What Is The No Cost EMI By Flipkart?

By Anuj Kumar -
All the things you need to know to take advantage of Flipkart's No Cost EMI and how to avail it when you next purchase an item via the Flipkart platform.

Are you a Flipkart user? You must be because you are here right now trying to find out about Flipkart’s No Cost EMI. And since you are here, let us make it worth your valuable time. We will tell you the very definition of the Flipkart No Cost EMI. And if ever, how will you avail it when you next purchase a product.

Flipkart’s No Cost EMI
(Photo credit: Flipkart)

How does Flipkart No Cost EMI work?

The No Cost EMI by Flipkart is a purchasing scheme that enables digital buyers that are using the Flipkart app or website to avail of expensive products. It is basically an installment plan that offers no extra charge. Initially, your Credit Card limit will be blocked for your full purchase amount. This will be converted into EMI by the bank in the next 4-7 working days.

Example: If you purchase a product of ₹ 12,000 at a 3 month EMI plan and the interest charged by your bank is ₹ 600 then ₹ 600 will be given as an instant discount during payment and you will end up paying only ₹ 11,400*

How does Flipkart No Cost EMI work?
(Photo credit: Flipkart)

The discount of ₹ 600 will be given as an instant discount upfront during payment. The total amount paid to the bank for the product will be equal to the price of the product as the interest charged by the bank has already been given as a discount during the payment. the EMI payable month includes the interest component.

How to avail the No Cost EMI from Flipkart?

Initially, the No Cost EMI scheme is only available on Flipkart’s mobile app but now it is also available on other platforms. That means now you will be able to see or avail the No Cost EMI when you are using a web browser on your smartphone, laptop, or desktop. So whether you availed the product through Flipkart Smartbuy, a sale event like Flipkart Big Billion Day, or with a Flipkart BuyBack Guarantee, as long as you chose to buy it with No Cost EMI, there will be no extra charge that will incur to your purchase. Now that we have that clarified, here is how to avail of this installment plan of Flipkart.

How to avail the No Cost EMI from Flipkart
(Photo credit: Flipkart)

  1. Open the Flipkart app or website on your supported mobile device or PC or Laptop.
  2. Go to the product that you want to purchase.
  3. As soon as the product page opens up, look for the Flipkart No Cost EMI availability. Yes, not all products you find in Flipkart have this option. So if you don’t find it next to the product page then it means you can’t use this scheme to purchase the item.
  4. But let’s say you do find it. If that is the case, the next thing you should do is click on the “Buy Now” tab.
  5. Now on the Payment Options, check on the EMI (Easy Installment) area.
  6. Under EMI (Easy Installment) option, click on the No Cost EMI tab.
  7. A drop-down page will appear in the browser and here you must choose which payment option works for you. It means the number of months you know, you can pay the product price.
  8. Once you decided which payment options best suit your budget, you must complete filling out the required information about your credit card.
  9. Tap on “Complete EMI” and you’re done.
  10. Now, You may find an email confirmation to your inbox. That email is to monitor the status of your order until it arrives at your doorstep.

Note: For those digital buyers who do not have a credit card, you can still avail of Flipkart No Cost EMI through the Bajaj Finserv EMI card. For more information about this option, kindly visit the Bajaj official website now.

Other Facts

The No-Cost EMI is truly not charging you an extra cost for all the transactions done with this scheme. If you find that an additional charge was made related to your purchase that is likely due to your bank’s policy. So in any case, your bank might charge you extra for the processing fee. But rest assured that Flipkart will never charge you extra for what is already stated on the product page.

What are your thoughts about Flipkart’s installment plan scheme? Do you think that this will make the purchasing experience a lot better inside their platform? Share us your experience down in the comment section so the rest of the Flipkart’s customers will be aware of it is really worth it.

Flipkart No Cost EMI - FAQ

1. How does EMI not work on Flipkart?
Pay a little every month, Flipkart No Cost EMI comes with a loan tenure ranging from 3 to 12 months, which ensures that it does not dent your savings. Depending on the period of payment and cost of the product, and the agreed amount is deducted every month until the term of the loan is completed.

2. Is there no cost EMI available on debit cards in Flipkart?
In recent months, Flipkart has introduced the next payment methods such as No Cost EMI and Credit Card EMI to customers.

3. Is No Cost EMI a good choice?
No cost EMI seems like you don't have to pay any interest on the loan, but in reality, you do. Your bank will withdraw the rebate in the form of interest. “RBI regulations do not allow interest-free loans. Your bill for purchase will be 36 29,362, but your total EMI outgo will be 30,000.

4. Why is no EMI bad?
Due to the temptation of zero-cost EMI, it is advisable not to opt for a loan to buy a product you do not need. Also, if you get a loan to buy a product, do not default on your EMI. Defaulting EMIs will damage your credit score, making it difficult for you to obtain a loan or credit card in the future.

5. Is there no charge on EMI?
So, if you have taken a three-month EMI plan, then the amount due by you will be Rs 5,750. Actually, 'no-cost EMI' is a misnomer because the cost of interest on the loan is created in EMI, except that the breakup may not be clearly visible to the buyer.

6. Is GST levied on EMI at no cost?
No cost EMI is technically present. Banks always charge interest on EMI transactions. Retailers, however, reduce the total amount of the product by the exact amount that the bank is charging you as interest. To provide you service/facility as EMI, GST will always be charged for EMI from your bank.

7. Can we buy electronic items in lockdown?
Until now, e-commerce has only been allowed to deliver essential items in the lockdown period, but following the center's new guidelines, customers will be able to order some non-essential items such as cell phones, electronic items in orange (less of COVID-19 Cases), and Green Zone (no case).

8. Does Flipkart deliver to villages?
In 2017 Flipkart is now distributing in my village with COD. They are using the Dotzot courier. But it takes a minimum of 13 days to deliver the product. They are expected to deliver faster in the coming days with greater rural reach.

9. Does Flipkart charge for cancellation?
Since the delivery of the product is not a mistake on the part of the seller, Flipkart considers it as a cancellation of the seller. However, the vendor cannot cancel such a product itself from the system. In such a case, cancellation charges are levied on the seller's account in addition to related taxes.

Conclusion

Flipkart No Cost EMI is a great service for those customers who did not want/ afford to purchase products in one payment. So they pay for their purchase in installment without paying any extra money.

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