No Cost EMI Credit Cards
No cost EMI is a facility in which you can purchase anything on EMI without any interest. This scheme can be used for purchasing big gadgets at the online store. It was introduced to help customers purchase their item without having any financial difficulty.
How does it work?
We have understood that what is no cost EMI now let’s understand how it works. To understand this one must first understand how regular EMI works, so suppose you have to purchase a mobile phone which cost is 20,000 and the interest rate and processing fee are charging on the EMI is 8% and 1%. So you have to pay Rs 1667 every month and Rs 1600+200 for interest rate and processing fee. So the buyer has to pay a total amount of Rs 21800.
In the case of no-cost EMI, you don’t have to pay interest charges and processing fee, due to which, it gets easy for the customer to buy the gadgets of their choice.
List of credit cards which offers no-cost EMI:-
There are several credit cards which offer no-cost EMI option, so that customer can purchase the products on EMI without worrying about the interest rate and process fee.
- Axis Bank
- ICICI Bank
- HDFC Bank
- Yes Bank
- Kotak Mahindra Bank
- RBL Bank
- Standard Chartered Bank