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