E-commerce major Flipkart on Tuesday introduced its No Cost EMI option. The online marketplace says this will make online shopping more affordable for high-end purchases due to no additional cost on EMIs, or equated monthly instalments. The No Cost EMI entails zero processing fee, zero down payment, and zero interest for customers.
With the introduction of No Cost EMI option, Flipkart aims to enable more people to get access to products they aspire for. The company has partnered with Bajaj Finserv and key brands to create this offering which is available for select products and sellers for now. The offering comes with loan tenures starting 3 months up to 12 months.
“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.