Flipkart, one of the popular e-commerce stores in India has introduced a payment option that can change the way you shop and choose to purchase stuff online. In partnership with Bajaj Finserv, Flipkart has started the “No cost EMI” option where you don’t have to pay any extra fee when you choose to pay the cost of the product in installments.
The advantage for the users doesn’t end there, because other than the removal of any interest rate, the “No Cost EMI” option also doesn’t need the user to do any down-payment. There is no processing fee as well, so you can just order the phone and start paying in EMIs, with the cost calculated directly based on the original cost of the product.
For now, the option is available for only the Flipkart Mobile app users, and it will soon be available on the Desktop website as well. The offer will not be available in the entire store but only on select products and those being sold by WS Retail. Another necessity for someone to take advantage of this option is to have the Bajaj Finserv EMI card, which though is available easily.
“Less than 1 percent of Indians have access to credit cards, and the traditional banking industry has been slow in addressing the need for small personal loans. This is the first step towards making shopping truly affordable for masses online, and brands have shown great enthusiasm to collaborate with us. This has the potential to disrupt online shopping just like we did with Cash on Delivery a few years ago,” said Mayank Jain, Senior Director and Head of Digital & Consumer Financial Services, Flipkart, in a statement.
The page on Flipkart shows that for now, the offer is applicable on Apple iPhone, LG G5, VU Ultra HD TVs, Panasonic TVs, and InFocus TVs.
This is, indeed, a good step by Flipkart to help users in the easy purchase without thinking of high down payment and the big costs of EMIs and processing fees that usually gets attached to any bank Credit cards.