This is the festival time. Everybody wants
to buy new products as there is also a bonus time in India, so people rush to
market for purchasing. Companies more keen to attract the customers with new
and special offers. One of them is 0% interest EMI or Free interest EMI. In this scheme the loan is given on the
product with no rate of interest or 0 rate of interest.
People always trap on the scheme and purchase
the goods on interest free EMI. They always think they haven’t paid any
interest and this is a very good scheme. But the truth behind the 0% interest
scheme is just opposite. The reason of this is as follows.
There is always
a cash discount on the product which is not available for buyer who avail 0%
interest free option. The cash discount may be 3%-10% depends on bargaining
power and product.
There is a fixed
nonrefundable processing fees of loan on 0% interest scheme which may be
500-2000 depends on product to product.
In the scheme,
one needs to pay 3-4 EMI initially when buying the product.
If we calculate
we often pay more in interest free EMI than just taking a loan from any bank
against fixed deposit or shares which will cost less than 0% interest. There is
an excel based 0% EMI calculator which can prove this. The features of this
calculator are as follows.
This is an
excel based calculator.
All three
option Cash payment, 0% interest and loan taken are given.
In all the
conditions it will tell how much one pay.
Colorful presentation
and available for download.
Feeds readers
can download free for 2 days after that registration required.
Download calculator from here.
Tags-what is zero interest loan.zero interest loan,all about zero % interest loan
