Being from a middle-class family I know we sometimes fail to afford a high-priced thing one at a go and thus always look for discounts and all. But the EMI, equated monthly instalment is a great thing to opt for. You can pay the amount in breaks which makes our desires to get a thing come true. But at times you need to pay an extra amount for availing EMI for certain products since you are giving them money in instalments. There is also a provision for no-cost EMI and if you want to know what does no-cost EMI mean, let me help you out.
What do you mean by No Cost EMI?As I said, usually when you buy anything and opt for EMI, you will see that in the end, you gave a bit more than what is the actual price of the product. This is because you get the opportunity to buy a product and pay the debts taking a long time. But there is also an option called no-cost EMI. If you have the question, what does it mean by no-cost EMI, then do know that in the case of certain products, you need to pay the exact product amount only and no extra charge. For example, if you bought a Television worth Rs.36,000 and paid only Rs10,00 initially, then your debt is Rs16000. You can pay this Rs16000 by giving Rs4000 for 4 months and that's it. In the case of an ordinary EMI, you might need to give Rs4500, making the total amount Rs(10000+18000)= Rs 38000, Rs2000 extra.
What are the disadvantages of no-cost EMI?No cost EMI is given on select items or products and not all which is the greatest disadvantage of it. So before you go for an EMI, always know whether it is an ordinary EMI or no-cost EMI.
Difference between no-cost EMI and ordinary EMIAt no cost EMI you need not pay any interest rate whereas in the case of an ordinary EMI you need to pay an amount extra as interest and that varies depending on certain conditions like how long you are going to take to pay back and how much you are paying.
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I hope now you are all clear about
what does no cost emi mean.
Read More:
How EMI Is Deducted From Credit Card?
What Is EMI Payment?
How To Calculate Pre EMI?
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Authors Of The Question
What Does No Cost EMI Mean?
Shekhar
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1 Answers
2 Year
2022-04-26T19:59:01+00:00 2023-06-21T20:29:41+00:00Comment
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