When you use a traditional credit card to make a big-ticket purchase on EMI, you may have to contend with hefty interest rates. These can normally range from 14% to 16% per annum. The interest component on EMI can significantly increase your financial burden, especially if the product is of high value like a refrigerator, a top-of-the-line television or high-end smartphone.
While there are online platforms that offer no-cost EMIs on credit cards, such offers tend to be very few. These no-cost EMI offers are mostly available for brief periods and only on certain products, which you may or may not want to buy at that moment.
If you’re looking for a more reliable way to reduce the financial impact of EMI purchases, the Bajaj Finserv EMI Network Card can help. It is a unique card that allows you to purchase almost any product on easy, no-cost EMIs. Even if you do opt for regular EMIs, the Bajaj Finserv EMI Network Card interest rates are quite easy on the pocket.
Benefits of the Bajaj Finserv EMI Network Card
The benefits that you get to enjoy by applying for a Bajaj Finserv EMI Network Card are plenty. Here’s a quick overview of some of the key advantages.
1. Exceptionally Easy Application Process
Unlike traditional credit cards, getting the Bajaj EMI card is very easy. Since the entire application process can be completed online, it takes only a few minutes to apply for one. You can even apply for the card via your smartphone.
All that you need to do is fill out and submit an application form. If you happen to satisfy the eligibility criteria for the card and possess a high-enough credit score, you will be granted an EMI card instantly with just basic KYC verification.
2. Quick and Easy Bajaj Finserv EMI Network Card Status Check
Once the card is issued to you, you can quickly check the status of the EMI card from Bajaj Finserv through the smartphone application. The feature to check the status of your EMI Card from Bajaj Finserv in the app provides you with a host of information regarding the Card. Such as your card information, total credit limit, the available credit limit, details of existing EMI purchases, and more. Additionally, you can also retrieve loan statements and even block your card through the application.
3. High Credit Limit
With the Bajaj Finserv EMI Network Card, you get to enjoy a high loan limit to the tune of ₹2 Lakhs. This allows you to purchase high-value products easily without having to worry about falling short of funds. Keep in mind that the maximum loan amount you’re eligible for is dependent on several factors including your credit score, income level, age, among others.
4. No-Cost EMI Purchases
The primary advantage of EMI Network Card over other traditional credit cards is that you can use it to purchase almost any product on no-cost EMIs.
All the major e-commerce and online shopping platforms support Bajaj Finserv EMI Network Cards, which means that nearly all products will be within your reach. Also, the no-cost EMI offers on products are available round the year. Thus allowing you to purchase your favourite products as and when you need them instead of having to wait for the offer.
5. Customisable Repayment Tenures
Flexible repayment tenures are another one of the many benefits of getting a Bajaj Finserv EMI Network Card. When you purchase a product on EMI using the card, you get complete freedom with regard to the repayment tenure. Depending on your repayment capacity and the product that you wish to purchase, you can choose amongst tenures ranging from 3 months to 24 months.
6. Very Nominal Charges
A major disadvantage of traditional credit cards is that the charges including interest rates and other fees may be exorbitant. However, that’s not the case with the Bajaj Finserv EMI Network Card. The Bajaj Finserv EMI Network Card interest rates and other charges are quite affordable. To get the card, you would only have to pay a nominal amount of just ₹530 at the time of application.
That’s not all. As long as you use the card to purchase a product on EMI, you can also claim a waiver on annual fees. The Bajaj Finserv EMI Network Card interest rates are also very attractive and nominal, which means that even if you opt for regular EMIs with interest, your financial burden will not be very significant.
7. Loan Foreclosure Option
The Bajaj Finserv EMI Network Card allows you to foreclose a loan by making a lump sum payment after the payment of the first EMI. The best part of this feature is that you will not be levied any foreclosure charges whatsoever.
These aren’t the only benefits that you get to enjoy by applying for the EMI Network Card by Bajaj Finserv. No minimum purchase requirement, zero hidden charges, and nominal down payments are a few of the other features that you get. That’s not all. As you continue to use your card and make timely repayments, you become eligible for an increase in the loan limit and your credit score also improves.