Over the last twelve months, we have witnessed a staggering increase in the repo rate, with RBI hiking the repo rate by 250 basis points, taking it to 6.50%. Concomitantly, interest rates across segments have increased, and with the rise in inflation and commodity prices, it can be nerve-wracking to meet unexpected expenses.
Whether you have to buy a new laptop, washing machine, air conditioner, or refrigerator, you may not have the funds to pay for the product. At the same time, taking a personal loan to meet these expenses isn’t prudent, given the high-interest rates and minimum loan limits. You can rely on the Bajaj Finserv EMI Network Card in such situations.
The EMI Network Card allows you to purchase items by opting for a deferred payment plan. You can use the pre-approved credit limit to buy products on No Cost EMI and pay for them in interest-free monthly installments. Given that no interest is charged on such purchases, you won’t have to worry about repo rates and their impact on retail loans. Thus, the Bajaj Finserv EMI Network Card’s interest rate – or lack thereof – makes it a highly attractive financial tool.
Managing EMIs Amidst Rising Interest Rates
The surging interest rates deter consumers from applying for small personal loans. If you have to purchase any product on EMIs, a considerable amount is added to the principal in the form of the interest component. To eliminate this interest portion, you must opt for No Cost EMIs, which is possible through the Bajaj Finserv EMI Network Card. With this digital card, you get a pre-approved loan limit of up to ₹2 Lakhs, depending on your credit profile and credit history.
Apart from the negligible Bajaj Finserv EMI Network Card interest rates, you can also benefit from the zero down payment offer while using the digital card. Typically, when you opt for EMIs, you are required to pay a token amount upfront as a down payment and pay the remaining amount as EMIs. However, while using the EMI Network Card, you can purchase select items that do not require a down payment. This allows you to allocate funds efficiently and manage your finances better.
Features and Benefits of Bajaj Finserv EMI Network Card
The following are some of the features and benefits of the Bajaj Finserv EMI Network Card:
- Pre-Sanctioned Credit Limit: One of the biggest benefits of the Bajaj Finserv EMI Network Card is instant access to the loan amount. You get a pre-approved credit limit of up to ₹2 Lakhs, which you can use immediately to purchase items. This isn’t the case with other loans.
- Hassle-Free Application Process: You can apply for the EMI Network Card online from the comfort of your home and skip long queues. Moreover, you don’t have to submit lengthy documentation, and the application process hardly takes a few minutes.
- Zero Interest Charges: The Bajaj Finserv EMI Network Card’s interest rates are nil. That is, you can buy products on No Cost EMI, and won’t have to shoulder any interest burden.
- Flexible Repayment Terms: When you purchase products using the EMI Network Card, you can choose your preferred repayment period, which can range between 3 and 24 months. This allows you to pick a convenient duration, and the EMIs won’t affect your monthly financial obligations.
- Bajaj Finserv EMI Network: You can use the EMI Network Card at more than 1.2 Lakh partner stores, located in 3,000+ cities across the country. You can use the digital card to buy over 1.2 million products, including appliances, lifestyle products, and fitness equipment.
- Other Charges: The Bajaj Finserv EMI Network Card charges include processing fees, convenience fees, and other applicable charges. However, you won’t have to pay foreclosure charges, interest charges, and down payment (on select items).
You must fulfill the basic eligibility criteria to apply for the EMI Network Card.
- Age: You must be between the ages of 21 and 65 to apply for the Bajaj Finserv EMI Network Card.
- Income: You should have a stable income source.
- Other Requirements: You must hold an individual current or savings account in the country and be an Indian citizen.
How to Apply for the Bajaj Finserv EMI Network Card
Owing to the negligible Bajaj Finserv EMI Network Card interest rates, you can buy big-ticket items on No Cost EMI, and easily afford ACs, refrigerators, and air coolers. This is particularly helpful during the summer when the temperatures are expected to reach 45 degrees Celsius. The nominal Bajaj Finserv EMI Network Card charges add to its appeal, and you can apply for it online or offline.
You can conveniently apply for the EMI Network Card online without providing any documentation. If you are proceeding with the online application, here are the steps you must follow.
- Step 1: Download the %$$BrandName$$% app, or visit the %$$BrandName$$% website.
- Step 2: Navigate to the Bajaj Finserv EMI Network Card page, and select ‘Apply Now’.
- Step 3: Provide your personal and professional details, such as your mobile number and date of birth, as mentioned on your PAN Card.
- Step 4: Check your pre-approved offer, and enter the one-time password (OTP) sent to your phone number.
- Step 5: Upon successful verification, enter your details, including your full name, gender, email address, PIN code, etc.
- Step 6: Click ‘Proceed’ and check your credit limit.
- Step 7: Select ‘Proceed’ again to reach the KYC page.
- Step 8: You must verify your KYC details using offline KYC (OKYC) or central KYC (CKYC).
- Step 9: To activate your card, you must make a payment of ₹599 (including taxes).
- Step 10: Furnish your bank details and the one-time password (OTP) to complete the e-mandate procedure.
- Step 11: Click ‘Submit’ and start using the Bajaj Finserv EMI Network Card.
You can also submit your application offline by visiting any of the 1.2 Lakh+ partner stores in 3,000+ cities. Here are the documents you must provide while submitting your application.
- Aadhaar Card
- PAN Card
- Duly-signed ECS Mandate
Here is how you can apply for the EMI Network Card at the partner store:
- Step 1: Visit your nearest Bajaj Finserv partner store, and find the item you want to buy.
- Step 2: Request the representative for in-store financing options at the billing counter.
- Step 3: Submit the mandatory documents, and set up your Bajaj Finserv EMI Network Card.
Easily Manage Your EMIs Using the Bajaj Finserv EMI Network Card
Features like negligible Bajaj Finserv EMI Network Card interest rates and nominal Bajaj Finserv EMI Network Card charges let you apportion your budget seamlessly. You won’t have to worry about interest charges piling up, and choose a repayment period that streamlines your EMI payments.
Thus, with the Bajaj Finserv EMI Network Card, you can easily manage your EMIs, and insulate yourself from rising interest rates.