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Bajaj Finserv EMI Network Card: All You Need to Know!

By Finserv MARKETS - Nov 7,2019
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Bajaj Finserv EMI Network Card: All you need to know

EMI card is a pre-approved loan that you can avail against the purchase of any consumer durable and lifestyle product of your choosing. A Credit card is a financial instrument that helps you buy a burger, your favourite products or a leisure trip to Europe, by borrowing money from the bank.

Your loan on the EMI card is a single loan that you can avail up to the given limit, while it’s as good as taking a new loan every time you swipe your Credit card.

No interest is charged on the EMI Card during debt settlement. Only a one-time processing fee or handling fee is levied and no hidden costs apply. On the other hand, Interest charged on Credit card purchase is generally higher. Interest is levied when you don’t pay off your debt in full and you can’t escape the annual fees and late payment charges.

EMI cards are readily available without sole consideration of the customer’s Credit History whereas Banks have complex criteria and norms for granting a Credit Card. There are a set of Do’s and Don’ts that come along with the Credit Card payment option.

The approval of loans against the EMI Card is quick and physical documentation is almost negligible due to the latest eKYC option. Contrarily, approval of Loan process against a Credit Card is slow due to lengthy documentation and verifications.

The Merchant is not charged any fee for the use of an EMI Card but transaction fees are charged to the merchant every time you use your credit card.

With the EMI card, you are assigned an upper limit that prohibits you to shop beyond your repaying capacity. Unfortunately, with a Credit Card, you tend to unknowingly spend above your purchasing capacity.

Considering all the above comparisons, the EMI Card is definitely a better option for buying as compared to a Credit Card.

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we works towards fulfilling all your personal and financial needs . What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522