Everything You Need to Know About No-Cost EMI on Credit Cards
No-cost EMIs is beneficial to clients, but not everyone is aware of this since they let you make large purchases and pay you back in flexible installments without paying any interest. In this article, we will discuss what free EMI offers on credit cards, how they help consumers, how you may gain benefits from them, and whether you should choose them or not. How Does No Cost EMI Works? Let’s imagine a buyer wants to buy a smartphone for Rs. 30,000. The annual interest rate is 13%, and you are selecting a 3-month EMI plan. Therefore, over the three-month term, the total interest on this loan would be Rs. 638. No Cost EMI Plan EMI Plan Rs. 10,000 × 3 months Interest (p.a) Rs. 638 (13%) Discount Rs. 638 Total Cost Rs. 30,000 After the order is placed, the discounted value of Rs. 29,362 will be paid to the bank which is Rs. 29,362 (Rs. 30,000 - Rs. 638). Within 4 to 7 work