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Insta Credit Plus FAQ

Insta Credit Plus- FAQ

What is the Insta Credit Plus offer?

The Insta Credit Plus is an exclusive offer available to customers who have taken a Consumer Durable Loan from a Bajaj Finserv dealer store. With the offer, you can transfer an amount of Rs.5,000 from your EMI Network Card to your Bajaj Finserv Wallet App.

How does the offer work?

You can avail the offer by following these easy steps-
• Click on the link in the SMS you receive after you have availed EMI finance from a Bajaj Finserv dealer store
• Accept the terms and conditions
• Tap on “Add Insta Credit”
• Your Bajaj Finserv Wallet App will be instantly credited with Rs.5,000

Where can I see the credited amount?

You can use the wallet balance, by updating your KYC details i.e. entering your Aadhaar Card/ PAN Card/ Voter ID number. Post successful KYC updation, you would be able to use your balance.

How can I use the amount credited in the Bajaj Finserv Wallet App?

You can use the wallet balance, by updating your KYC details i.e. entering your Aadhaar Card/ PAN Card/ Voter ID number. Post successful KYC updation, you would be able to use your balance.

What do I do in case I am unable to use the amount credited at a MobiKwik Partner network?

You should check if you have updated your KYC details on the app; if not, then you should finish the updating the same.. If you are still unable to use the amount, then please reach out to bajajsupport@mobikwik.com

How does this credit affect my existing EMI Network Card balance?

Your existing Bajaj Finserv EMI Network Card balance or limit will be reduced by Rs.5000 because the credit made to your wallet app.

How long can I use the Insta Credit Plus offer?

You can use this credit for a tenor of 6 to 12 months, depending on the tenor of your main product/ Bundled product tenor.

Can the tenor of the credit be changed later?

Bajaj Finserv can reschedule the tenor basis the below T&Cs.

A. If your main loan is cancelled and subsequent EMI for bundled loan is not presented then the loan tenor will be rescheduled to 3 months with EMI amount 1783/month.

B. If main loan account number doesn’t get generated within 20 days from transaction due to incomplete documents, incomplete bank details etc. and subsequent EMI for bundled loan is not presented then the loan tenor will be rescheduled to 3 months with EMI amount 1783/month.

How do I repay the loan?

The corresponding EMI will be automatically deducted on the 2nd or 5th day of every month from your bank account till the loan tenor is completed. The exact due date will be mentioned in the statement of account & welcome letter you receive on e-mail. You can see the EMI you will pay for the tenor you choose-

Loan Amount Tenor EMI Amount
5000 12 458
5000 11 500
5000 10 550
5000 9 611
5000 8 688
5000 7 786
5000 6 917

Can I foreclose the loan availed?

Yes, you can foreclose the loan i.e. repay the outstanding balance on the Insta Credit Plus in one payment. You can do this after you have paid your first EMI amount.

Follow these easy steps to foreclose your loan:

• Log in to the Bajaj Finserv customer portal- Experia Click on “Online Payments” under the “Payments” section
• Click on “Foreclosure” under the “Online Payments” section
  For more details, please check the terms and conditions
• Or you can also download the Bajaj Finserv Wallet App that is available on both Google Play Store and Apple iOS.
• Log-in with your Bajaj Finserv registered mobile number or Experia Member ID
• Type in your OTP/Password
• Tap on “See Details” under the active loan section
• Tap on “Pay Now”
• Swipe right and tap on “Proceed” under “Foreclosure”
• Add the “Reason for foreclosure”
• Select the payment method and validate the payment

Will I have to pay any charges on the loan?

A nominal interest charge of Rs. 500 will be applicable on Insta Credit Plus of Rs. 5000

What are the late payment charges?

In case there is a delay in paying the EMI, Bajaj Finserv charges a penal interest of Rs.150 per month on the loan outstanding as on that date.

What if my payment bounces?

Bajaj Finserv applies a bounce charge of Rs.450 per month

How do I cancel my loan?

As per the terms and conditions, a loan once booked, cannot be cancelled. However, you are entitled to foreclose the loan. In case of any more queries, please reach out to wecare@bajajfinserv.in, bajajsupport@mobikwik.com or call us at 020-39575152.

Where can I use the Insta Credit Plus?

You can use the Insta Credit Plus offer to make payments at over 1 million online and offline merchants like BookMyShow, Swiggy, Zomato, IRCTC and more.

Can I transfer this amount to my bank or a peer?

No, the amount cannot be used to make transfers to bank and peers. You can use it to transact at our merchant network.

Is the amount shown under Bajaj Finserv Insta Credit different from my normal wallet balance?

The only difference between the Bajaj Finserv Insta Credit and wallet balance is that you cannot transfer the Bajaj Finserv Insta Credit balance to your bank account or to a peer.

What if I lose my phone and/or change the mobile number linked to my Bajaj Finserv and Mobikwik Wallet App, will the amount get transferred on the new mobile number?

No, the amount will not be transferred to the new mobile number. The amount will remain in the wallet connected to the mobile number through which this credit is taken.

I have got the offer but why are my friends/family members not getting the offer?

As per our policies, the offer is currently available for selected customers who have availed EMI Finance from any of our dealer stores.

How can I get my statements for repayment schedule, statement of accounts or no objection certificate?

The Statement of Account will be visible under the EMI loan details section on the Bajaj Finserv Wallet App.

All loan account statements can be viewed on the Bajaj Finserv Wallet App or can be downloaded by logging on to https://www.bajajfinserv.in/customer-portal using your Experia user id & password.

Alternatively, for a statement of account you can SMS “SOA” to 9227564444

My query is not here, is there a helpline that I can reach out to?

For any other queries, you can call us at 020-39575152 or write to us at wecare@bajajfinserv.in, bajajsupport@mobikwik.com

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