Flipkart introduces No Cost EMI option for interest free loans

Flipkart claims that its 'No Cost EMI' option entails no additional processing fee, down payment and will be available without any interest amount. This makes it a unique scheme, unlike offline offerings, where customers need to make a down payment and pay a processing fee to avail interest-free schemes.
The company claims that there are no hidden costs. The finance scheme will be available with key brands and select products and sellers for now. The offering comes with loan tenures starting from three months to 12 months.
"Less than 1% 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.

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