No-cost EMIs – Setting the record straight

Over the past few years no-cost EMIs have become extremely popular, especially with millennials and Gen Z, who often have limited funds each month and therefore cannot afford to purchase expensive products outright. But at the same time, no-cost EMIs have developed a bad reputation from banks and credit card providers who often add on extra fees and hidden charges – completely disregarding the “no-cost” part of it.

In this blog, we aim to set the record straight with regard to the no-cost EMIs offered by slice and show you how they differ from other credit cards. But first things first – what exactly is a no-cost EMI? 

What is no-cost EMI?

A no-cost EMI is an offer by which you pay your EMI provider only the product price, divided into equal installments over your repayment timeline. For example, if you buy a smartphone for Rs. 10,000 on a 4-month tenure, then you have to pay Rs. 2,500 every month for 4 months. This makes sense for many youngsters, who can better manage their finances with small payments every month.

But many EMI providers trick consumers in the following ways:

  • They forego the discount they would have offered to you had you paid the amount upfront and instead pay this amount to the bank or financial institution to cover the interest cost.
  • Another way is by adding the interest cost into the price of the product.

Both scenarios defeat the purpose of no-cost EMIs and have led to confused consumers questioning whether no-cost EMIs are just a gimmick and whether the concept is too good to be true. 

How slice’s no-cost EMIs are different from other credit cards

But slice is different. We believe in being totally transparent about every product we offer. And our no-cost EMI scheme is no different. Here’s how it works – 

To avail our no-cost EMI, all you have to do is purchase an Electronic Gift Voucher (EGV) on the slice app by following these steps:

  1. Tap on No Cost EMI on the slice app 
  2. Tap on the <brand name> logo
  3. Enter the gift card amount and proceed
  4. Under Monthly Payment Plan select ‘No Cost EMI’
  5. Complete your order to receive your Electronic Gift Voucher!

Now, if you want to buy the new OnePlus Nord on Amazon using our no-cost EMIs, just follow these simple steps:

  1. Open the Amazon app, tap on the sidebar menu button and select Amazon Pay
  2. On the next screen select ‘Add Gift Card’ option
  3. Enter your Electronic Gift Voucher code 

It’s that simple! The same process can be used whether you are shopping on Flipkart, Myntra or the many other brands our no-cost EMIs are available on. EMIs availed using slice are 100% authentic with zero extra fees and absolutely no hidden costs. 

When we say ‘no cost’, we mean it.  

Which merchants/brands are available to shop via no cost EMI?

Are you planning a shopping spree this Christmas… a new pair of Nike running shoes, those cool Levis jeans, the latest smartphone, or a new laptop for work? Well the chances are good that you’ll be able to pay for all of them using slice’s no-cost EMIs! That’s because our no-cost EMIs are available on Amazon, Flipkart, Myntra and tons of other brands. 

Ten brands on which you can use slice no-cost EMI vouchers

Unsure where to shop using our no-cost EMIs? Well this list might provide some inspiration…

  1. Amazon (online shopping)
  2. Flipkart (online shopping)
  3. Myntra (online shopping)
  4. Big Basket (groceries)
  5. Nike (accessories)
  6. Planet Fashion (apparel)
  7. Central (apparel)
  8. Starbucks (F&B)
  9. Urban Company (Beauty and Spa)
  10. Uber (travel)

You can check out our complete no-cost EMI brand list here → <link>

How to save money while shopping

Are you one of those people who loves to save money while shopping? Are you always looking for the best deals, especially during the festive season? Then slice is a great option for you! The new slice visa card comes loaded with great offers on top brands and you get a scratch card with assured rewards on every order! And of course, our truly no-cost EMIs are a great way to spread your costs and manage your finances.

So this Christmas season, enjoy the gift of slice’s no-cost EMIs and shop to your heart’s content!

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