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Bajaj Finserv Insta EMI Card Review
What is Insta EMI Card❓
In today’s topic of Bajaj Finserv Insta EMI Card Review, Let’s try to understand what is Insta EMI Card 💳?
In today’s world of Digital Era , we are fond of digital payments like – payment with Credit Cards , payments with pre-Approved limit , payments with pre-Approved loan on debit card also.
If you want to purchase any product on Easy EMI then mostly you need a Credit card 💳 but what , if you don’t have any credit card ?
yes, absolutely you are right , many companies are offering there EMI cards 🎴 in the form of physical credit card , digital credit cards , pre-Approved limit, credit limit Etc.
But in today’s article we are Going to talk about Bajaj Finserv Insta EMI Card Review. So you can take a better decision whether you should apply for Bajaj Finserv Insta EMI Card Or NOT .
Is Bajaj Finserv EMI Card is a Credit Card 💳 ❓
This is one of the most amazing Question people always ask to me whenever I meet people regarding discussion on Credit Card Apply.
So, what’s the exact Answer – Answer is NO it’s not a Credit Card 💳, It’s a Insta EMI Card which allows you only for shopping Products, Gadget, items you want to buy on EMI. you can say with Bajaj Finserv EMI card you can buy the products on NO Cost EMIs. (we will talk about it 👇).
In the last few 4-5 years, many new cards have come in the market, such as – Buy Now Pay Later Card (BNPL), Prepaid Card, and now EMI Card, but what is this EMI Card? See, EMI cards are very different from credit cards. That means you cannot withdraw cash in EMI card like credit card.
You can use credit card mostly everywhere, but you can use EMI card only where Bajaj Finance has EMI tie up, the good thing is that Bajaj Finance has tie up with major e-commerce websites like Amazon, Flipkart, And it also has tie up with 1.5 Lakh offline partner stores, and They have covered 4000+ Location so if you use this card then, there are chances that this card will work for you mostly everywhere.
Advantage of bajaj Finserv EMI Card 💳 ❓
We will also talk about Disadvantages Also, but if we talk about the few basic advantages of of Bajaj finserv EMI Card, then there are some best services available with Bajaj Finserv because we all knows that Bajaj is already a BIG brand itself, there is know doubt 🤷♂️ in it. they always keep on launching new product for market or we can say for Us. Now, there are Few Advantages of Bajaj finserv EMI Card 💳 👇
- ✅Bajaj Finserv has 100 % Online application process with NO physical Documentation.
- ✅They have 1 Millions + Products on easy EMIs .
- ✅Till Now, Bajaj finserv Card Accepted 1.5 Lakh+ stores.
- ✅Instant Approval in just few clicks.
- ✅After products purchase there are flexible EMI Tenures.
- ✅Services are available in 1900+ cities.
- ✅EMI Cards 🎴 are acceptable for both Online and offline stores.
- ✅Pay for purchases via convenient No Cost EMI.
- ✅You Can also get Pre-approved loan limit of up to ₹2 lakh.
Disadvantage of bajaj Finserv EMI Card 💳 ❓
- ✅Bajaj Finserv is totally different from a traditional credit card we use. When it comes to making payments, with a normal credit card, we can make online payments at our convenience. but, Bajaj Finserv EMI Card operates differently – it automatically deducts payments from your linked bank account.
- ✅As we discussed above that The Bajaj Finserv EMI Card fulfils our a unique purpose, When we talk about nomal Credit card we can use anywhere where credit cards are Acceptable but when it comes Bajaj Finserv EMI Card , is not universally accepted, it has limited places for use , limited stores .
- ✅It’s important to note that the Bajaj Finserv EMI Card doesn’t offer cashback or rewards points. In contrast, traditional credit cards provides attractive cashback and rewards points for shopping transactions.
- ✅Now I’m going to give you some information about this card which you might not have heard anywhere else, what happens is that Bajaj Finance automatically links your savings account and they make you sign an ECS mandate By signing that ECS mandate, you give permission to Bajaj Finance to automatically deduct money from your account. Sounds scary doesn’t it? Actually It is scary too.
- ✅Lots of people have complained about Bajaj Finance that they have sold them insurance or loan without their permission. And automatically deducted money from their account.
- ✅Although I don’t know if these claims are True OR Not but multiple people have reported is the same thing.
Due to this , There reviews are at mouthshut.com also not good.
Is Bajaj Finserv EMI Card Free 💳 ❓
NO It’s not Free
In fee you will have to pay ₹599 for card issuance and if you use this card even once in a year then you will not have to pay annual fee But if you do not use this card even once then Charge of ₹117 you will have to pay every year.
You must have heard from many people and even seen that you get no cost EMI with this card. But this is not true at all, The actual interest of EMI is borne by the manufacturers like Apple and Samsung to the bank. So for end consumers like you and me, we get zero interest EMI.
But still zero EMI is not available with this card. I are saying this because, whatever EMI you make with Bajaj Finserv you will be charged An convenience fee of a FIX amount + GST.
There are some others charges also , we will talk about those chargers in this article .
Bajaj Finserv EMI Card Charges 💳 ❓
Bajaj Finserv EMI Card Charges are –
Card issuance charges: Approx Rs.599
Annual fee: Approx Rs.117
1st EMI convenience Charges: Approx 99+GST
ECS Mandate Charge: Approx Rs.118 (only with some banks)
See, everyone should make their payment on time, but by chance, if for some reason you do not have money in your account to pay EMI on your due date and your payment has failed, then you will be charged ₹ 450 Also, if your EMI is one or two month is late, then you will be charged rate of 4% penal interest every month which convert to the almost 48 % interest every year.
This 50% is by far the highest interest I have seen any card charging (including all the Credit Cards) So, if you take Bajaj Finance EMI Card, then do not even think of delaying the payment because it can prove costly for you.
Eligibility Criteria for Bajaj finserv EMI Card 💳 ❓
For Salaried Person:
- Age Group: 21+ years (If customers have an existing credit card)
- Age Group: 23 years (If customers do not have an existing credit card)
- Income Range : ₹22,000+
- CIBIL Score : 750+
- Documents Required
- Identity proof
- Any one of the documents (Passport, PAN Card, Ration Card, Aadhaar Card, Voter’s ID Card, Driving Licence
- Address proof
- Any one of the documents (Telephone bill, Electricity bill, Passport, Ration card Rental agreement, Aadhaar card
- Identity proof
For Self employed Person:
- Age Group: 21+ years (If customers have an existing credit card)
- Age Group: 23 years (If customers do not have an existing credit card)
- Income Range: Customer must have regular source of income
- CIBIL Score : 750+
Bajaj Insta EMI Card Apply 💳 -
Get Your digital Bajaj Insta EMI Card just in 4 step –
Click on link and first check ☑ your eligibility for Bajaj EMI Card 💳.
Link- https://wee.bnking.in/c/ZDE5OGEw
You Can Also download Bajaj Finserv app directly from play store and process your EMI Card .
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👇
Questions Most Frequently Asked (FAQs)
Right Now , The maximum limit for any customer is
₹2Lakh.
The approval is instant and the customer will not have to wait for the
same.
Yes, you can open multiple cards in the same household given that they meet the criteria set by Bajaj.
Yes, Bajaj does check the CIBIL of the customer but the customer is not needed to provide an income proof during the application process
Bajaj Insta EMI card helps convert all the customer’s purchases into easy EMIs. The Insta EMI card involves a 100% online process and is activatead instantly
The customer does not need to submit any documents but will be required to keep the following details handy at the time of onboarding: PAN Card number, Aadhaar number, Bank A/C number, and FSC code for e-mandate registration
Customer will have to share their Bank Account and IFSC code, verify all the details entered by them and submit OTP for validation purposes.
The Customer can shop using the Insta EMI card at any of Bajaj’s online and offline partner stores on easy EMI’s. The customer will only be required to provide their card details and verify the purchase with an OTP sent to their registered mobile number.
The Insta EMI card is a digital card that can be accessed on your customer’s phone instantly without the hassle of carrying it like a physical card
The customer can view the Card details on the Bajaj Finserv App.
EMI card’s card fee is ₹599 broke down as follows: Card Fee – ₹530; Online Convenience Fee – ₹69; Card Fee – ₹599
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