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What are EMI Finance Cards?

The Bajaj Finserv EMI Network Card is a popular, hassle-free, and convenient payment instrument that can be used to make high-value purchases. It comes with a pre-approved loan of up to ₹4 lakh which you can use to purchase items with affordable EMIs. You can even choose from a repayment tenor of 3, 6, 9, 12, 18, or 24 months as per your convenience. Also, there are no foreclosure charges if you want to close the loan before the predefined tenor. The EMI Network Card can be used at all Bajaj Finserv partner stores online such as Flipkart, Amazon, Pepperfry, MakeMyTrip, Paytm Mall, Yatra, etc. It can also be used at any of the 1.2 lakh offline stores spread across 2,900 Indian cities.

Difference Between EMI Card and Credit Card

To understand Bajaj Finserv EMI Network Card vs Credit Card and which to get, let’s take a look at the differences between the two modes of payment.

  • Application Process

Any individual between 23 to 60 years of age with regular income can apply for a Bajaj Finserv EMI Network Card.

For a credit card, you would need to be older than 18, have a regular income, a good credit score, and, in some cases, a savings account or fixed deposit to apply.

  • Documents Required

You do not need any documentation to apply for a Bajaj Finserv Insta EMI Card. You can easily apply for one online. If you choose to apply for the Bajaj Finserv EMI Network Card offline at any of the partner stores, you must simply provide your Aadhaar card, PAN card, a cancelled cheque, a passport-size photograph, and a duly signed ECS mandate.

For a credit card, on the other hand, you would need to provide salary proof, age proof, bills and receipts, financial transactions to assure good credit history, Aadhaar card, PAN card, a cancelled cheque, and a passport-size photograph, along with the signed ECS mandate.

  • Interest Rate

Unlike other forms of credit, the Bajaj Finserv EMI Network Card doesn’t charge you interest on your purchases. Hence, you just pay the cost of the product you purchased in instalments without having to pay any interest. The Bajaj Finserv EMI Network Card charges are minimal and the benefit of the No-Cost EMI helps you save money on your purchases.

Credit cards, on the other hand, attract high interest rates. There is a stipulated minimum amount to be paid every month - this amount carries interest on top of the amount of money you owe through your purchases. This stipulation also implies that you need to keep paying the bills until the dues are paid in full, you cancel your credit card, or stop using it.

  • Foreclosure

If you have a Bajaj Finserv EMI Network Card, you can easily foreclose the loan on your card after paying the first EMI without any additional charges.

In the case of credit cards, a foreclosure charge of approximately 3% is levied if you close the loan before time.

Evidently, we can conclude that the Bajaj Finserv EMI Network Card and a credit card are quite different. So, if you are looking for a financial payment instrument that enables you to afford the latest gadgets and equipment, among other things, go ahead and apply for a Bajaj Finserv Insta EMI Card. Once you have the card, you can use it to buy from over 1.2 million products at any of our online or offline partner stores and enjoy the benefit of EMI without credit card.

Features of Bajaj Finserv EMI Network Card

Is Bajaj Finserv EMI Network Card a good payment instrument? Take a look at the features of the Bajaj Finserv EMI Network Card to find out:

  • Pre-approved Loan: The card includes a pre-approved loan of ₹2 Lakhs, which is redeemable at any of Bajaj Finserv's 1 Lakh+ partner stores in more than 2,900 locations.

  • e-commerce Friendly: In addition to in-store transactions, you can use the card to make purchases online at well-known e-commerce sites/apps.

  • Flexible Repayment Period: The loan can be repaid over a period of time that ranges from three months to two years.

  • Documentation: To buy any products on EMI, you only need to provide the most basic paperwork once during the simple documentation process. Current EMI Network Card users don't need to submit any paperwork when making a transaction.

  • 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 don't even have to carry your card everywhere you go.

FAQs

✔️Are EMI cards and credit cards the same?

No, EMI cards and credit cards are not the same. They differ on grounds of the application procedure, documentation process, interest rates charged, foreclosure charges and eligibility criteria.

✔️Which is better: EMI or credit card?

EMI cards are hassle-free and easy-to-use payment methods. They have simpler eligibility criteria in comparison to credit cards. They truly let you purchase products at no-cost EMIs as they charge zero interest and zero foreclosure charges.

✔️What is the difference between EMI Card and Credit Card?

To apply for an EMI card, the applicant must be between the ages of 23 years and 60 years with a regular income. Whereas, credit card applicants must be above the age of 18 years with a regular income, a good credit score and, circumstantially, have a savings account or fixed deposit account. Interest rates of an EMI card stand at 0% while credit cards harbour high interest rates on purchase. Credit cards levy 3% interest charges upon foreclosure while EMI cards levy none.

✔️What is the pre-approved loan limit of EMI cards?

Bajaj Finserv EMI Network Card offers a pre-approved loan limit of up to ₹2 Lakhs which you can use to purchase items on affordable EMIs,

✔️Can I decide the repayment tenor if I use an EMI card for purchase?

Yes, you can decide the repayment tenor if you use an EMI card to make the purchase on EMI. The repayment tenor is flexible and ranges from 3 to 24 months. When comparing EMI card vs Credit card, the flexibility in repayment tenor is a huge advantage in owning the EMI card.

Get No-Cost EMIs at leading online stores. Shop using your Bajaj Finserv EMI Network Card