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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.

1. How Does No-Cost EMI Work?

• Unlike regular EMI, no-cost EMI does not come with an interest factor. So, if you borrow ₹9,000 on your card to buy an item, you repay only ₹9,000. This is irrespective of whether you go for a 3-month, or 6-month repayment tenor.

• For example, if you opt to buy a footwear on no-cost EMI, you will need to select the ‘No-Cost EMI’ option at the payment gateway along with the payment (credit card or debit card) details, and the repayment tenor. Once you authenticate the payment, only the exact cost of the product would be deducted from your card. From the next month onwards, when you start paying the EMI for the purchase, you would not incur any additional interest charges on the amount borrowed. Note- Only 1 time processing fees will be charge by bank in first EMI.

2. What are the Advantages of No Cost EMI?

• If you are wondering whether you should consider no cost EMI for your future purchases, you can look at this list of benefits to help you make your mind:
• You can purchase big-ticket items conveniently and affordably
• No interest is charged on the borrowed amount

3. What happens If I cancel an order that is paid for using EMI option?

• If you cancel an order paid using the EMI option, Skechers will refund the purchase amount to you immediately and the EMI will be cancelled. You will then need to contact your bank to confirm how the EMI scheme on your credit card has been modified, or for any queries on foreclosure. Note: - Auto EMI request will be cancelled only if order gets cancelled within transaction date + 1 day. Any request or cancellation done after 2 days customer will be required to contact bank for further assistance.

4. What is an NO COST EMI payment option?

• The No Cost EMI (Equated Monthly Instalment) payment option allows you to pay for your orders in easy monthly installments, provided you have a card from a partner bank without paying any additional interest for 3 and 6 months only. For additional tenure bank will charge consumer additional interest on transaction value. Interest rate will be available card wise and tenure wise on PAYU payment gateway.

5. How do I Know if My order is eligible for an No Cost EMI?

• Any order above Rs.5000/- will be eligible for No Cost EMI only for 3- and 6-months tenure. For any other tenure banks will charge consumer additional interest on transaction value.

6. How do I Know If the EMI payment process was successful?

• As soon as you make your purchase on Skechers.in, you will see the full amount charged to your card. It will take the bank a few days (Transaction+ 2 days) the time frame depends on bank to bank to convert this into an EMI.

• From your next billing cycle, you will be charged the EMI amount and your credit limit will be reduced by the outstanding amount. For example, if you have made a three-month EMI purchase of RS 10,000 and your credit limit is RS 1,00,000, then your bank will block your credit limit by RS 10,000 and thus your available credit limit after the purchase will only be RS 90,000. As and when you pay your EMI every month, your credit limit will be released accordingly. For any further queries, please contact your bank.

7. Will I have to pay a down payment to avail a no-cost EMI?

• While availing the no-cost EMI facility, you will not have to pay any down payment or an interest only one time processing fee will be charge by bank in first EMI.

8. Will my bank charge an interest?

• 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. So, this way, they give you a benefit of no-cost EMI.

9. How long does it take to process the EMI?

• It takes 3-5 working days for the seller to process the EMI option chosen by you.

10. Is the no-cost EMI option available on all the products that the seller has?

• Yes, this option will be available on all products above Rs.5,000/-.