It is important to understand the eligibility criteria to own one of the country’s most popular EMI shopping cards. Only if you meet the Bajaj Finserv Insta EMI Card eligibility criteria will the card be yours.
The entry barrier for this card is low. This has possibly been done to assure maximum participation and satisfaction. While the company does exercise caution in dealings, it also seems eager to let more people through the Bajaj Finserv Insta EMI Card login gate.
You have found friends and other family members talk endlessly about the goodness of this card. That is not just because they have been able to buy an expensive air conditioner or the newest smartphone on their fixed incomes, but also because they could get hold of the card easily.
To get into further details, you can see their website here.
You have to do some basic documentation to begin with. Every financial deal, by law, has to have documentation. However, you do not have to go to the company’s offices for that, like you have to when you get a credit card or even a debit card from your bank. You can do this documentation online.
These documents will mainly be your KYC requirements. They will include your Aadhaar number, your PAN and your bank account details. The bank account details must include your IFS code.
The age proof
You must show that you are between 23 and 65 years of age. This can be proven through your Aadhaar card. Your Aadhaar card is today accepted by all to be a basic identity card. That is because your biometric details are associated with it.
The need for PAN
Your permanent account number will be needed for the transaction with the company. The government has stipulated that any formal financial transaction in the country should be accompanied with the PAN. Since this card is considered a proper financial transaction, your PAN will be needed.
Bank details and e-mandate
All bank account details will be required for your e-mandate registration. This is part of the Bajaj Finserv Insta EMI Card eligibility criteria. Through this e-mandate, you give your bank standing instructions that payments can be directly deducted from your account during payment of EMIs with Bajaj Finserv.
This e-mandate will also help you stay worry-free, even if you forget the payment date for your EMIs. The auto-debit feature will take care of your payments. This feature will further help you track your spending behaviour during a certain period of time. That will, in turn, help you balance your budget accordingly.
To register your e-mandate, you first have to share your bank account number and IFS Code, then verify all the details entered and finally submit the OTP you receive on your registered phone number for validation purposes. There is no elaborate paperwork involved, and there definitely is no need for visiting any of their offices.
A regular income
You also will have to show that you have a regular income source. If a financial institution loans you money, it should also be sure that you are solvent enough to pay it back. A regular income is the best way to ensure this.
A regular income, however, can come from many sources. You can be salaried, or you may be a registered professional in some field, or you may run a business. In each case, you will have different ways to prove your income. The best way to do this is through your ITR.
You will also be required to pay a joining fee of Rs 530. This nominal amount is a one-time fee.
These are the basic eligibility criteria for the card.
How to register
The website mentioned above will also register you with the card system. The first step gives you instant approval (a 30-second process), followed by a step for verification and ending with the activation process.
Having fulfilled the above Bajaj Finserv Insta EMI Card eligibility criteria and having logged in, you get access to a large bouquet of goods. The card will give you a pre-approved loan of Rs. 2 lakh. You can use this money to buy whatever you want from the stores before you.
The goods you can purchase
Bajaj Finserv deals with over 1 lakh partner stores across 2,300-plus cities around the country. In all, there are over a million products for you to purchase. They can be refrigerators or television sets, or phones. You can buy essential goods too.
The EMI facility
All purchases can be paid back in EMIs. You can choose to extend the number of instalments of the EMI payments to two years. This will allow you to balance your budget and keep it stress-free. All EMIs are interest-free. Therefore you pay only the price of the goods you have bought.