The Bajaj Finserv Insta EMI Card is an electronic payment option that ensures you can convert large purchases into convenient monthly instalments, evading the prohibitively high interest rates usually applicable in credit cards. The financial product has grown in popularity among consumers looking for payment flexibility on a range of products, including electronics and travel bookings.
Bajaj Finserv EMI Card: Complete Step-by-Step Application Process
Online Application Process
Applying for the Bajaj Finserv Insta EMI Card online is a straightforward 100% digital process that takes approximately 10 minutes to complete.
Step 1: Visit the Official Website
Visit the Bajaj Finserv website and navigate to the Insta EMI Card section.
Step 2: Mobile Number Verification
Enter your 10-digit mobile number and click “GET IT NOW”. You’ll receive an OTP (One-Time Password) which you need to enter for verification.
Step 3: Personal Details
Fill in the application form with your complete personal information including full name, PAN card details, date of birth, and PIN code. Select your gender and employment type from the available options.
Step 4: Check Pre-qualified Limit
After submitting your details, the system will display your pre-qualified card loan limit, which can be up to ₹3 lakh depending on your eligibility.
Step 5: KYC Verification
Complete your Know Your Customer (KYC) verification using your Aadhaar Card or DigiLocker account. This step is mandatory for card approval.
Step 6: Pay Joining Fee
Once KYC is successful, pay the one-time joining fee of ₹530 (inclusive of applicable taxes).
Step 7: E-mandate Setup
Click “Activate Now” and provide your bank account number and IFSC code to complete the e-mandate process. This enables automatic EMI deductions from your account.
Step 8: Card Activation
After successful e-mandate registration, your Insta EMI Card will be activated and ready for use.
Offline Application Process
You can also apply for the card offline by visiting any Bajaj Finserv partner store. Select your desired product, approach the store representative, submit required documents including KYC papers and cancelled cheque, and complete the application process with their assistance.
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Bajaj Finserv EMI Card: Pros and Cons
Advantages
- Easy EMI Conversion: Convert purchases into affordable monthly installments ranging from 3 to 60 months without high interest charges.
- Wide Acceptance Network: The card is accepted at over 1.5 lakh partner stores across 4,000+ cities in India, including major retailers like Amazon, Flipkart, Croma, and Reliance Digital.
- Zero Down Payment Options: During festive seasons, you can avail zero down payment schemes for your purchases.
- No Foreclosure Charges: You can prepay and close your loan anytime after paying the first EMI without any penalty.
- Instant Digital Process: The entire application process is completed online within 10 minutes.
- High Credit Limit: Pre-qualified card loan limits up to ₹3 lakh based on eligibility.
Disadvantages
- Limited to EMI Purchases: Unlike credit cards, you cannot use this card for regular transactions or cash withdrawals.
- Processing Fees: Additional processing fees up to ₹1,017 are charged for each transaction.
- Annual Fee if Unused: An annual maintenance fee of ₹117 applies if the card remains unused for 12 months.
- Down Payment Requirements: First-time users may need to make a 30% down payment on their initial purchase.
Bajaj Finserv EMI Card: Charges and Fees
Primary Charges
- One-time Joining Fee: ₹530 (inclusive of applicable taxes).
- Processing Fee: Up to ₹1,017 (inclusive of applicable taxes) collected upfront or with the first EMI.
- Annual Maintenance Fee: ₹117 (inclusive of taxes) if the card is not used for EMI purchases in the preceding year.
Additional Charges
- Late Payment Penalty: 36% per annum on overdue installments from the due date until full payment.
- Bounce Charges: ₹500 per bounce for failed EMI payments.
- Convenience Fee: ₹236 for existing customers (ETB) and ₹300 for new customers (NTB), collected with the first installment.
- Document Charges: Approximately ₹767 charged by some dealers for each purchase, though larger retailers may waive this fee.
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Types of Bajaj Finserv EMI Cards
Bajaj Finserv primarily offers one main product known as the Insta EMI Card (also referred to as the EMI Network Card). This is a digital card that functions differently from traditional credit cards by focusing specifically on EMI conversions for purchases.
The card comes with various limit options based on customer eligibility, with pre-qualified limits ranging up to ₹3 lakh. The card is available to both existing Bajaj Finserv customers (who may receive higher pre-approved limits) and new customers who can generate offers using their mobile number verification.
What if I Take the Card but Do Not Use It?
If you obtain a Bajaj Finserv Insta EMI Card but don’t use it, several consequences apply :
- Annual Maintenance Fee: You’ll be charged an annual fee of ₹117 (inclusive of taxes) if you don’t make any EMI purchases during the preceding 12-month period.
- Card Blocking: If the annual fee remains unpaid due to technical issues or non-payment, your card will be blocked, and you won’t be able to make any EMI purchases.
- Fee Calculation: The annual fee is calculated from the validity month printed on your card. For example, if your card was issued in May 2020, the annual fee would be due in June 2021.
- How to Avoid Annual Fee: You can avoid the annual fee by making at least one EMI purchase using your card within the 12-month period. Meeting minimum spending requirements or participating in promotional offers may also help waive the fee.
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Conclusion
The Bajaj Finserv Insta EMI Card is an ideal financial instrument for people who have frequent, large-value spends and like to have monthly instalments instead of making lump sums. With its wide network of partners, choice of tenure for repayments, and ease of mobile use, it provides a convenient option compared to credit cards for EMI shopping.
Yet, prospective applicants should thoroughly review the fees charged, especially the annual maintenance fee for unused cards, and check whether they have a compelling requirement for EMI-based buying before applying. The card performs best for planned buying rather than spontaneity, and therefore, it is suitable for customers who are cost-conscious and wish to distribute their expenses over time without paying high interest.
