Things To Remember Before Using No-Cost EMI Payment Option
Producer: Priyanka DasEditor: Mohit Bisht
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Read and understand the terms and conditions of the no-cost EMI offer. Ensure that you are aware of any hidden charges or fees.
Confirm that you meet the eligibility criteria for availing the no-cost EMI. It may depend on factors such as your credit score, the minimum transaction amount, and the selected tenure.
Choose the EMI tenure wisely. While longer tenures may result in smaller monthly payments, they could end up costing you more in the long run.
Be cautious about any hidden charges. Even though it’s a no-cost EMI, there might be other fees, such as processing fees or GST, which could apply.
Ensure that your credit limit is sufficient to cover the purchase. Exceeding your credit limit may result in additional charges or rejection of the EMI request.
Verify that the product’s price under the no-cost EMI scheme is the same as the regular price.
Understand the cancellation and refund policies in case you need to return the product. Some EMI schemes may not offer a full refund.
Maintain a record of all relevant documents, such as the EMI agreement, payment receipts, and correspondence with the seller or financing institution.
Purchase from reputable sellers or platforms to avoid potential issues with the EMI process.
Familiarise yourself with the customer support channels provided by both the seller and the financing institution.