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Flipkart No Cost EMI On Credit Cards

Flipkart has always given a tough competition to Amazon. With great prices and discounts, they are always in a close race to be the No.1 shopping destination for all Indians. Flipkart offers No Cost EMI on credit cards for 1000s of merchandise on their shopping site. The No Cost EMI on Flipkart allows users to pay in small monthly installments on their large purchases. This puts less burden on their monthly budget and prevents them from incurring high interest rates on their credit card outstanding.

Another feature about this No Cost EMI is that there is no need for any down payment. Users are also not charged any processing fee or other hidden costs. It’s a straightforward EMI conversion plan. Let us learn more about this plan in detail.

Additional Read: Availing EMIs On Your Credit Card? Make Sure To Consider These Factors First

What Is The No Cost EMI Feature On Flipkart?

The Flipkart No Cost EMI allows users to break down their large purchases into easy monthly installments. There is no processing fee or documentation requirement. The facility is applied on your credit card directly. All leading banks have partnered with Flipkart to offer this facility to their customers.

- Transactions of Rs.3000 and above are eligible for a No Cost EMI offer

- The facility is available only with select brands and products. This feature will be listed on the product page.

- Tenures from 3 to 12 months can be availed

- There are no processing fees or down payment needed to be made for this facility

- The EMI amount is auto-debited from your credit card

- Users can pre-close the loan any time at no additional cost

- This facility can also be availed using Bajaj Finserv EMI card

Let Us See How Flipkart No Cost EMI Works

In a No Cost EMI offer using credit cards, the interest component of your purchase is applied as a discount

Since the bank will levy an interest rate on the loan you have obtained, the interest amount is given as a discount on the product you purchase, and Flipkart will give the interest back to you as a discount.

Let's try to understand this concept with an example: suppose you want to buy something on Flipkart for Rs.60000. The EMI interest rate is 12% per year, and you have chosen a 6-month EMI plan. The total interest on this loan under a regular EMI plan would be Rs.3600 for the 6-month term. And your monthly EMI will be Rs. 10,600.

This Rs.3600 interest burden is given as a discount on your purchase under the No Cost EMI plan. As a result, your bill would be Rs.60000 - Rs.3600 = Rs.56400. The total of your EMIs will be Rs.9400 + Rs.600 = Rs.10000.

This is how No Cost EMIs on credit cards work. The merchant bears the interest burden, not the bank.

Also Read: Bajaj Finserv EMI Card - Get Everything On EMIs

How To Avail A No-Cost EMI On Flipkart?

Users should be aware that the No Cost EMI offer is only available on certain products on Flipkart. But don't worry; there are millions of products on Flipkart that are eligible for No Cost EMI, and you're sure to find what you're looking for. The No Cost EMI option on Flipkart is very simple to use. Simply follow the steps below -

- Find a product you want to buy and see if it has the No Cost EMI option.

- Once confirmed, add the item to your cart and proceed to the checkout page.

- After selecting a shipping address, you will be directed to the payment page. Remember to select the credit or debit card, or the Bajaj Finserv EMI card, that offers the No Cost EMI option on the payment page.

- You will be given the option of paying in full or in installments. When you click on EMI, you will be shown the EMI tenure as well as the corresponding interest rates.

- Flipkart only offers No Cost EMI on terms of 3, 6, 9, and 12 months. So you must choose one of them.

- After selecting the appropriate EMI option, they must enter their card information, including the card number, card name, and CVV number.

- Following the completion of the transaction, Flipkart will display the interest amount as a discount on the final bill.

- You do not need to do anything on your bank's website to affect the EMI because you have already selected the EMI options on the Flipkart site.

Interesting Read: What is Buy Now Pay Later?

Products On Flipkart That Are Eligible For No Cost EMIs

The no-cost EMI scheme is available for cart values of Rs.3,000 and above. The following are the product categories that provide buyers with a no-cost EMI option:

1. Mobiles

2. Apparels

3. Televisions

4. Large electrical appliances

5. Footwear

6. Fashion accessories

7. Furniture

Partner Banks Offering No Cost EMI On Flipkart

13 different banks have partnered with Flipkart to provide no-cost EMIs to customers of this online shopping website. As a result, all the customer has to do is select their preferred bank from the list of credit cards accepted by this scheme and proceed to the payment page. The banks that offer the no-cost EMI service in collaboration with Flipkart are listed below:

1. Citibank

2. HDFC Bank

3. HSBC

4. IndusInd Bank

5. Kotak Bank

6. Standard Chartered Bank

7. State Bank of India

8. Yes Bank

You might be interested in - Credit Cards Vs Buy Now Pay Later - Which Is The Better Option?

FAQs of Flipkart No Cost EMI on Credit Cards

1. Can I avail the No Cost EMI on any product on the Flipkart site?

No, the No Cost EMI offer is applicable only on selected products and brands. It will be mentioned on the product page if a particular product is eligible for the No Cost EMI or not.

2. What is the minimum transaction amount to avail the No Cost EMI offer?

No Cost EMI can be availed on transactions above Rs.3000.

3. Will I have to make a down payment if I want to buy a laptop through Flipkart's no-cost EMI scheme?

You will not be required to make any down payment in order to take advantage of this scheme. However, you must check whether this scheme is available among the listed payment options when selecting the product.

4. What documentation will I need to provide in order to take advantage of this scheme?

This easily accessible documentation does not necessitate any kind of documentation. You will only need to enter your credit card information on the payment page.

5. Is the return policy under the no-cost EMI scheme the same as the one under the regular EMI scheme?

The refund policy has a different set of rules and regulations than a standard EMI policy. If you want to return a product purchased through a no-cost EMI scheme, you must contact the issuing bank for instructions on refunding and canceling the EMIs.

6. How long does it take to process this scheme's EMIs?

This scheme requires 3-5 working days to process an EMI.

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