Finance

Festive Spending: Reason for Why You Should Opt for No-Cost EMI Schemes?

Festivals are all about celebrations, gifts, and togetherness. These are the merrier times when everyone comes together to celebrate the occasion and build memories that last a lifetime. It is also when sales of gadgets, especially mobiles, laptops, televisions, and such, skyrocket because people love to gift them to their friends and peers, apart from gifting themselves by indulging in some self-love. Whether you want to buy one for your friend family or want a brand-new smartphone for yourself, the best way to get one is on EMI. This is a viable sale proposition because it lets you buy your favourite item immediately without paying the entire amount upfront. You can repay the sale amount in convenient EMIs over your chosen repayment tenure. First, let’s understand the concept of no cost EMI means and its benefits for consumers.

What is the Meaning of No Cost EMI? 

No cost EMI is essentially an easy repayment scheme where the user only needs to pay the actual price of the product purchased without any interest charges levied by the merchant. This helps save money instead of a traditional EMI scheme where the interest charges can be pretty high. Sometimes, users end up paying twice the value of the product purchased throughout the repayment period.

Benefits of a No-Cost EMI Scheme

Now that you know what the scheme stands for let’s look at a few of the benefits you can expect by opting for such a scheme.

Save Money

The foremost benefit of the no-cost EMI scheme is that you get to save a lot of money by only paying the cost of the product minus the interest charges that come as part and parcel of traditional EMI schemes. So, this scheme, is in a way, a boon for customers who frequently upgrade their mobile phones. Without a no-cost EMI scheme, every time you buy a mobile on credit, you would have to shell out more money than the cost of the product.

Longer Repayment Periods

Credit companies offering such loans often give their customers a longer repayment tenure. Thus, making the repayment in convenient EMIs over time makes this scheme easy on the pocket for them. Customers need to pay a nominal amount every month as EMI till the agreed period until the loan is closed.

Multiple Options

Many credit companies are willing to offer no-cost EMI consumer durable loans. Therefore, you have no shortage of choices when it comes to choosing the service provider. Since the competition is so tight, credit companies often give additional benefits such as free mobile insurance, extended repayment periods, and lower EMI options to attract customers. So, it’s a win-win situation for the customers at the end of the day.

Benefit from Festive Offers

These schemes become hugely attractive during festivities because credit service providers often club these no-cost EMI schemes with zero down payment options. Customers get to enjoy lower EMI rates and don’t need to make any minimum payments to buy the latest smartphone.

Enjoy Higher Credit

If you have already availed of the facility and have made timely repayments, you would get access to higher credit. A higher credit limit allows you to buy even flagship smartphones without burning a hole in your pocket. The more credit you use and repay on time, the higher the credit limit. No cost EMI schemes are a modern-day phenomenon that is helping customers get access to not only no cost EMI mobiles but to a multitude of other consumer durable items that was previously out of their reach due to high-interest charges and down payment requirements. So, if you are thinking of getting that shiny new mobile this festive season, opt for a no-cost EMI option right away!

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