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How is No Cost EMI different from a regular EMI?

A Brief Overview 

By availing of the Bajaj Finserv EMI Network card, you can make a number of costly purchases that otherwise might not suit all budgets. What makes EMI cards viable bets is the fact that they can be interpreted to be pre-approved loans of specified amounts. Those who avail of these cards can have payments split across several months thereby reducing the burden associated with upfront costs. Financing schemes are designed keeping in mind high-value items that are necessary but not always cost-friendly. Read on to understand the differences that exist between EMIs derived via EMI Cards versus those derived from debit or credit cards or via loan payments.

What is No Cost EMI?

To begin with, EMIs or equated monthly installments allow consumers to split the cost of their purchases across an outlined time frame that suits the customer best.

No cost EMI meaning – No cost EMIs are those EMIs that only require customers to pay the product price over the payment timeline that works best for them. They don’t ordinarily involve additional payments or fees.

No cost EMIs function in any of the following ways.

Discount = Interest – Here, customers are expected to pay the discount applied to the product in the form of interest.

Final cost includes interest – Under this method of execution for no-cost EMI schemes, the interest applicable is added to the final cost of the product.

The Bajaj EMI card offers consumers the opportunity to avail themselves of a number of expensive products with no cost EMIs in place.

Why Avail of a No Cost EMI Card?

There are a number of benefits associated with availing of and making use of a no-cost EMI card such as the one on offer at Bajaj Finserv.

  • Acceptance Rate – For starters, a wide number of merchants accept no-cost EMI card payments as is evident from the Finserv MARKETS website which has a wide range of partner stores on it.
  • Fiscal Standing – Regardless of whether or not you have a bank account with a certain bank or whether you have a credit or debit card, you can take advantage of no-cost EMI cards.
  • Lack of Extra Charges – Those who avail of such cards aren’t bogged down by any interest charges, down payments, or any additional costs.
  • Exchange Offers – You can take advantage of this service for exchange offers as well.
  • Supports Bulk Purchases – No cost EMI cards have been designed keeping in mind the fact that there are certain seasons during which expenses are more than ordinary such as festive occasions which prompt increased spending and bulk purchases. Each of these is a possibility with a no-cost EMI card.
  • Making Expensive Purchases – No-cost EMI purchases allow you to purchase expensive products that aren’t always affordable or exceed budgets.
  • Cash Isn’t Consequential – You aren’t required to have any cash on hand in order to make these purchases.
  • Good Deal – These payment options allow you to take advantage of good deals.
  • Create Credit History – You can generate credit history for yourself by taking advantage of the loaned funds on offer with no cost EMI payments.

Differences Between No Cost EMI Cards and EMIs Via a Debit/ Credit Card 

There are a number of differences associated with EMIs derived via No Cost EMI cards and those generated via debit or credit cards.

For starters, ordinary EMIs generated via debit or credit cards require an amount that includes interest and processing fees that no-cost EMI purchases lack.

No cost EMI payments convert the price of the product alone into interest-free equated monthly installments, unlike EMIs via debit or credit cards.

For ordinary EMIs, the amount is added to the interest i.e., amount + interest whereas for no-cost EMIs only the amount is considered. 

Wrapping Up 

Finserv MARKETS offers the Bajaj Finserv EMI Network card which can be used to make a wide range of no-cost EMI purchases. In order to manage your card, you need to visit the Bajaj Finserv login page online.




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