When shopping online you will often find the option of a No Cost EMI. It is also called Zero Cost EMI or Zero Percent EMI.
Companies offer EMI facility to attract customers by alleviating the worries of lumpsum. In addition to online, this facility is also provided in the showroom for purchasing electronic goods.
In this situation, it is important to know whether this EMI is actually a price EMI or just a shame. With a few things in mind, you can avoid zero cost EMI fraud.
An old RBI notification discusses concealing certain services and conditions from customers under the No Cost EMI.
Suppose you have to buy a phone for 25 thousand rupees.
During the online search, an EMI of Rs 20,000 per month was tied for 12 months under the No Cost EMI. If you multiply 12 by 2084, the answer will be 25 thousand 8 rupees. It is considered a good option without interest.
The second option: Rs 2,250/- per month, if you complete 12 months, you have to pay Rs 27,000 rupees.
However, it comes with a Rs 2,000/- discount offer. Thus, you have to pay Rs 25,000 only if you take advantage of the discount.
By offline bidding, you will get a phone worth Rs 25,000 for Rs 24,000. Online is the best option both offline and online.
Because you don’t have to pay interest on EMIs and the second is that you can own the phone if you don’t get a single amount of money. However, some things should be kept in mind at this time.
No Cost EMI is not a good option
It is important to take care of the model while shopping. A new model of the phone is coming.
In which new processors have been used. One problem is that taking an item from a credit card increases the temptation to buy too many items.
If you are going to take the No Cost EMI option, make sure that there is a sufficient amount in the account. So that you do not have to pay heavy fines. There may also be a risk of calling the bank.
The bank tells you another EMI option in the name of purchase verification. Now you can’t count the time that interest rates can be charged.
Be careful before shopping
The employee will not say that there is no value EMI for six months. The employee will only tell you the gross amount to pay in total at no cost EMI.
After taking advantage of the option, the bank may not charge you any interest in the first month. But later it will start charging higher interest rates.
So you should not be deceived by employees. If you are protected from fraud, ask him to send you the terms and conditions of the email.
Never recognize an employee for EMI on the phone without knowing the service and conditions.