Bajaj EMI Card vs. Credit Card: Which is the Best To Buy on EMI
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Bajaj EMI Card vs. Credit Card: Which is the Best To Buy on EMI

  • Highlights

  • Both EMI finance and credit cards involve swiping a card

  • Buying on EMI is the new trend

  • Unlike credit cards, you don’t have to pay interest on EMI finance

  • EMI cards and credit cards have different eligibility and documentation processes

Purchasing items on EMI is the new trend. You can get everything from furniture to electronics to home appliances to clothes on EMI. Just swipe a card, and the world is yours. The process is quite like buying items with a credit card, however, there are some differences. Read on to know more.

What are EMI finance cards?

A Bajaj Finserv EMI Card allows you to buy your favorite products on EMI, using a pre-approved, interest-free loan. Enjoy pre-approved offers on various types of financing with money in bank with just 1-step verification. All you must do is provide some basic information to get your exclusive pre-approved offer.

With Bajaj Finserv, you can shop for over 1 million products with a swipe of a card that can be used in more than 13,00 cities.

From the latest smartphones and televisions to fashion and groceries, you can buy everything on EMIs across 43000+ partner stores. The loan amount offered by the EMI Card varies from Rs.30,000 to Rs.3 lakh. Moreover, these cards come with No Cost EMIs, which means they’re interest-free. However, there is a joining fee applicable and a penalty in case of late payment. These are the only additional charges applicable on EMI cards though.

Additional Read: The Bajaj Finserv EMI Network What All You Can do With it

Benefits of shopping on Bajaj Finserv EMI Store

How are EMI cards different from credit cards?

A credit card, allows you to buy products on credit, and payment comes with relatively high interest charges. Here are some of the ways in which the EMI card differs from a credit cards:

- Interest
EMI cards come on No Cost EMIs, which means they don’t charge interest. You just pay the cost of the product you purchased in installments, without interest being charged. Therefore, you can buy any gadgets, clothes, appliances, and so on quite easily, without a hole in your pocket. Credit cards, on the other hand, have high interest rates that are charged on the cost of the product. You must pay a ‘minimum amount due’ every month to pay your credit card bills, which is a combination of the money you owe along with the interest. You need to keep paying the bills until you cancel your credit card or stop using it.

Additional Read: How the Bajaj Finserv Wallet App Does More Than Your Debit Card

- Eligibility
The eligibility for EMI cards is simpler than that for credit cards. Any individual between 21 and 60 years of age with a regular income can apply for an EMI card. To apply for a credit card, you need to be older than 18 with a regular income, a savings account, and a good credit history and score.

- Documentation
For EMI card applications, all you need are your Aadhar card, PAN card, a cancelled cheque, a passport size photograph, and your ECS mandate duly signed. While with a credit card, you’ll need to provide all the above along with salary proof and age proof, and various bills and receipts as well to show your credit history.

Thus, using EMI cards for your purchases may actually be more feasible for the middle-class buyer than using credit cards.

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