No Cost EMI Versus Regular EMI: The Ultimate Showdown

An Equated Monthly Instalment or EMI is a streamlined mode of payment that lets you purchase products without paying any cash upfront. This suggests that you can buy expensive products right this instant with a portion of the purchase price as down payment and pay the rest later in fixed instalments at regular intervals. The EMI is calculated on both the interest as well as the principal amount which implies that over a period of time your loan will be paid off in full.

If you thought this was the most effective and convenient way of making your payments, wait until you hear about No Cost EMI. So what exactly does it mean by No Cost EMI? Unlike EMIs, under No Cost EMI no interest charges are applied. This indicates that you end up paying only the amount you borrowed, and not a penny more. This keeps you from losing out on a substantial amount of money over unessential charges. The No Cost EMI feature is now available on debit cards, credit cards and the Bajaj Finserv EMI Network card. You can apply online for the EMI card by Bajaj Finserv and benefit from the No Cost EMI feature.

Having deciphered the meaning of No Cost EMI, let us dive into the crux of how No Cost EMI works.

No Cost EMIs are interest-free and are ideal for big-ticket purchases. Making large payments can be quite difficult to manage if you do not have the required funds. But with No Cost EMI offering you convenience of payment, you can buy now and pay later. Under this plan, you will be paying monthly instalments just like any other EMI, except, would not be incurring any interest on the amount borrowed.

The Bajaj Finserv EMI Network Card allows you to make big payments for your expensive products in smaller instalments spanning over a period of 3 to 24 months. At any given time during your repayment period, if you wish to repay the purchase amount, you can do so without having to pay any foreclosure charges. In addition to being exempt of any foreclosure charges, this card saves you from paying any down payment at the time of purchase either.

Furthermore, the EMI card by Bajaj Finserv offers a pre-authorised loan amount of ₹2 Lakhs that you can make use of for your payments. The process to apply for the Bajaj Finserv EMI Network Card online is not just quick, but also quite simple. It requires minimal to no documentation and can be done from the comfort of your home.

Benefits of No Cost EMI:

• Irrespective of the kind of bank account you hold, or whether you have a debit card or a credit card, you can use the No Cost EMI feature
• This feature is exempt of foreclosure charges, interest and down payment
• When you plan on making large purchases, No Cost EMI will help you cut down additional costs otherwise paid as interest
• This feature is applicable even for exchange offers

Here’s a table that will help you get a better understanding of how a No Cost EMI is different from a regular EMI:

Now that you know the meaning of No Cost EMI, you might now wonder when is the right time for you to get this feature. Given below are few instances that might give you the necessary push you need:

• When you plan on buying an expensive product and have insufficient funds
• When the expenses go beyond your budget
• When there is a good deal that helps you save money
• When you intend to build your credit history and borrowing a smaller loan will help you achieve that

If you are mesmerised by such a great offer and wish to bring home your most awaited big ticket products through this feature, all you have to do is activate No Cost EMI financing on your card. There are cards such as the Bajaj Finserv EMI Network Card that offer this feature and are quite easy to get your hands on. 

You can apply for the EMI card by Bajaj Finserv online with great ease. It does not require any documentation, and is exempt from any down payment or foreclosure charges. You simply have to make your purchase, select the No Cost EMI option during billing, opt for a repayment tenure, verify the details of your card and proceed to buy your product.

With the knowledge of No Cost EMI and how it can make your shopping experience much more affordable, you can now plan your big ticket purchases and make the most of the pre-authorised offers to save money while building your credit history.

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