Shopping on EMI is becoming increasingly popular in India, especially among millennials and young adults, who can own expensive items without paying the entire amount upfront. Yet using your credit card to purchase products on EMIs can lead to rising debt due to high interest, and there is a chance of falling into a debt trap. To avoid this undesirable situation, you can opt for other affordable payment options like the Bajaj Finserv Insta EMI Card, which lets you shop on EMI without a credit card. Get started by entering your mobile number and OTP to check your offer instantly.
What is cardless shopping on EMI?
Cardless shopping on EMI is a convenient way to purchase products without needing a physical credit or debit card. Instead, you can use a digital EMI payment option, which allows you to split your purchase into easy monthly installments. This method typically involves completing a quick digital KYC, setting up your EMI plan, and confirming the transaction through an app or OTP verification. It’s designed to make shopping faster and more accessible, especially for those who don’t own a traditional credit card.
How does cardless shopping on EMI work?
Cardless shopping on EMI works by allowing you to complete purchases without a physical card while converting the cost into easy monthly installments. Here’s how the process typically works:
- Choose Your Product: Select the item you want to buy online or at a partner store.
- Select EMI Option: At checkout, choose the cardless EMI option.
- Verify Your Identity: Complete a quick digital KYC using your mobile number and OTP.
- Set EMI Tenure: Pick a repayment tenure that suits your budget.
- Confirm and Pay: Authenticate the transaction through OTP, and your purchase is complete.
This method provides flexibility and convenience, making big-ticket purchases affordable without needing a credit card. Just enter your phone number and OTP to check your Insta EMI Card offer.
What are the different payment options?
Bajaj Finserv Insta EMI Card also known as Bajaj Finserv EMI Network Card
Perhaps the most popular option for shopping on EMI without a credit card is using the Bajaj Finserv Insta EMI Card. You can use the card for online and offline purchases without having to pay any interest. The card also has a convenient repayment period of up to 60 months. There are several advantages to getting your Insta EMI Card.
Firstly, you would be paying minimal interest, as you can shop for high-value items on Easy EMIs. Unlike most credit cards, you can make the card yours by paying a minimal fee of Rs. 530/- (inclusive of applicable taxes).
The credit card application and disbursal process can be long and tedious, but you can get your Insta EMI Card instantly within a few minutes. Since it is a digital card, you will not have to worry about carrying it in your wallet whenever you shop for items. The card is acceptable across 1.5 lakh+ partner stores in small and metro cities like Reliance Digital, Bajaj Electricals, Croma, Home Centre, and many more. While you can shop on e-commerce sites like Bajaj Mall, Amazon, Flipkart, MakeMyTrip, and more using the card.
Debit card EMIs
Debit card EMIs allow you to convert your debit card transactions into EMI. This facility is offered by various banks only if you have a debit account with the bank. The EMI feature can be used for online and offline purchases. However, it comes with the caution of having sufficient funds in your account to pay the monthly EMI. Now, if you do not have enough bank balance and still need to purchase items for your household like an AC, refrigerator, or anything for that matter, you will not be able to use this service.
Credit Card EMIs
Credit card EMIs, similar to debit card EMIs, enable you to convert your credit card transactions into manageable monthly instalments. This option is available from many credit card issuers, provided you have a credit card with them. It can be utilised for both online and in-store purchases, offering flexibility in managing your expenses. However, it is important to exercise caution and ensure you have the means to cover the monthly EMI payments to avoid late fees and interest charges. Unlike debit card EMIs, credit card EMIs allow you to make purchases even if your bank balance is low, making it a convenient option for spreading out the cost of significant purchases over time.
