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How is it Zero Effective Interest?
Frequently Asked Questions
1. What is No Cost EMI?
No Cost EMI is an offer by which you pay your EMI provider only the product price, equally divided over your repayment timeline.
For example, if you buy a Rs.18,000 item at a 6 month tenure, you will pay your EMI provider Rs.3,000 every month for 6 months, amounting to a total of Rs.18,000*.
2. Which payment methods can I use to get a No Cost EMI?
No cost EMI is available on credit cards from all major banks (Axis, ICICI, HDFC, Citi Bank, SBI, IndusInd, Yes Bank, Kotak, RBL, HSBC, Standard Chartered) and Bajaj Finserv EMI cards.
3. Are there any fees or down payment?
There are no processing fees or down payment for these transactions. Your bank will charge GST on the interest component of the EMI.
4. Is No cost EMI available on all products on the site?
No cost EMI is available on wide selection of categories including mobiles, large appliances, laptops and much more. It is applicable on select sellers only. You can check the availability in the offers section on the product detail page.
5. Can I use my Amazon Pay balance along with the No cost EMI offer?
No, you cannot. Please deselect your Amazon Pay balance to make a payment using the No cost EMI offer.
6. Can I avail the No cost EMI offer along with the Exchange offer?
Yes you can. In that case, your EMI amount will be calculated on the reduced amount (after deducting the Exchange value).
7. Will my bank continue to charge me interest?
Yes, your bank will charge you interest. However, this interest charge has been provided to you as an upfront discount at the time of your purchase, effectively giving you the benefit of a No Cost EMI*.
8. How will my EMI be charged?
Your EMI provider will take 3-5 working days to process your EMI. Once done, your EMI will be charged on a monthly basis, as per your credit card billing cycle or payment instructions with your EMI provider. Please check with your provider for specific details.
*Note: this excludes GST that will be charged by your bank on your interest component of the EMI