Insta EMI Card or Credit Card. Which one to get

Benefits, application process, interest charges, eligibility criteria and usage explained
Insta EMI Card or Credit Card. Which one to get
2 min read
28 Sep 2022

Although Insta EMI Card and credit card are available in digital and plastic versions (credit card only), there are significant differences in what these cards mean, how they work and the benefits these cards offer.

Since most of us already have a credit card, let us have a recap.

A credit card is a card wherein the issuing bank will assign a limit to the cardholder. The cardholder can use this limit to pay for any expense, although in some cases, there might be some exceptions. At the end of each month, the cardholder has to pay back the entire outstanding (total of all the expenses made on the card in that month). In case the cardholder chooses to pay a part of the outstanding, a hefty interest is charged on the remaining outstanding until the repayment. For some of the transactions, a credit card also offers the option to convert the purchase into interest-bearing or interest-free EMIs.

Each time, the cardholder decided to convert the expense into an EMI, the available limit of the card is blocked for that amount until the time of repayment. A credit card can be used at any outlet that accepts a Visa or a Mastercard.

In a Bajaj Finserv Insta EMI Card, our existing customer is assigned a line (loan amount available for purchase on EMIs). Our existing customers can use this card to purchase any of 1 million products ranging from electronics, apparel, gadgets, furnishing, and more across our partner online and offline network.

Each purchase made on the Insta EMI card is treated as a loan wherein the corresponding loan number is assigned to you. You can pay back this loan in EMIs over the tenure opted by you. You can make multiple purchases as long as the total amount spent is less than the line assigned to you. You also have the convenience of choosing different tenures for different purchases.

Both these cards come with a host of features. These are detailed below

Interest on your purchases:
In a credit card, you are not charged interest on your purchases as long as you pay for them on the due date. Please note, you have to pay 100% of what you spend in the month.

In Insta EMI Card, you get to pay for the purchase of up to 24 EMIs. In addition, you do not have to pay any interest on your EMIs. For example, Tanuja buys a television for Rs. 50,000 and selects tenure of 12 months. She chooses to make four EMIs as a down payment and the remaining amount of Rs. 33,333.3 over 8 EMIs of Rs. 4166.67 each. From time to time, we offer a special promotion wherein our customers do not have to pay any down payment.

Pre-approved/ pre-assigned limits:
In a regular credit card, you have to complete the entire application process and provide your personal and income details to know your pre-approved limit. Whereas in our Insta EMI Card, our existing customers will get a pre-approved limit. Our customers can check this limit by using their registered mobile number and verifying it with OTP.

We have recently introduced a service wherein anyone who is not our customer can generate their Insta EMI Card offer online. All you need is a valid mobile number.

Check your Insta EMI Card offer

Foreclosure charges
For the Insta EMI Card, you can foreclose the loan at any time during the tenure without any additional charges. You will need to pay the entire outstanding to foreclose the loan. In a credit card, there is no concept of foreclosure charges.

How to get an Insta EMI Card
A step-by-step guide to applying for an Insta EMI Card.

  1. Click on the ‘Apply’ button on this page.
  2. Provide your basic details, including your mobile number and date of birth.
  3. Submit the OTP received on your registered mobile number.
  4. Check your pre-approved limit to proceed further.
  5. Verify and confirm your KYC details.
  6. Activate your Insta EMI Card by paying a nominal joining fee of Rs. 599.

Frequently asked questions

Can I use the Bajaj Finserv Insta EMI Card as a credit card?

The Bajaj Finserv Insta EMI Card is a good alternative to credit cards. You can use it to shop for 1 million+ products across 3,000+ locations on No Cost EMIs. With the Insta EMI Card you also get a pre-approved card limit of up to Rs. 2 lakh.

However, Insta EMI Card cannot be used as accredit card when it comes to withdrawing money from the ATM or draw a personal loan against the available limit.


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