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.
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 ₹530 (inclusive of applicable taxes). An online convenience fee of ₹69 (inclusive of all applicable taxes) would also apply.
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.
Benefits of shopping on EMI without a credit card
- Shop for a wide range of products: With the Bajaj Finserv Insta EMI Card, you can shop for more than one million products and services. This can range from electronics, and appliances to furniture, sports equipment, travel packages, and healthcare products.
- Minimal documentation: Unlike other loans, which require lengthy documentation, the Insta EMI Card application requires minimal documentation. You will have to submit a few basic documents, such as your KYC documents.
- Exclusive benefits: Shopping on the Bajaj Finserv EMI Network with the Insta EMI Card comes with several exclusive benefits. These include pre-approved offers, Easy EMI, zero down payment on select products, hefty discounts, and cashback offers.
Benefits of shopping on EMI using the Insta EMI Card
The Insta EMI Card offers the convenience of shopping for a wide range of products and services on Equated Monthly Instalments (EMIs).
- It allows you to make purchases even when they may not have the full amount available upfront, making high-value items more affordable.
- Insta EMI Cards often come with flexible tenure options, allowing you to choose EMI durations that best suit your financial situation.
- It offers minimal interest rates for specific tenures, providing cost-effective financing options.
- You can enjoy the benefits of zero down payment or minimal down payment, reducing the immediate financial burden.
- This card can offer quick and hassle-free processing, making it a convenient choice for those looking for instant approval and EMI conversion.
- Additionally, the Insta EMI Card can help individuals build or improve their credit history when payments are made consistently and on time.
How to get products on EMI without credit card
While debit card EMIs and loan EMIs have their own set of advantages, they do not offer the same convenience and collection of benefits extended by Insta EMI Card. With this digital card, you can shop from 1.5 lakh+ partner stores across 4,000+ cities in small and metropolitan cities. Since you can purchase big-ticket items on Easy EMI, you would not have to carry the hefty interest burden, which is not available with debit card EMIs or loan EMIs.
With instant approval, a wide network of partner stores, exclusive benefits, and a hassle-free application process, the EMI Network Card outdoes other payment options. If you're looking for a hassle-free and convenient way to shop on EMI, the Bajaj Finserv Insta EMI Card is the way to go.
