Amazon India is offering a no-cost EMI facility which enables customers to buy a product from the e-tailer at zero interest. The 'No-Cost EMI' offer lets a customer make payment to his or her EMI provider towards an online purchase in equally divided instalments over the repayment timeline, according to Amazon India website - amazon.in. Explaining the No-Cost EMI scheme, Amazon said: "If you buy a Rs.18,000 item at a 6 month tenure, you will pay your EMI provider Rs.3,000 every month for 6 months, amounting to a total of Rs.18,000 (this excludes GST and other taxes that may be charged by your bank)."
Amazon India, the Indian arm of US e-commerce major Amazon, is launching a limited-period festive sale, called "Great Indian Festival". Amazon rolled out the Great Indian Festival sale for members of its 'Prime' service on Wednesday noon. The Great Indian Festival sale will be launched for non-Prime customers from September 21 to 24. Amazon Prime is a paid service offered by Amazon to offer special privileges to its customers such as faster delivery options, among other benefits.
10 things to know about Amazon's No-Cost EMI offer
1. Amazon offers its No-Cost EMI scheme on credit cards from 11 banks - Axis Bank, ICICI Bank, HDFC Bank, Citi Bank, SBI, IndusInd, Yes Bank, Kotak, RBL, HSBC, Standard Chartered - and pre-approved loan cards, also known as EMI cards, an NBFC.
2. The No-Cost EMI does not include any processing fee or down payment for the purchase. "There are no processing fees or down payment for these transactions," Amazon said on its website.
3. Products: The No-Cost EMI option on Amazon is available on select categories of products including mobiles, large appliances and laptops. Customers can check the availability of No-Cost EMI option in the offers section on the product detail page, Amazon further said on its portal.
4. Amazon also said the No-Cost EMI offer is applicable on "select sellers only".
5. Amazon No-Cost EMI cannot be clubbed with balance in the e-commerce company's digital wallet service called Amazon Pay. "Please deselect your Amazon Pay balance to make a payment using the No-Cost EMI offer," Amazon added.
6. Works with exchange: The No-Cost EMI offer can be availed while exchanging an existing product to make a purchase at Amazon, according to the website. "In that case, your EMI amount will be calculated on the reduced amount (after deducting the exchange value)," Amazon said.
7. How No-Cost EMI works: "...your bank will charge you interest. However, this interest charge has been provided to you as an upfront discount at the time of your purchase, effectively giving you the benefit of a No-Cost EMI," Amazon India said.
8. The No-Cost EMI facility is "funded by participating sellers and brands (as the case may be) and is made available on select products, as determined from time to time by such sellers and/or brands," Amazon said.
9. "Your EMI provider will take 3-5 working days to process your 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. Please check with your provider for specific details," Amazon India added.
10. The No-Cost EMI facility using Bajaj Finance No-Cost EMI cards is available on select products sold by participating sellers on Amazon.in, it noted.