No cost EMI is the misleading concept.
A friend of mine wanted to buy a laptop worth 60k. And there was offer on hdfc bank card if we do emi of 6 months the price will be 57k. Since I hdfc credit card and he asked me to make the payment. They mentioned it's a no cost EMI and I got the message of 57k deducted from my credit card. Later I discovered that the bank is actually charging interest @15% and on top of that government is charging 18% gst on each month interest amount. So in the end this purchase cost me 61.7 which is more than the actual price. We choose the emioption thinking we will get the discount but we ended up paying more. So be aware!!!
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Not a very bad deal. Just not as good as you expected. You have to cough up 10K every month, not 60K at the start. I think it's worth it.
But ask your friend to pay you 61.7K coz he needs to learn his lesson too.
Yes that's true but we were ready to the whole amount, it was not the big deal. Just because of the discount we opted for emi option which was a trap. It shows you first 57k deducted but then emi shows different amount including interest and gst on interest is deducted in the next month of each emi. Totally misleading.
Online shopping with credit card is a trap