Equated Monthly Installments (EMIs) enable consumers to purchase goods or services and pay for them in smaller, fixed amounts over a specified duration. When this payment method is linked to a debit card and utilized on a major e-commerce platform, it provides a convenient alternative to credit-based financing. For instance, an individual might acquire an electronic device through this method, dividing the total cost into manageable monthly payments debited directly from their bank account.
This financial instrument democratizes access to a wider array of products for individuals who may not possess a credit card or prefer to avoid accruing credit card debt. Its emergence reflects a growing trend toward flexible payment solutions tailored to diverse consumer needs. The accessibility of this payment option fosters increased sales for the platform and empowers consumers with greater purchasing power, contributing to broader economic activity.
