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If you are looking to make large-ticket purchases, then consider the no cost EMI credit card. It makes buying not only more economical, but also significantly more convenient.
A no cost EMI credit card allows you to divide the cost of your purchase into manageable monthly installments rather than making large upfront payments. There is no extra interest charged on the principal amount. If you need the goods and prefer to budget your spending over time, no-cost EMI solutions may be advantageous. The duration of a no-cost EMI might range from three months to two years. This is mostly determined by the store and financial institution delivering the service. Let’s dig into the various aspects of it in this blog.
Also Read: Secured Credit Card – Meaning & How it Works?
What is No Cost EMI?
A loan with an EMI, or equated monthly installment arrangement, allows you to make fixed monthly payments over a certain period. A no-cost EMI offer is unique in that it allows you to pay for a costly good or service with nearly no interest. A no-cost EMI arrangement allows you to return your loan in equal payments over a certain period without incurring interest. The borrower may be required to pay an upfront charge to take advantage of the no-cost EMI plan, which can be paid as a lump amount at the time of application or as part of the monthly installments.
How Does No Cost EMI Work?
A no cost EMI plan enables you to settle your loan through uniform installments over a predetermined duration, with no additional interest charges. Unlike the usual EMI option, No Cost EMI does not include an interest element. The borrower might be required to make an initial payment to access the zero-cost EMI plan, which can be paid either upfront during the application process or included as part of the monthly installments.
How to avail for No Cost EMI on Credit Card?
Here are a few steps to avail for no cost EMI on credit card offline-
- Choose the product you want to buy.
- Check to see if there are any free EMI alternatives available for those products.
- If the product is eligible for EMI, consider all payment options.
- On the payment page, select the EMI plan that best matches your financial condition.
- Enter your credit card information, such as the card’s name, number, expiration date, and CVV number.
- After you check out, the main amount will be blocked on your credit card.
- Your registered email address will get a complete payment breakdown.
Also Read: What is Add-on Credit Card?
Here are a few steps to avail for the no cost EMI on credit card online-
- Choose your preferred EMI period from three, six, nine, or twelve months.
- Fill out a form with your name, address, phone number, and EMI option preference.
- Submit a copy of your identity and address proof.
- Take the product home after the paperwork is completed.
What are the Pros and Cons of a No Cost EMI?
| Pros of No Cost EMI | Cons of No Cost EMI |
| There is no interest payment and no fee. The pressure of paying interest on purchases is removed with EMI. This is especially advantageous for large principal amount acquisitions with a duration of 9 to 12 months or more. | There may be hidden expenses in no-cost EMI programs, such as processing fees, administrative fees, or other costs that offset the benefit of not paying interest. |
| Zero interest rates provide better financial management by extending payments over time and splitting expenses without incurring additional fees. | Even if your EMIs are interest-free, they might have an impact on your creditworthiness when applying for other loans or credit cards since lenders analyse your current commitments when determining your capacity to take on new debt. |
| No-cost EMI gives you access to a better lifestyle by allowing you to buy items and services that would otherwise be out of your price range. | If you want to settle the EMI amount before the tenure expires, some No-cost EMI programs may impose prepayment fines or costs, which may negate the benefits of this alternative. |
Also Read: Benefits of Axis Bank Credit Card
How to avail of No Cost EMI on Airtel Axis Bank Credit Card?
The Airtel Axis Bank Credit Card helps you manage your finances easily. It offers up to 25% cashback on bill payments, mobile recharges, travel, dining, and grocery purchases. In addition, you will receive 1% cashback on all purchases. You can apply for one on the Airtel Thanks App. It is an easy process to apply for the Airtel Axis credit card. Simply download the Airtel Thanks app and navigate to the ‘Shop’ area. When you see the Airtel Axis Bank credit card banner, go to ‘Financial Services’ and then ‘Apply Now’. Follow the on-screen steps, and your credit card will be sent within 2-7 business days of approval. You may apply for it on the Airtel website as well.
