5 Differences Between an EMI Card & Credit Card

Overview

The twenty-first century is all about comfort, convenience, and entertainment. With millions of items on the market, it’s difficult to fight the temptation to buy, and credit card EMI is always the last resort. Although these may seem to be a boon when making a transaction, EMI cards have a number of advantages that traditional credit cards do not.

How Are EMI Cards Different From Credit Cards?

A credit card enables you to purchase items on credit, with comparatively high interest charges. The following are some of the ways an EMI card varies from a credit card:

Interest

EMI cards are available with No Cost EMIs, meaning they are interest-free. You simply pay in installments for the product you ordered, with no interest paid. As a result, you can easily purchase any electronics, clothing, appliances, and other stuff without burning a hole in your wallet. Credit cards, on the other hand, charge high interest rates based on the product’s quality. Each month, you must pay a minimum sum due,’ which is a combination of the amount you owe plus interest, to pay your credit card bills. You must continue to pay your bills before you cancel or quit using your credit card.

Eligibility

of 21 and 60 who has a consistent source of income. To apply for a credit card, you must be at least 18 years old, have a steady source of income, a savings account, and a positive credit history and score.

Documentation

All you need for an EMI card application is your Aadhar card, PAN card, a cancelled check, a passport-size photograph, and a duly signed ECS mandate. For a credit card, you’ll need to have all of the above, as well as evidence of income and age, as well as numerous bills and receipts to demonstrate your credit history.

Repayment Conditions that are Easy and Hassle-Free

You no longer have to be concerned about repaying your loan by EMI financing. Along with the ease of funding, repayment is also easy. To suit your budget, select a comfortable tenor ranging from 3 to 24 months. You can also foreclose your loan account after six months of on-time payments without incurring any additional fees.

Shopping that is Both Safe and Affordable

It’s as easy as swiping your EMI Card to shop at an offline partner store. You’ll never have to worry about your card being stolen with an OTP move to authorize your purchase.

Bajaj EMI Card Apply Online

If you’re a current customer who qualifies for an EMI card, you can apply online via the Bajaj Experia customer portal. You simply need to make an online payment of Rs.399 and the EMI card will arrive in two weeks. When you buy hardware, electronics, or lifestyle stuff on easy EMI through any of Bajaj Finserv’s partner stores, you can apply for an EMI card offline.

Wrapping Up

The latest trend is to buy things on a monthly basis. Anything from furniture to electronics to home appliances to clothing can be purchased on EMI without credit card . All you have to do is swipe a card and the world is yours. The procedure is similar to that of purchasing goods with a credit card, although there are several distinctions.

Finserv MARKETS offers a pre-approved loan of up to Rs.4 lakh on EMI card, with no formalities and instant clearance. The loan has a versatile tenor, varying from three to twenty-four months. You have the option of selecting the tenor that best meets your requirements and repayment capability. Pre-approved offers are also available from Finserv MARKETS on other loans and financial services. Simply enter a few information to obtain your unique pre-approved bid.

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.