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What is No-Cost EMI and Does it Work to Your Benefit

The popularity of no-cost EMI or zero-cost EMI has surged along with the increased adoption of e-commerce methods. Most customers fall for the u2018no-costu2019 part of no-cost EMI, assuming that it means they would not have to pay interest on the loan. However, in September 2013, the Reserve Bank of India issued circular prohibiting lenders from selling zero-interest consumer loans and EMIs. So, what exactly does no-cost EMI mean?<br>

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What is No-Cost EMI and Does it Work to Your Benefit

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  1. What is No-Cost EMI and Does it Work to Your Benefit?

  2. No-cost EMI meaning • It is a discount on product cost, equivalent to the interest that would have been levied.

  3. How does no-cost EMI function? • Discount equals interest - Amount paid is shared between the retailer and the lender (interest portion). • Interest amount added to the product price - The interest amount, along with the processing fee, is added to the product cost.

  4. No-cost EMI advantages

  5. Increased affordability • You can purchase expensive products without paying the entire sum at once.

  6. Zero-cost interest • The no-interest feature allows you to keep the EMIwithin your budget.

  7. Availability • It is available on numerous e-commerce platforms as well as with a few offline merchants.

  8. Is it wise to opt for no-cost EMI? • Suitable for buying expensive products. • Convenient in case you don't have enough cash to pay upfront. • Suitable in case you are getting an additional discount. • Beneficial for building credit history via short term consumer durable loans.

  9. No-cost EMI is not available on all products. Check the terms and conditions before taking a decision.

  10. T ! hank You Would Love to hear from you. Hero Fincorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel : 18001024145 Email : customer.care@herofincorp.com Website : https://www.herofincorp.com/ Know More : https://bit.ly/3x0h8Jm

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