No Cost EMI is often written on online shopping sites around the world. do you know their meanings? With No Cost EMI, companies offer discounts and attractive offers. Should you buy any goods after seeing No Cost EMI, will you benefit from it? In this news we are telling you what is No Cost EMI, and how it works.
No cost EMI means that you do not have to pay any interest on the loan. But in fact your bank withdraws the discount given as interest. In the year 2013, the Reserve Bank of India (RBI) had refused to offer banks zero percent EMI scheme on retail products. Then banks figured out another option.
No Cost EMI is divided into three parts – Retailer, Bank and Consumer. You must have often seen that some banks offer the option of No Cost EMI on credit cards. However, to get this deal, you must have a credit card of that bank. Apart from this, you can get EMI card from a non-banking finance company. Retailers offer the option of No Cost EMI on products that are required to sell quickly. Fees are required to be paid for some EMI cards. In the case of no-cost EMI, the retailer gives the consumer a discount on the amount of interest.
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