Amazon has started a new offer that allows the customers to buy products without paying any interest on their EMIs. Called the ‘EMI fest’, the store event runs between 14 April to 20 April and is available for a limited number of products. The No cost EMI offer is applicable with a minimum purchase of Rs 7,000 where Amazon provides the interest as a cashback of 10 percent (up to Rs 1,500) to its customers.
The monthly installments of products are calculated by dividing the total price with EMI tenure in months and customers pay extra tax on the installments. But Amazon, is offering the interest charged by the bank as discount to the customer, which makes it interest free.
Customers will not have to pay any down payment or processing fee but the taxes applicable will be charged by the bank.
According to Amazon, the bank may levy GST or other taxes on the interest of the EMI.
Simply put, customers will be charged with the interest by the bank but Amazon is providing that money as a cashback to the customer.
The maximum cashback to be availed by the customer is 10 percent, up to Rs 1500. The offer is valid on various products including mobiles, TVs, home appliances, laptops, cameras and more. Interested customers can check weather a product comes under the offer by checking the description of the product or clicking on the list of products mentions on the No cost EMI page of the website. All EMI options are clearly laid out on the payment page.
Initially, the bank statement will be blocked with the full price of the product. Amazon claims that after 4-7 business days the bank will split the total amount into EMIs.
The No Cost EMI offer is valid through the credit card of all the major banks including Axis, ICICI, HDFC, Citi Bank, SBI, IndusInd, Yes Bank, Kotak, RBL, HSBC and Standard Chartered. Customers can avail the offer along with the Exchange offer but Amazon Pay balance cannot be used with this offer.