What is No Cost EMI?
No-cost EMI means that if you purchase an item on credit, you are required to pay no additional interest on the principal. As a result, you end up paying only the actual price of the product in easy EMIs at no added cost whatsoever. To understand what no-cost EMI means, let us look at an example.
Say, you purchase a footwear worth ₹9,000 and wish to pay back the amount over a period of three months. If you avail the no-cost EMI functionality, you will need to pay only ₹3,000/month (₹9,000 divided by 3 months+ one time processing fees). Essentially, this means that no interest charges will be levied on the borrowed sum.