06 June,2016 04:39 PM IST | | mid-day online correspondent
Recently, an official release from the most popular shopping website in India, Flipkart, informed that it would be launching its brand new No Cost EMI scheme that would help all the shoppers purchase their most favorite expensive items on the website with the use of monthly instalments at no extra costs or charges
Recently, an official release from the most popular shopping website in India, Flipkart, informed that it would be launching its brand new No Cost EMI scheme that would help all the shoppers purchase their most favorite expensive items on the website with the use of monthly instalments at no extra costs or charges.
Flipkart is of the belief that such an innovative finance scheme will allow shoppers to come to the website more often and buy from them often as well, especially with special discounts offered by promotional discount codes and coupons from websites like CouponzGuru and various others.
This new finance scheme allows shoppers to buy expensive and high priced products and pay the amount in equal instalments of 3, 6, 9 and 12 months based on their capability. Flipkart assures that no extra processing fees will be charged for any item whatsoever. This offer is applicable to new as well as old customers. Other than this, there are a few other things that the website would be providing in this new finance scheme. Let's find out what more Flipkart has to offer to its loyal buyers.
This entirely new finance scheme is a result of Flipkart's affiliation with Bajaj Finserv, one of India's prime finance companies. This means that shoppers will get the EMI scheme from Bajaj, not from Flipkart, which is a good thing, because Bajaj is a finance company, and flipkart is a simple shopping website. That being said, there are a few questions that are coming up in people's mind about this scheme. Let us look at 4 of these questions and see if we can answer them.
Purchase without credit card?
Any person without a credit card can make an EMI purchase on Flipkart under this new scheme. The shopper simply needs to have a proper Bajab Finserv EMI card and needs to select the right option during final checkout. Your EMI card is your personal loan application, so do not confuse it with a credit or debit card.
Zero additional costs?
Flipkart or Bajan Finserv will charge no extra costs like EMI charges, down payments, instalment charges, etc. on any product whatsoever. The buyer only needs to pay the monthly installment, which includes part of the principal amount plus interest incurred. The interest on EMI cannot be forfeit, because it is levied as per RBI guidelines.
Free Bajaj Finserv card?
Sadly, the Bajaj Finserv card is not available free of cost. A shopper needs to register with Bajaj for a onetime fee of Rs. 349, along with an annual membership renewal charge of Rs. 99. The buyer will have to contact the Bajaj executives and express their wish of getting an EMI card, and the rest will be done for them. Once you get the card, shopping will become extremely easy.
Available for all products?
Flipkart's No Cost EMI scheme can be availed for all purchases above 2000 rupees, done only on the Flipkart smartphone application. The offer will not be available for users using the desktop website of the company
