1. What is SBI No Cost EMI?

SBI No Cost EMI is a payment option where you can convert your purchases into monthly installments without any additional interest charges. The total cost remains the same as the product's MRP.

2. How Does the Calculator Work?

The calculator uses the simple EMI formula:

Where:

• \( P \) — Principal amount (product price in Rs)
• \( N \) — Loan tenure in months

Explanation: Since it's a no-cost EMI, the total amount paid equals the product price, divided equally across the tenure.

3. Importance of EMI Calculation

Details: Calculating EMI helps in budgeting and understanding your monthly payment obligations without any hidden costs.

4. Using the Calculator

Tips: Enter the product price in Rs and select your preferred tenure (3-24 months typically). The calculator will show your fixed monthly payment.

5. Frequently Asked Questions (FAQ)

Q1: Is there really no cost in no-cost EMI?
A: The merchant pays the interest to the bank, so you pay exactly the product price divided over months.

Q2: What is the minimum purchase amount?
A: Typically Rs. 2,500-3,000, but varies by merchant and offer terms.

Q3: Are all products eligible?
A: Only selected products at partner merchants are eligible for no-cost EMI.

Q4: Does it affect credit score?
A: Yes, it's considered a loan and appears on your credit report.

Q5: Can I prepay the EMI?
A: Yes, but check with SBI for any prepayment charges.