Table of content
- What is an EMI?
- What is an EMI card and what are its benefits?
- How to get an EMI card in India?
Look around you. Every electronic appliance you see can easily be purchased nowadays since the concept of EMI has come into play. This latest trend of purchasing items in monthly instalments has increased the purchasing power of individuals.
It might have happened to you that when it comes to purchasing electronics, you must have postponed or sometimes cancelled the purchase plan due to the higher price tag. However, this issue has been resolved with EMIs. The topmost tip that why you should buy electronics on EMI is that it stretches your budget more than you ever thought.
Moreover, if you are thinking about purchasing expensive items on credit cards, then you need to re-think. This is because only six months of no-cost EMI period is old school now!
What is an EMI?
Equated Monthly Instalment or EMI is a type of loan repayment where the borrower pays back a fixed amount each month over a fixed period of time. It is pertinent to mention here that it also includes a portion of the principal amount as well as the interest. However, it is used to purchase electronics or other expensive items that the borrower may not be able to afford to pay for all at once.
What is an EMI card and what are its benefits?
Access to an EMI card enables shopping on EMI without credit card. This card is one of the most popular ways of making purchases nowadays and it works as a pre-approved loan helping individuals buy anything they desire.
Further, this can be used for online and offline purchases. Around four months ago, I was planning to purchase a new 75-inch smart television. It was priced at Rs 1,09,999 and I was not financially stable to pay the complete amount at once. This is when I came to know about the EMI card. Being a Bajaj Finserv user, I came across it many times and finally got it!
Further, its prime benefit is that its no-cost EMI period is much longer than the mainstream six-month period. Secondly, as it comes with a pre-approved loan of Rs 2 lakh that easily enhances your budget.
How to get an EMI card in India?
- Download the Bajaj Finserv application on your smartphone.
- Sign up by entering your mobile number
- Once you log in, you’ll see the option for EMI Network Card under the ‘Products for you’ section on the homepage.
- Click on it and click on Get it now.
- Enter all the required details and proceed
Meanwhile, next time someone asks you ‘How to do shopping on EMI without credit card?’, you have the answer now! EMI cards are one of the best financial instruments whenever you are planning big purchases, especially when it comes to electronics.