No Cost EMI - A Scam ? #LLAShorts 78

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Explained in 1 Minute
No Cost EMI - A Scam ?
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Telegram: @JoinLLA
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#LLA #NoCostEMI #LLAShorts 78

[GeekAbhishek]

I am a tech youtuber and i buy a lot of tech products online aur kabhi aisa nhi hota. Jab no cost emi nahi hoti tab hota hoga.

[SuryaIsSurya]

There is nothing called free lunch in this world

[ymanojkumar]

This is misleading. I have never seen the price of a product increasing after selecting No cost emi option. Though, no cost emi is not absolutely no cost, because we pay a small amount as GST on interest and that's an additional amount. But that's very minimal, 100-200 on 15000 EMI

[paiya]

I work in a bank since 6 years and can say this is a misleading video. no cost EMI is the real thing. a 12000 rs item can be purchased for 3 months emi. ie 4000 per month.

[tsb]

Never listen blindly to anyone including LLA ✌🏽

[CprtFM]

One more thing, even if companies pay the interest upfront to the bank; Customer has to pay the tax applicable to the interest amount during EMI tenure

[praveensingh]

Never saw such thing.
Always found this no cost EMI feature beneficial.

[RockyMalhotra]

Apart from GST, customer pays for processing charges from the bank which range from 100 rupees to some cases close to 1000... This is extra.

[Kirnotsarg]

From my experience, no Cost EMI is often beneficial for customer.
Recently I bought a laptop priced at 46k after discount. With no-cost EMI option it came down to 44k, plus there was a 2% processing fee which raised the final price to 45k. Ultimately, I got 1k off due to no-cost EMI.
Sometimes there is no processing fee, which makes the deal even better.

[NishantKumar-nleu]

Interest charged by the bank is discounted upfront initially but 18% GST is charged on the interest which is borne by customer. Some banks charge convenience fee/processing charge which is also borne by the customer. In my case, for an earbuds costing Rs 7200, I ended up paying Rs 7550 under no cost emi extending for a period of six month.

[shivbhola]

Sir, i have never seen price increase when we click on No cost emi. where did you find this.

[IshanWayne]

Interest pe GST fir bhi consumer ko dena hi padta hai 😆

[sebastian_manuells]

One more thing, your financer would still charge you a convenience fee, most probably with the first EMI.

[WakeUp-RJ]

Credit card charge extra emi conversion fees 99 or 199 (one time).
And every time on interest amout we pay extra 18% GST.

[gsander]

If people read the Ecommerce pages where they list no cost emi, they have clearly mentioned that the mrp of the product is discounted to negate the interest of the EMIs. So EMI still have interest just that the discount made it technically zero interest burden

[arunabhx]

I ordered a laptop for like 48000 I guess a year back and it i paid 8000/- month for like 6 months price remained the same even if I have bought directly. That was actually No cost Emi

[thewanderer]

Earlier it used to be really no cost emi, the emi total used to the the amount of the phone. The RBI came up with a regulation stating you cant offer NCEMI and later banks came out with this technique, the retailer pays the interest, and discounts the item by the same amount, and consumer now pays the interest(the discounted amount) along with IGST and CGST, which were not prevalent earlier.

[subhamjha]

No cost emi is actually beneficial to us. As I have never seen price being increased after choosing no cost emi. I was getting it for 15, 000 before no cost emi after no cost emi I have to pay 15136 rupees. That's just 1% for 3-4 months. That's completely fine.

[RAM_JAN]

Now a days Flipkart increase its orice to 16000 and price doesn't change after opting No cost EMi

[kushagratiwari]

I bought my phone with No cost EMI, and the cost of the phone was the same. I also got 6000 cashback after i pay the EMIs on time. But a gst of around 500 will be deducted from 6000 cashback.