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No Cost EMI Overview

No Cost EMI lets customers split payments into monthly installments without interest, with merchants covering the interest cost.

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Benefits

  • Increased Sales: Appeals to price-sensitive customers.
  • Higher Conversion: Reduces upfront cost barriers.
  • Competitive Advantage: Differentiates your business with flexible payment options.

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Setting Up No Cost EMI

  1. Access Dashboard: Log in to Cashfree Payments, go to Offers, and select Create No Cost EMI.
  2. Enter Details: Add a Title, Offer Code, and Description.
  3. Set Timeline: Define the start and end dates.
  4. Choose EMI Options: Select Credit or Debit Card EMI, participating banks, and duration (e.g., 3, 6, 9 months).
  5. Set Transaction Limits: Limit the number of times the offer can be availed.
  6. Activate: Ensure the offer is active for customers.

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Customer View of No Cost EMI

At checkout, customers select No Cost EMI, pick their bank and duration, then proceed with payment. The total is divided into monthly installments without interest.

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Important Notes

  • Merchant Responsibility: Merchants cover the interest cost as an upfront discount.
  • GST on Interest: Some banks may still charge GST on the interest component.
  • Bank Partnerships: Ensure agreements with banks are in place before enabling No Cost EMI.