Daraz introduces 0% EMI plan for its customers

Daraz Nepal has introduced a new feature in their e-commerce platforms to facilitate the customer's shopping experience. Basically, it is introducing a 0% EMI facility. This service is available with select partner banks only. There are some other nitty-gritty details about the Daraz Nepal 0% EMI plan that you must be aware of. So, let's dive into the details about this new facility from Daraz.

What is 0% EMI?

Before getting into Daraz's new feature, let's first talk about what 0% EMI means. This is also known as no-cost EMI (Equated Monthly Installments). And as the name suggests, you'll be paying EMI at zero % interest. Therefore, you'll be paying only the total price of the products over a period of predefined tenure. For instance, if you purchase a product worth Rs. 20,000 at 4-month no-cost EMI, you'll be paying Rs. 5,000 each month for 4 months. And at the end of 4 months, you'd have paid Rs. 20,000 with zero interest.

Daraz Nepal 0% EMI

Coming back to Daraz's 0% EMI plan, customers will be able to purchase a product with a preferred payment plan if they own a credit card of select partner banks. There are no mark-up or processing fees from Daraz's side. However, you'll have to pay the credit card issuance fee to the bank. This 0% EMI plan is applicable to all the products, given that they meet the minimum purchase amount. Moreover, this plan is not applicable to the total cart value. That means one has to have only a single product in their cart if they want to use the 0% EMI plan. And partial payments cannot be converted into EMI plans.

How to convert to EMI?

Basically, what you have to do is ensure that you only have a single product in your cart. And are going to pay with a partner bank credit card. The associated banks who support 0% EMI include:

• Sunrise Bank
• Machhapuchchhre Bank
• NIC Asia Bank
• Citizens Bank

Once that's done, you'll have to call your respective bank to convert to EMI. However, for NIC Asia, you can simply fill up the EMI request form. You'll also have to make sure to note down the tenure for the EMI. After the bank converts your request you'll be notified via an SMS. And it might take about 7 days for the plan to be activated. Depending upon the associated partner bank, the minimum purchase amount, maximum cap, and tenure differ. These details are presented in the table below:

Daraz Haat Bazaar

On a different note, Daraz Nepal is also starting a new shopping scheme called the Daraz Haat Bazaar. It will commence on 23rd February and includes lots of exciting programs. For instance, there is the "Daraz Saathi" program. It is basically a referral program in which existing Daraz users can invite others and win vouchers up to Rs. 500. Similarly, there are other vouchers available for first-time shoppers too. And like recent times, there is going to the Daraz 1 Rupee game as well. Here, customers can pick a product from the product of the day list on their Daraz app/website and add it to their cart. Then, you'll be able to checkout the product for just Re. 1 if you make the payment through a valid credit/debit card. And if you're lucky, you get the product for Re. 1. Else, even if you don't win, the money gets refunded.

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