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Today, there are numerous cost-effective payment options available to help you manage your purchases. While you are often spoilt for choice, it can be quite overwhelming to choose the best. This is where the Bajaj Finserv EMI Network Card vs a credit card debate comes into the picture. Between these two, you may wonder which is the best option. One way to decide is by learning the key essential features of these cards and how they can work for you. 

 

Read on to understand the difference between the Bajaj Finserv EMI Network Card and a credit card.

What are EMI Cards?

The Bajaj Finserv EMI Network Card is a popular, hassle-free, and convenient payment instrument that you can use to make high-value purchases. It comes with a pre-approved loan of up to ₹3 Lakhs and helps you purchase items on affordable No Cost EMIs. 

 

You can choose a convenient repayment tenure of 1, 3, 6, 9, 12, 18, 24, or 60 months. Additionally, you do not need to pay any foreclosure charges when repaying your loan before the due date. 

 

You can use the Bajaj Finserv EMI Network Card at online Bajaj Finserv partner stores. You can also use it in 1.5 lakh+ offline stores spread across more than 4,000 Indian cities.

Difference Between the Bajaj Finserv EMI Network Card and a Credit Card

While the benefits of the Bajaj Finserv EMI Network Card and a credit card can seem similar, they do have their differences. To help you compare the Bajaj Finserv EMI Network Card vs credit card, here is an overview of some of the unique features:

Criteria

Bajaj Finserv EMI Network Card

Credit Card

Eligibility terms 

  • Nationality: Indian 

  • Age: 21 to 65 years

  • Income: Regular income

  • Credit score: 720 or above

  • Other requirements: Active savings account 

  • Nationality: Indian

  • Age: Minimum 18 years 

  • Income: Regular income

  • Credit score: Good score

  • Other requirements: Savings account or fixed deposit

Documents Required

  • PAN card

  • Aadhaar card

  • Duly signed ECS Mandate

  • ID proof: Aadhaar card/PAN card/Passport/Voter ID

  • Address proof: Passport/Aadhaar card/Utility bills

  • Proof of Income: Pay Slip/ Bank Statement/ Income Tax return

Interest Rate

  • Varies from one issuer to another, generally ranging between 2.5% and 3.5% per month

Foreclosure Charges

  • No foreclosure charges

  • Foreclosure charges of 3%

Remember that foreclosure charges and other credit card specifics can vary across credit card issuers. So, it is ideal to compare various offers and choose one that best fits your requirements.

Features of the Bajaj Finserv EMI Network Card

Check out the features and benefits of the Bajaj Finserv EMI Network Card. 

  • Pre-approved Loan: The Bajaj Finserv EMI Network Card includes a pre-approved loan of ₹3 Lakhs, which you can use for making purchases at any of the Bajaj Finserv's 1.5 lakh+ partner stores in more than 4,000 Indian cities.

  • Flexible Repayment Period: You have the option of repaying the loan over a period of time that ranges from 1 month to 60 months.

  • Minimal Documentation: To buy any products on No Cost EMI, you only need to provide minimal paperwork during the documentation process. If you are an existing Bajaj Finserv EMI Network Card user, you do not need to submit any paperwork when making a purchase.

  • e-Wallet: The Bajaj Finserv Wallet App is compatible with the Bajaj Finserv EMI Network Card. Since you can quickly make in-store transactions using the smartphone app, you do not have to carry your card everywhere you go.

 

To sum up, it is evident that the Bajaj Finserv EMI Network Card and a credit card are quite different. So, if you are looking for an option that enables you to afford the latest gadgets and equipment, among other things, apply for a Bajaj Finserv EMI Network Card

 

Once you have the card, you can use it to buy from over 1.2 million products at any of the partner stores and enjoy the benefit of EMI without a credit card.

FAQs Related to Bajaj Finserv EMI Network Card Vs Credit Card

Are Bajaj Finserv EMI Network Card and credit cards the same?

No, Bajaj Finserv EMI Network Card and credit cards are different. The Bajaj Finserv EMI Network Card lets you make purchases on No Cost EMIs. This means there is no need to pay any additional interest on the total amount. 

 

On the contrary, credit cards charge interest for EMI facilities. They also differ on the grounds of the application procedure, documentation process, foreclosure charges and eligibility criteria.

Which is better: Bajaj Finserv EMI Network Card or credit card?

Bajaj Finserv EMI Network Card is a hassle-free and easy-to-use payment method. They have simpler eligibility criteria in comparison to credit cards. They let you purchase products on No Cost EMIs, as they charge zero interest and zero foreclosure charges.

What is the pre-approved loan limit of Bajaj Finserv EMI Network Cards?

The Bajaj Finserv EMI Network Card offers a pre-approved loan limit of up to ₹3 Lakhs which you can use to purchase items on affordable EMIs.

Can I decide the repayment tenure if I use a Bajaj Finserv EMI Network Card for purchase?

Yes, you get the benefit of choosing the repayment period if you use a Bajaj Finserv EMI Network Card to make the purchase on EMI. The repayment tenure is flexible and ranges from 1 to 60 months. 

 

So, when comparing a Bajaj Finserv EMI Network Card vs a credit card, the flexibility in repayment tenure is a huge advantage you get when you own the EMI Network Card.

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