How does it work?
What You Pay = (Final Price of the Product) / (Tenure Chosen (No of Months))
A product costs Rs. 15,000 net of all discounts and the bank interest on a 3 month EMI for the same comes to Rs. 300.
An instant discount of Rs. 300 will be given at the time of payment, so net value sent to your bank is Rs. 14,700.
Final cost of the Product= Rs. 15000(net of discounts)
Amount authorized at the time of order placement
Net Order Value – EMI Interest (300 for a 3 month tenure)
i.e 15000 – 300 = 14700
Within 7 working days, bank will convert the reverse the payment and
convert into EMI and charge interest on Rs. 14700
You will pay a monthly instalment of Rs. 5000
How to Avail?
Check for No Cost EMI on product details page
Select product you wish to purchase
Checkout and proceed to Shopping cart
Select EMI as mode of payment
Select tenure of EMI
Complete the purchase and Proceed to Pay
Frequently Asked Questions
1. What is No Cost EMI?
No Cost EMI is a finance offer on www.reliancedigital.in by which you pay your EMI provider (bank) only the product price, equally divided over the tenure of the EMI chosen.
For example, if you buy an item worth Rs.24,000 selecting a 6 month tenure, you will pay your EMI provider Rs.4,000 every month for 6 months, amounting to a total of Rs.24,000*.
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. It depends on which banks are running the offer on the website. ICICI, HDFC and SBI are currently active with No Cost EMI offers across 3, 6 and 9 month tenure.
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 a large assortment of consumer durables - AC´s, Televisions, Refrigerators, Washing Machines as well as select Mobile Phones, Laptops and much more. The availability of NO COST EMI is visible on the product detail page.
5. Will my bank continue to charge me interest?
Yes, your bank will charge you interest. However, this interest charged has been given as an upfront discount at the time of your purchase, effectively making it a No Cost EMI*.
6. How will my EMI be charged?
Your EMI provider will take 3-5 working days to process your transaction and convert it into 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(bank selected at the time of order placement). Please check with the selected bank for specific details.
*Note: this excludes GST that will be charged by your bank on your interest component of the EMI.Some banks may charge additional fees for EMI conversion, please check with issuing bank for any additional charges or GST on the charges. This is not covered under the No Cost EMI scheme