Have you ever tried availing a personal loan for purchasing an expensive gadget/appliance and give it up only because of extensive documentation, procedures or the high rate of interest charged on the loan?
Is your credit limit stopping you from making big-ticket purchases? Or is the interest charged on credit cards stopping you from making these purchases?
We live in a world of consumption. Right from groceries to mobile phones to vehicles and homes, we have to have the best and latest one in the market. Often, these work out to be high-ticket buys; somewhat beyond our capacity to buy it only on our savings/income.
So, there comes in the need for credit. But again, some forms of credit come with a lot of strings attached like minimum income requirement, extensive documentation or procedures, etc., discouraging individuals to opt for credit when a requirement comes up.
We have always been on the lookout to bring in simpler and easier options of availing credit for our readers. Bajaj Finserv EMI Card is one of them.
Bajaj Finserv EMI Card - How Is It Different?
Bajaj Finserv EMI Network Card is a payment system that comes with a pre-approved loan amount between Rs 30,000 to Rs 3,00,000. The loan amount is based on your credit assessment.
Purchases of up to Rs 3 lakh can be made on the card and the best thing is that you can pay for your purchases in a number of EMI's as chosen by you, which could be anything from 3, 6, 9, 12, 18 or 24 months.
How Does The Card Work?
Once you are in possession of the card, you can make purchases of anything from groceries to furniture, television, etc. on your EMI card and choose to pay your purchase amount in EMIs. There are no hidden charges on the card, except a small processing fee which is disclosed upfront.
The processing fees differ between various categories of purchase. For Ex: Processing Fees applicable on purchases of appliances like Refrigerator, Microwave, and Air Conditioner is Rs 549 plus taxes; whereas flight tickets and holiday packages are charged Rs 479. For men's and women's fashion, purchase of up to Rs 9999 is charged Rs 49+GST as processing fee.
Barring a few product categories like gym memberships, travel bookings, etc., which require a down payment, most of the products can be bought using an EMI Network card without making any down payment. At the most, some products may require a very nominal amount to be paid as down payment.
The customer will have to pay for the amount that has been used to finance a particular product through EMIs. The manufacturers of the products bear an annualized rate of interest which is based on risk and risk premium, their cost of funds, margins set on various products, etc. There are no hidden charges whatsoever. A small transaction fee may also be charged at the outlet where the purchase is being made depending upon the ongoing offers.
The customer can choose to foreclose the loan at any time after 6 months without paying any foreclosure charges.
Can You Buy Anywhere Using The EMI Network Card?
An individual can buy almost anywhere using the EMI Network Card. The card comes with a partnership network of over 60000 stores across the country spanning over 1300 cities/town spread all across the country.
Online Shopping On Their Partner E-Commerce Sites
A number of online stores such as PepperFry, Flipkart, PayTM Mall, Amazon, MakeMyTrip, Yatra, etc. are among their partner stores where you can make a purchase of anything which can be turned into easy EMIs. The offers available on these partner sites are:
PepperFry: From home decor, furniture, to electrical fixtures – you can purchase any of its 1,20,000 products and pay for it on No Cost EMI with the Bajaj Finserv EMI Network. You can use your Bajaj Finserv EMI Network Card and divide the cost of your purchase into EMIs and pay nothing extra.
Shopping on Pepperfry with your EMI Network Card also has other benefits such as zero down payment, flexible repayment tenure of up to 5 months, and more. All these benefits are available at the minimum purchase of Rs. 7,500.
Flipkart: Bajaj Finserv has partnered with Flipkart to offer you more than 4 lakh products across 20+ categories on No Cost EMIs. With the Bajaj EMI network card, you can simply divide your purchase amount into convenient monthly installments without you having to pay anything extra. The minimum spend is set at Rs. 4,500 with your Bajaj Finserv EMI Network Card.
Moreover, when you shop on Flipkart with your EMI Network Card, you are also eligible for benefits like zero down payment, convenient repayment tenure of up to 12 months and much more. In addition, you can also benefit from Flipkart’s unique features like Flipkart Plus Membership programs and mobile flash sales.
Amazon: Bajaj Finserv has partnered with Amazon to offer products across 15 categories on No Cost EMIs. When you pay with the EMI network card at checkout, you have the option of choosing the most convenient EMI option. All you need to do is use your Bajaj Finserv EMI Network Card to make a purchase of Rs. 4,500 or more.
You also get additional benefits like zero down payment, convenient repayment tenure of up to 12 months and much more.
MakeMyTrip: Bajaj Finserv has partnered with MakeMyTrip to offer air tickets and hotel bookings on No Cost EMIs on a minimum purchase of Rs. 4,500. However, the No Cost EMI is available on only 2 and 3 months and for EMIs for 6, 9, and 12 months, a nominal interest is charged.
PayTM Mall: You can buy electronics on No Cost EMIs and easy EMIs thanks to Bajaj Finserv's partnership with PayTM. This facility enables you to convert the cost of your product into easy monthly installments without you having to pay anything extra. Just shop for a minimum of Rs. 4,500 with your Bajaj Finserv EMI Network Card on PayTm Mall.
Yatra: You can also book air tickets and make hotel bookings on Yatra.com on No Cost EMIs on a minimum purchase of Rs. 4,500. When you book your air tickets or hotel stays on Yatra using the EMI Network Card, you can convert your purchase into EMIs hassle free. You also get benefits like zero down payment, convenient repayment tenure of up to 12 months, and much more.
However, please note that No Cost EMI is available on only 2 and 3 months and for 6, 9, and 12 months, a nominal interest is charged.
Shopping Through The Bajaj Finserv Online Store
Other than the external websites like Amazon etc, where you could use your EMI Network Card, there is an Online Store on their website, which could be used to purchase a wide range of gadgets, electronics, and electricals, etc.
You also have the convenience of getting the product delivered to your home the same day at no extra cost. You could make down payment upon delivery too through cash/network card. And often, you may find products at discounted rates than rates at normal stores.
Do I Need A Physical Card For Making Purchases?
There are two ways in which one can make purchases on the EMI Network Card.
Shop with an EMI Card
Shopping with an EMI Card is very simple
You can walk into any of the partner stores
Make your purchase
Swipe your card and pay through the card
Without a physical EMI Card
You can make the purchase even without a physical EMI Card
You can purchase anything from the network stores
You can apply for approval by filling a form online on the website/app
You get an SMS for your loan approval
Use the approval SMS instead of the card for payment
Walk out with your purchase
Eligibility Criteria And Procedure For Availing A Bajaj Finserv EMI Card
Any individual aged between 21-60 with a regular income is eligible for applying for the Bajaj Finserv EMI Card. The documents required for applying are:
Government Issued Id Card
One canceled cheque
One passport size photograph
NACH mandate duly signed
These documents are required only at the time of getting the EMI Network Card. This allows you to do away with repeated documentation required each and every time you need credit for purchasing.
Ways Of Applying For An EMI Network Card
You can easily apply for an EMI Network Card through either of the methods given below:
You can apply through the customer portal on the website of Bajaj Finserv. You would need to make a payment of Rs 399 towards the card, which is then sent to you in a period of about 2 weeks
You can also apply at any of the partner stores when you make a purchase of any durables, lifestyle products, etc.
Repayment Of EMIs
Repayment of EMIs can be done in a number of methods. It could either be done online through their website, through their app, wallet powered by Mobikwik or through the exclusive customer portal.