Several shopping sites, retail outlets and banks are coming up with zero-cost EMIs on credit card spending, in view of the forthcoming festival season. The zero-cost EMI scheme is actually making a comeback after three years and it is in alignment with RBI regulations. The EMI option has been structured in such a manner that the amount due as interest to banks will be offered as a discount to consumers. The retailers, ecommerce sellers or the brands will shoulder the interest burden. Consumers will not have to pay processing fees, convenience fees or any other charges. Flipkart and the Future Group have rolled out the current zero-cost EMI scheme in association with State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, Citibank and HSBC.
