The EMI Network Card is a unique product provided by Bajaj Finserv which automatically converts the amount you purchase into No Cost EMIs. It acts like an unsecure loan that is pre-approved. In most cases, the purchase amount will automatically be convert into EMIs when you use the EMI Network Card. No interest is charge on the loan amount, making it an attractive option.
You can use your Bajaj Finserv EMI Network Card to get a credit limit of up to Rs. 4 lakh. You can repay your EMI within 24 months. However, like everything good, this card also has a few pros and cons. Let’s discuss them in detail here.
Pros
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You Can Complete the Application Process Online
The online application process is available for all customers. To obtain the EMI Network Card, you need to apply online and pay a one-time joining fee of Rs. 530. You can also apply at any Bajaj Finserv branch or partner store.
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You Can Make Any Purchase With Ready Funds
The instantly activated EMI Network Card lets you purchase all big-ticket items and more on No Cost EMIs.
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Huge Credit Limit
You can have a credit limit of up to Rs. 4,00,000. You can check the limit available for you by applying online and submitting the application form.
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Cashless Payments
One good reason to use the EMI Network Card is when you want to pay online. No interest is charge on these payments. Therefore, if you plan on paying off the loan in 6 EMIs for a purchase of Rs 12,000 using this card, you’ll have to make six payments of Rs 2,000 each. You don’t have to make any additional payments.
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No Cost EMIs
This unique product allows you to convert your purchase amount into No Cost EMIs. The purchase amount will be automatically convert into EMIs if you swipe the Bajaj Finserv EMI Network Card or use the card in a serviceable location.
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0% Down Payment:
You’ll find select items eligible for zero down payments at the EMI Store. EMI Card is require to purchase such products. The first EMI is deducted from the next billing cycle without an extra interest being charge.
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Shopping Perks:
Applying for the Bajaj Finserv EMI Card includes exclusive access to several perks. Shoppers on the EMI Store can also take advantage of cashback offers.
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Simple Eligibility Criteria:
To obtain the EMI Card, you only need to meet a few simple qualifications. You need to be between 21 and 60 years of age and have a steady income source.
Cons
Processing Fees:
These finance companies typically charge processing fees to their customers. For example, if you purchase Rs 25,000, you will be ask to pay Rs 749 as a transaction fee. Consequently, you will have to pay Rs 25,749 to purchase Rs 25,000. As financing fees are paid upfront, they are not reflect in the loan.
Requires a Partial Down Payment:
Depending on how much you plan to spend on the purchase, you might be asked to put down a certain amount. The amount of the loan, therefore, goes down.
