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No Cost EMIs allow you to buy your favorites products without paying any interest
Making a lump sum payment is challenging, no matter how big your salary may be. Whether buying the latest iPhone or upgrading your house, you will need to commit thousands of rupees. It can be tricky, especially if you are starting your career or have financial commitments. No Cost EMIs make more sense in such cases, allowing you to purchase what you want without burning a hole in your wallet.
What is the meaning of No Cost EMI?
When you take a loan, your EMI includes two components: the principal amount and its interest. But when you take a No Cost EMI, there is no interest component. For instance, suppose you are buying an ₹1 lakh product and are looking to pay for it in 12 months. In regular consumer loans, there will be interest. Let us assume it stands at 10%.
Your monthly EMI would then be ₹8792, and the total amount you pay back will amount to about ₹1.06 lakh. However, in No Cost EMIs, you pay what you owe without the interest. In this case, ₹8333 would be your monthly EMI.
Advantages of No Cost EMI
The advantages of buying something with a No Cost EMI includes:
1. You only need to pay for the product
There are no interest charges when you are availing of No Cost EMIs, so you pay only for the product you buy. It helps save a lot of money and strengthens your financial position.
2. It's easier to avail of
No Cost EMIs are easy to get. You can use it for offline and online purchases with your PAN and Aadhaar card details. A No Cost EMI card further simplifies the process. It comes with a credit limit, so you do not need to check your eligibility when buying new products.
Metra Trust's Easy Buy EMI Card is one of the most sought-after No Cost EMI cards. It has preset limits for up to ₹5 lakh, and it works both for online and offline purchases.
3. It makes budgeting easier
When an expensive purchase becomes inevitable, your monthly budget usually takes a beating. No Cost EMI helps here as your spending is split over several months. Therefore, you must only worry about small payments every month.
4. Increases your affordability
When you can avail of No Cost EMI, many products that seemed expensive earlier become affordable, which means you can finally buy that flagship phone without making your budget suffer.
5. It is not limited to products
No Cost EMI loans are not restricted to products. You can also book flight tickets, pay for stays, and more. A No Cost EMI loan can also help you with your vacations!
Also read - What is EMI Full Form
A word of caution
Although highly beneficial, No Cost EMIs have their downsides. To begin with, they might compel you to buy more products in EMI, placing you in a debt trap. Therefore, the use of the same with caution is always warranted.
A No Cost EMI is highly beneficial and convenient for consumers. It expands the accessibility of many premium products and experiences to the masses. A little bit of caution can ensure your shopping experience stays charming.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.