Flipkart is offering to customers this payment option without charging interest as it seeks to boost the sales of premium smartphones, televisions, home appliances and other electronics.
The Reserve Bank of India banned banks from offering interest-free EMIs to credit cardholders, affecting the sales of higher-priced products at online retailers. Flipkart is now offering customers the option of paying through debit cards, credit cards and other digital payment methods.
Once a customer buys a product on Flipkart, Bajaj Finserv will take up the task of collecting the payments. Flipkart, Bajaj and the electronics brands will share the cost of offering the EMIs.
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