An EMI or the equated monthly installment scheme is a type of loan that allows you to make fixed monthly payments over a specific period of time. A no-cost EMI offering is slightly different as it allows you to pay for an expensive product or service with almost no interest factored in.
EMIs are a great alternative to the traditional way of paying for a product or service in one lump sum. When you opt for a regular EMI plan, you sign up to pay only the product price over a fixed period with a high rate of interest charged as part of each installment.
On the other hand, a no-cost EMI plan, as the name implies, comes with the attraction of zero interest cost. The customer does not have to pay any interest on the amount that he or she borrows from the lender. They can be a great way to support big purchases.