be hidden charges or processing fees that may prove detrimental to you.