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What are Pre Approved Loans and How are They More Convenient?

By Finserv MARKETS - Aug 28,2019
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What are Pre Approved Loans?

Satish belonged to a middle class family. Every time a new LCD TV launched in the market, he would bury his desire to own and flaunt one, since he could not afford to spend a huge amount in one go. A few days later, at a pooja at his neighbours house, he was surprised to see the latest model from a reputed brand adorn their tiny one bedroom home. When he prodded him, his neighbor revealed that he had got the TV through a pre approved loan for which one doesn’t need to break the bank, nor be wealthy. Pre approved loan? Satish had never taken a loan, but he had heard of it. What exactly is a pre approved loan?, he thought to himself.

The population of online shoppers in India is booming. It stood at 100 million in September 2018, out of which 20 million used credit cards, while 10 million used either the financing option from non-banking financial corporations or debit card EMIs. We have all heard of credit and debit cards. While a credit card is issued by a bank after assessing your financial history, debit cards are given to most savings account holders. However, in both, payment needs to be made upfront, although some retail stores also offer payment through EMIs.

How about owning the latest gadget you have been eyeing online on instant credit, with the added attraction of the facility to pay in easy installments at no extra cost? This is possible with EMI cards. For instance, the Bajaj Finserv EMI Network Card comes with a pre approved loan of upto Rs 1.5 lakh to help make all your dreams come true. You can use it at more than 84, 200 retail partners across 1300 cities. Now that’s called being spoilt for choice.

Zero cost finance:

One of the most attractive features of EMI cards is that they offer zero cost finance. Choose your favourite appliance from a store online and you can convert the amount that you need to pay, into equal EMIs from three months to 2 years. This helps break your big purchase into smaller, more manageable amounts. There is no processing fee or interest. It only makes these cards simpler to understand for the consumer as well as convenient to use. Any guesses why EMI cards are still popular?

Instant pre approved loan:

You know how tedious the process of getting a loan is, right? You have to produce documents at the time of buying a product, wait for approval and yet there cannot be a guarantee at times. However, an EMI card comes with an instant pre-approved loan limit. So, when you make a purchase with the card, you have primarily taken a loan of that specific amount from the lender. You can repay the same in EMIs as explained above.

Discounts and offers:

Your EMI card not only makes shopping a breeze but also comes with discounts galore. The card company, Bajaj Finserv has tie-ups with bigger manufacturers, which means the benefit trickles down to the consumer, and it is you who can lap up the latest gadgets as soon as they hit the market.

Minimal documentation:

If you thought applying for an EMI card to be a tedious process, you are in for a pleasant surprise. Bajaj Finserv EMI Network Card Apply online process takes a few minutes. All you need to do is log on to their payments page, fill in your basic personal details and upload a few necessary documents. Once your profile is validated, your credit limit will be set. Pay a nominal joining fee and get started as your card is activated.

EMI Cards can be used to purchase anything from buying mobiles on EMI, laptops, refrigerators, ACs, TVs, to flight tickets and holiday packages, from the comfort of your home. With the Bajaj Finserv EMI Card you can also keep a tab on your transactions on the go, with details on the history of purchases made, amount available and utilized, by downloading their mobile app. Shopping has never been so easy on the pocket, as well as so exciting. So what are you waiting for? Be a smart shopper with an EMI 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.”

Read More on the features & Benefits of the Bajaj Finserv EMI Network Card:

4 Benefits of Bajaj Finserv EMI Network Card over Credit Card

5 Reasons to Get an EMI card now!

Benefits of EMI Card

Reasons to Shop Using the EMI Card

Pre Approved Loan Limit with the Bajaj Finserv EMI Network Card


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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522