what is the deal with no cost emi on HDFC debit cards.

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Last Comment 2023-09-26

2023-09-21

Hey ,
I am looking to buy a new iPhone .
On Amazon I am able to find no cost emi option on HDFC debit card and that too for 24 months.
I am just curious to know if there are any hidden charges as what I found is an additional 199 Rs processing fee + gst

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https://www.desidime.com/comments/permalink/9566535

dexter_greycells

2023-09-22

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Please do not take this personally but if you cannot afford to buy a phone by paying the full cost upfront, it is best you avoid it. The day when you can do that, go ahead and buy the most expensive phone on the planet.

That said, I have availed these no-cost EMIs on HDFC credit card before and there are definitely hidden charges. The instant discount that you get is actually paid back as interest every month. While that would be OK in itself, there is GST on the interest which is never factored/specified by these websites.

So, in short, going for this no-cost EMI option will always be more expensive than paying full upfront unless you manage to invest the money over the EMI period and earn better returns.

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https://www.desidime.com/comments/permalink/9566535

dexter_greycells

2023-09-22

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So, in short, going for this no-cost EMI option will always be more expensive than paying full upfront unless you manage to invest the money over the EMI period and earn better returns.

https://www.desidime.com/comments/permalink/9567844

woodfield753

2023-09-23

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stay away from no cost emi

buy it when you have 3 times the money

48 days credit card single swipe is the best and then pay it off in full

https://www.desidime.com/comments/permalink/9575149

Lobogris

2023-09-26

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Sometimes there is a discount only on no cost EMI and not on full swipe. It’s nothing to do with the ability to afford the product. No cost EMI is a perfectly good tool. You end up paying a tiny bit but you save a lot more on the upfront discount. I recently bought my S23 Ultra on HDFC debit EMI to save 8k and a couple of months back, bought a Sony TV for 5 lakhs on IDFC credit card EMI (3 months). I can afford to buy even 30 of each item in cash, let alone 3 but the savings were good. I got 20k off on the TV. So even if I pay 1 or 2k on some GST charge, it is well worth it.