Over the years the entire marketplace has almost completely moved online and people seem to prefer making larger and larger purchases online. With the advent of the online marketplace, sites have been working hard to develop new payment methods to encourage spending.
One of the latest online payment methods is no-cost EMIs. No-Cost EMIs allow you to break up the entire cost of a product into interest-free EMIs, making it easier for you to purchase the things you need when you need them.
It does not greatly increase your debt burden as you are only liable to pay the cost of the product you have purchased without any hidden costs or interest. There are a number of reasons to opt for no-cost EMIs while making purchases, let’s take a look at a few:
1. No Hidden Charges
Unlike purchases made through Credit Cards, no-cost EMIs carry no hidden charges or processing fees. All transactions related to the EMIs will be recorded in your bank account and you will have access to them.
2. Availability of the Product
Sometimes a situation can arise that a product is on sale only for a limited period of time. If you do not have the funds to buy this product right away and you need it, a no-cost EMI is a great way to go.
It will allow you to purchase the product straight away and defer the payment of the entire amount in EMIs. Since these are no-cost EMIs, unlike making purchases on your Credit Card, you will not be paying any interest.
3. Festive Season Sales
No Cost EMIs can really come in handy during the festive season. The massive sales during the festive season can be very attractive and purchasing products during this time can really save you a lot of cash.
Using no-cost EMIs to make medium to large purchases online can help you save money in the long run.
4. Available on many E-commerce Sites
Most e-commerce sites offer no-cost EMIs on almost all their products. So the next time you need to buy something urgently and your savings can’t pay for it, going in for a no-cost EMI is a great option.
5. No Credit Card needed
You want to buy that latest gadget but you haven’t applied for a credit card yet? No problem. Banks like HDFC Bank, Axis Bank, ICICI Bank have tied up with most online retailers to offer no-cost EMIs on your debit card as well.
Using a Debit Card instead of a Credit Card can be quite advantageous as it will not allow you to go beyond your savings and cause an overdraft.
This festive season when you go shopping online, make sure you have a look at the various offers available and use no-cost EMIs to make your larger purchases.