No Cost EMI On Amazon

In a No Cost EMI offer, the interest component of your purchase is applied as a discount.

Let us say you want to purchase an item for Rs.4800 on Amazon. The EMI interest is 12% per annum, and you are choosing a 6 month EMI plan. So the total interest on this loan would be Rs.288 for the 6-month tenure. And your monthly EMI amount would be Rs.848.

Under the No Cost EMI plan, this Rs.288 interest burden is given as a discount on your purchase. So your bill amount would become Rs.4800 – Rs.288 = Rs.4512. Your EMI amount will be Rs.4512 + Rs.288 = Rs.4800.

How To Avail A No-Cost EMI On Amazon.in?

Users have to realize that the No Cost EMI offer is available only on selected products on Amazon.in. But it is very easy to avail the No Cost EMI option on Amazon.in. Just follow the below steps -

• Find a product you want to purchase and check whether it has the No Cost EMI option.
• Once confirmed, add the item to the cart and click on the ‘Proceed to Checkout’ page.
• Once you have chosen the shipping address, you will be taken to the payment page. On the payment page, remember to choose the credit card or debit card, or the Bajaj Finserv EMI card, which offers the No Cost EMI option.
• The options presented to you will be ‘Pay in Full’ or ‘Pay in EMI’. When you click on EMI, you will be presented with the EMI tenure and the corresponding interest rates.
• Amazon has a No Cost EMI option only on 3,6, 9 and 12 months tenure. So you need to pick one of them.
• After selecting the suitable EMI option, they will need to fill in their card details including the card number, the name on the card and the CVV number.
• After entering all the details, Amazon will display the interest amount as a discount on the final bill and complete the transaction.
• Since you have already selected the EMI options on the Amazon site, you need not do anything on your bank site to affect the EMI.

What Are The Benefits Of Using No Cost EMI On Amazon To Purchase Products?

What Are The Pros And Cons Of No Cost EMI?

PROS

• This is an excellent option for those who are unable to pay the entire EMI amount on time. If you are unable to pay the entire EMI amount on time, No Cost EMI can be extremely beneficial.
• No-cost EMI also aids in the development of a good credit score by allowing you to establish a good repayment history.
• No-cost EMI offers are a simple way to reduce your credit card bill. They give you a substantial discount on your purchase, which you can use to buy something else or save for a rainy day.

CONS

• Though this is a wonderful resource, it can also be a significant burden if not used properly. It is critical that you use your No Cost EMI responsibly in order to avoid debt.
• The No Fee EMI option is not available on all products and services.
• Failure to pay the EMI on time may result in a low credit score. Losing your credit score affects not only your ability to borrow money, but also your access to loans, mortgages, and other financial products.

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