Nitin was planning to buy a big LCD television for his home. However, he was reluctant to spend so much money in one go. He did not have a credit card so he could not buy the TV for now and pay later. Having a credit card makes buying expensive appliances much easier, he thought. As he was browsing through new television models on a website, he came across the option of making payment online with EMI cards. This piqued his curiosity. What exactly is an EMI card and how is it different from credit cards?, he thought. What benefits does an EMI card offer?
According to the Reserve Bank of India, 944.5 million debit cards and 46.1 million credit cards were in operation during February 2019. However, there is a new payment mechanism that has become a hallmark of online shopping- equated monthly installments or EMIs. A report released by the Boston Consultancy group on ‘Digital consumer spending’ in February 2018 revealed that 9 percent of total non-metro online shoppers found easy EMIs a strong trigger for purchase.
Higher disposable incomes, growing awareness and easier access has given a fillip to the Indian appliances and consumer electronics (ACE) market which stood at Rs 2.05 trillion in 2017 and is expected to grow at a 9 per cent CAGR to reach Rs 3.15 trillion (US$ 48.37 billion) in 2022. Culturally averse to credit, Indian consumers shy away from high value purchases, keeping in mind the additional cost they would have to bear in terms of interest rates.
This is where ‘no cost EMIs’ come in, disbursing loans to these new-to-credit customers while offering low cost EMIs. With more and more Indians using cards to shop for the appliances of their choice, leaving money constraints behind, EMI cards are gaining favour with consumers, since they offer a lot of benefits over credit cards. Here are a few.
A credit card is used to borrow money against a set limit that comes with each card. The transactions that you make are reflected in your bill. An EMI card on the other hand, comes with a pre-sanctioned loan amount, that you can then use to fund your purchase. The Bajaj Finserv EMI Network Card available on Finserv MARKETS, comes with a pre-approved loan of upto Rs 1.5 lakhs. This gives you an instant credit limit which you can use to buy even the most expensive appliance of your choice across any of their 84,200 partner stores in more than 1300 cities across India.
Zero loan foreclosure charges
The amount that you spend on your purchase, can be repaid in easy installments or EMIs, ranging anywhere from three to 24 months. This is where an EMI card like the one available on Finserv MARKETS, scores over a conventional credit card. While calculating the repayment charges, your EMIs are interest free on your EMI cards. Whereas for the same amount, you would need to pay a higher interest on a credit card. Not only this, your credit card balance and payment history can affect your credit score in the future.
Even though credit cards promise a world of benefits, applying for one can be an arduous process. Most banks go through your financial history and assess your credit score before offering you a card. However, you can easily apply for Bajaj Finserv EMI card online by filling in your basic personal details. Pay a nominal joining fee and get started with your shopping.
The Bajaj Finserv EMI card is your ticket to a world of benefits that you can only dream of earlier. Avail amazing product offers and discounts, both online as well as offline with their partners pan India. Not only this, if you download the Bajaj wallet app, you can keep a close tab on all this information on the go. Interesting isn’t it?
Applying for the Bajaj Finserv EMI Network Card online on Finserv MARKETS is simple. Just log on the payments page on their website. Fill in your basic details along with your name, date of birth, PAN, address etc and wait for your profile to be assessed. Once verified, your credit limit will appear on the screen. Pay the card fee online to activate your card and get started on your shopping spree. Purchasing within your means has never been so convenient. Start shopping on EMI without credit card and enjoy the plethora of benefits with Bajaj EMI Card.
Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!