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Zero per cent schemes by NBFCs
Many NBFCs in the country offer consumer durable loans to consumers which is given at zero per cent interest cost.
How does this scheme work?
The NBFC has a tie up with big retailers to fund consumer durable purchases.
Accordingly, the retailer offers the loan scheme to the consumer when he decides to purchase the product. The loan is not charged interest. However, since the loan comes at zero cost, the retailer does not offer a discount on the product, which is usually offered for full cash payment (see example above).
There is also a possibility of higher processing fee. For example, if you wish to purchase a mobile phone worth ₹ 25,000 and take a zero per cent scheme, you forego the discount offered by the retailer ( let's say 10 per cent, that is, ₹ 2,500). The NBFC charges a processing fee of 2 per cent, ₹ 500 in this case. So you end up paying an extra ₹ 500 and losing an extra ₹ 2,500, meaning you pay ₹ 3,000 more for what you got. So in this case, a zero per cent scheme is not really zero per cent.
The RBI, recognising this, directed banks to discontinue this scheme in 2013. NBFCs are still allowed to give this offer. Some NBFCs that offer this scheme are Bajaj Finserv and Tata Capital. One should find out all the details such as availability of discount, processing fees and other terms to understand if the scheme is really zero per cent or not.
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