Bajaj Finserv Insta EMI Card has been in the market for more than 5 years. For some people this is the best card, some people regret taking this card and some people want to take it. So what is the truth about this card, what are the pros and cons, and should you take this card, how to apply for it, and many more things, you will know in this article.
In the last 4-5 years, many new types of cards have come into the market such as buy-now payer cards, prepaid cards, and now EMI cards. But what is this EMI card, what is the concept behind it, and how is it different from the credit card? Let us know.
What is the difference between an EMI Card and a Credit Card?
Both these cards work to provide credit to the customers, but some considerable similarities between these two cards are as follows:
- You cannot withdraw cash from an EMI Card like a credit card.
- You can use credit cards anywhere without thinking about it but the EMI Card will be applicable only at locations where Bajaj Finance has an EMI tie-up.
- When you make a payment by credit card then you get 45-50 days to make a full payment. On the other hand, with an EMI Card, you get a tenure of 3 to 24 months where you have to pay some amount of the total amount every month.
Also read: Paytm Credit card – How to apply, Fees, Benefits, Eligibility, Limitations
How to apply for a Bajaj Finserv EMI Card?
1. Go to the official website of Bajaj Finserv Insta EMI Card: Click Here.
2. Enter your mobile number and click on the “Get It Now” button.
3. On the next screen, enter the OTP that you will receive on your mobile number, and click on the “Submit” button.
4. Enter your name as your name on your PAN Card, and hit the “Proceed” button.
5. Now a form will open, you have to enter the correct information about yourself that you asked including your name, employment details, gender, DOB, etc, then click on the “Proceed” button.
6. Now you will be shown the credit limit that has been offered to you. On that screen, click on the “Proceed For Verification” button.
7. A KYC Verification page will open. There you can see your details including your photo, contact, and address, you have to Confirm your details.
8. Now you can see the summary including limit details and applicable fees, here click on the “Proceed for Payment” button.
9. You have to pay the joining fee now, choose the appropriate payment option, hit the “Pay Now” button, select a payment option, and pay the fee.
10. Immediately after successful fee payment, you will be shown a card that has been issued to you. Along with that, you will shown the approved loan limit. Scroll down, and click on the “Activate Now” button.
11. An E-Mandate form will open, where you have to enter your bank details, select your account type, pick a registration mode, and click on the “Proceed” button.
12. A new page will open, there you will be shown the amount for which the mandate is going to be signed. Select the verification method, check in the checkbox, and click on the “Submit” button.
13. Your bank website will open, enter your Customer ID from your bank Passbook, enter the captcha, then click on the “Get My Card” button. Your card details will reflect which you can then select in the dropdown, enter your ATM PIN, and click on the “Secure Login” button.
14. Then enter the OTP that you will receive on the mobile number which is linked to your bank account.
15. After that you will be shown the transaction details including the amount and dates, on this page, check in the checkbox and click on the “Confirm” button.
After this, you will be redirected to the NPCI portal to enable your e-mandate, then a success message, and after that the card’s homepage.
Eligibility and criteria to get a Bajaj Finserv Insta EMI Card
- 21 years of age is the minimum limit for this card.
- Your CIBIL Score should be 750 or more than that.
- A salaried person is preferable for this card.
Applicable fees and charges to get this Bajaj’s card
- One-Time Joining Fee: Rs 599
- Card Fee: Rs 530
- Online Convenience Fee: Rs 69
How does the Bajaj Finserv EMI Card work?
Bajaj Finserv will get you to sign an Electronic Clearing Service (ECS) mandate. By signing this mandate, you will give permission to Bajaj Finance to automatically deduct money from your bank account. Sounds a little scary doesn’t it?
When you sign this ECS Mandate So Bajaj Finance also charges you money to set this mandate with your bank. If your bank account is in one of these banks:
- Bank of Maharashtra
- Development Credit Bank Limited
- IDFC Bank
- Karnataka Bank Limited
- Punjab & Sind Bank
- Rajkot Nagarik Sahakari Bank Limited
- Tamilnad Mercantile Bank Limited
- UCO Bank
- Indian Overseas Bank
- United Bank of India
Then you will be charged a one-time fee of Rs 118. If for some reason this mandate is not set then you will be charged another Rs 450, this charge is not any bank-specific, meaning everyone has to give it. If you are not shocked to hear this, then after hearing this next thing, you will feel sure.
You should make all your payments on time. But by chance on the due date, you don’t have as much money in your account for EMI, and your payment fails, then you will be charged Rs 450 in payment failure. If by chance the EMI is delayed by 1-2 months, then you will be charged at the rate of 4% penal interest for every month. Which converts into almost 50% penal interest per year.
So if you take Bajaja Finserv EMI Card then don’t even think about delaying the payment. Because doing so can cost you a lot.
Pros and Cons of Bajaj Finserv EMI Card
Here are some pros, features, and benefits of this card as follows:
- Bajaj Finserv has tie-ups with major e-commerce websites, so you can use this card on Amazon, Flipkart, etc.
- There are 40000 offline stores where you can use this card for shopping.
- No need to pay back the total amount in one go, you get 3 to 24 months, where you have to pay a small amount of the total amount every month.
- You get the spend limit of Rs 30000 to 4 lakhs through this card.
Here are some cons of the Bajaj EMI Card as follows:
- You can use this card only where Bajaj Finserv has tied with it.
- Bajaj Finserv charges for your first EMI Rs 99 + a GST Convenience Fee.
- You will be charged Rs 118 to sign the ECS Mandate; if failed it will cost you another Rs 450.
- Another Rs 450 is charged for due payment failure.
How to use Bajaj Finserv EMI Card?
This is such a type of card that provides you the facility through which your spend get converted into multiple EMIs. You can use this card for both online and offline shopping.
Now I will tell you an example of how you can do it on Flipkart. You have to follow the same process as you normally do shopping on Flipkart. You just have to pay attention while selecting the payment option, because you have to select the EMI option. You will get to see many different banks and cards in EMI, out of which you just have to select the option of Bajaj EMI Card. You will have to select the number of installments in which you want to pay the money, where you can see how much extra cost will be incurred in how many installments. After that, you have to enter your card details and complete the process of placing an order. After your order is placed successfully the same amount will be deducted from your EMI card.
The same process will be followed on Amazon, Myntra, and many more e-commerce websites provided that the platform should be tied up with Bajaj Finserv.
In the case of an offline store, make sure the store should be partnered. Select your product and at the billing counter, request the representative to put your purchase on a Bajaj Insta EMI card. Your bill will be converted into EMIs which you will have to pay each month.
Also read: How to Get India Post Payment Bank Debit Card?
Frequently Asked Questions
Q. Can we withdraw money from this EMI card?
→ No, this card is not made for day-to-day usage, you cannot use it to withdraw cash. This card provides the amazing facility of converting your purchase expenses into affordable EMIs.
Q. Is Bajaj Finserv Insta EMI card free?
→ No, this card is not free, issuance charges and an annual maintenance fee are applicable.
Q. What is the minimum limit of this EMI card?
→ Every user of this card can get a different credit limit. The minimum limit varies for each user depending on the CIBIL score and other parameters.
Q. Can we transfer money from this card to a bank account?
→ It is not possible to transfer money from this EMI card to the bank. This card is only to purchase on credit, it is not related to your bank account in any way.
Q. What is the eligibility to obtain a Bajaj Insta EMI card?
→ To get this card you should be 21 years or older, your CIBIL Score should be a minimum of 750, and a salaried person will be given priority this is the eligibility.
