How can I get EMI without any cost?

Usually, select banks offer no cost EMI on credit cards. If you don't have a credit card of the bank that offers the scheme, you can't get the deal. You have to option of opting for an EMI card from a non-banking finance company. In case of Bajaj Finserv, you have to pay a fee for the EMI card.

In respect to this, how can I buy a smartphone on EMI?

Head to your favourite offline retailer and select the phone you want to buy. Make the payment using your credit card and later you can convert it into EMI by calling the customer care of the bank or by using your bank's mobile app.

Also Know, can I buy a phone in EMI with debit card?

To buy a phone on EMI with a Debit Card, all you need to do is: Purchase your phone at your bank partner outlet, e. electronic outlets for which your bank has provided an additional facility. If you haven't already completed your KYC or Know your Customer Procedure, sign up and upload the documents for the same.

Why is no EMI bad?

Buying a product on EMIs reduces the burden of paying a huge amount upfront. However, when you get a product on zero-cost EMI, you may forfeit the discount that the store would have offered to you if you have paid the purchase price upfront. While other retailers may add the interest cost to the price of products.

How can I buy Amazon without EMI?

Visit Amazon website.
Browse and select your product.
Choose Bajaj Finserv No Cost EMI as your payment method.
Select a suitable EMI scheme.
Confirm your order with an OTP.

What is no EMI cost?

No Cost EMI is an offer by which you pay your EMI provider only the product price, equally divided over your repayment timeline. For example, if you buy a Rs.18,000 item at a 6 month tenure, you will pay your EMI provider Rs.3,000 every month for 6 months, amounting to a total of Rs.18,000*.

Does bank charge for no cost EMI?

While availing the no-cost EMI facility, you will not have to pay any down payment, processing fee, or an interest. Will my bank charge an interest? Yes, the bank will charge you an interest. However, the interest that they charge will be given to you upfront as a discount at the time of buying the product.

How is EMI calculated?

The mathematical formula for calculating EMIs is: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments.

What happens if mobile EMI is not paid?

Few days grace period will be given to you to pay your EMIs. Further delay in payments will be reported to CIBIL and will have financial charges. These charges are clearly indicated as part of the loan contract with the lender (Bounce charges are Rs 450 per bounce and late payment fees are 2% per month).

How can I get a mobile with no down payment?

Buy your favourite Mi products and pay over a period of time, without the need of a credit card.

Buy now, pay later. Hassle-free EMI, pay over a period of time.
No down payment. Zero processing fee, nominal interest rates apply.
Flexible EMI. Easy repayment options, pay in 6/12 months.

How does credit card no EMI work?

'No-cost EMI' offers on the online retailers

Essentially, you pay the original price of the phone in instalments: the retailer gets the discounted price and the balance (i.e., the 'discount amount') goes to pay the interest on the loan.

Which credit card is best for EMI option?

Which Bank's Credit Card EMI Conversion Facility is Better?

2.1 SBI.
2.2 American Express.
2.3 HDFC Bank.
2.4 ICICI Bank.
2.5 Axis Bank.
2.6 Kotak Mahindra Bank.
2.7 YES Bank.
2.8 IndusInd Bank.

How much is a downpayment on a phone?

The first of the credit option may not be 100% financed from banks as they generally give a loan to the extent of 75%-90% of the product price. In that case, you would need to pay a down payment equivalent to 10%-25% of the product price to the mobile phone retailer.

How can I get EMI on Amazon?

If the option is available, add the product to cart and while checking out select the EMI menu>Amazon Pay EMI. You will now be able to choose an EMI plan from a list of options.

Can I prepay no cost EMI?

Usually, select banks offer no cost EMI on credit cards. If you don't have a credit card of the bank that offers the scheme, you can't get the deal. You have to option of opting for an EMI card from a non-banking finance company. In case of Bajaj Finserv, you have to pay a fee for the EMI card.

What is the difference between no cost EMI and EMI?

Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full. Simply means that EMI = you pay AMOUNT + INTEREST whereas No cost EMI = you only pay the amount.

Can I buy a phone and pay monthly?

Monthly installment plans are payment plans to help you pay for a new cell phone, usually over the course of 24 months. It's basically a finance agreement, like paying for a car—instead of paying out the full price right at the start, you can spread the cost over a longer period of time.

Is it good to buy phone on EMI?

It is advisable not to buy consumer durables on EMI, as the interest rate is higher. It is better to save first and then buy. In most cases, the cost of electronic items, especially phones, decline over a period of time. If you can't afford it, it is better not to buy it.

What documents are required to buy a phone on EMI?

The documents that you generally need to submit would be a filled-in application form, a photograph, and valid KYC documents. This could include photo ID proof, residence proof, income proof, and post-dated cheques among other documents.

What are the documents required for EMI?

Documents Required

PAN Card.
Aadhaar Card.
A cancelled cheque.
Duly signed ECS mandate.