Explore the journey of a popular financial tool, its regulatory challenges, and triumphant return, offering seamless transactions and flexible payments
Change is a constant in the financial world. Leading this change, and transforming the way we shop, is the Bajaj Finserv Insta EMI Card. With the power to buy now and pay later, the Bajaj Finserv Insta EMI Card makes your dreams a reality while keeping you on budget.
RBI restrictions
In a significant development that has stirred the financial sector, the Reserve Bank of India (RBI) has lifted its restrictions on the Bajaj Finserv Insta EMI Card. This is a game-changer for the card and opens up exciting new possibilities.
The RBI had initially imposed restrictions citing Bajaj Finance’s non-adherence to certain RBI guidelines. These guidelines aim to protect consumers in digital lending. The issue was that Bajaj Finance was not fully in compliance with these guidelines. Specifically, with regard to issuing Key Fact Statements (KFS) to borrowers for loans through the Insta EMI Card. KFS is an important document that outlines key details like interest rates, fees, and repayment terms.
Undeterred, Bajaj Finance took action to address the RBI's concerns and comply with the guidelines. The proactive approach and commitment to regulatory compliance paid off. The RBI saw their efforts and lifted the restrictions. This development is significant for the Insta EMI Card. It means the card can now move forward without limitations. But more importantly, it highlights how crucial it is for lenders to follow the rules set by the regulator to protect consumers.
Bajaj Finserv Insta EMI Card benefits
With the lifting of the restrictions, the Insta EMI Card is back and better than ever. Here are some of its standout features and benefits:
High pre-approved limit: With a generous pre-approved limit of up to Rs. 3 lakh, making big-ticket purchases are no longer a hassle. Moreover, you no longer need to worry about overspending.
Flexible tenure: With the flexibility that comes with choosing your own repayment term between 1 to 60 months, you can manage your finances more effectively.
Widespread acceptance: Shop for a wide range of products in over 1.5 lakh partner stores at more than 4,000 Indian cities or on leading e-commerce websites.
No Cost EMIs: Worried about additional costs and extra charges? Well, when you shop with the Insta EMI Card, you only pay the price of the product.
Zero down payment offers: During festive seasons, you can walk out with your purchase, without any upfront payment,thanks to the zero down payment offers.
Nil foreclosure charges: You can pay back your loan without incurring any extra charges and manage your finances as you deem right.
Improved creditworthiness: If you make your EMI payments on time, everytime, your credit score gets a boost. This improves your chances of accessing premium credit products in the future.
Bajaj Finserv Insta EMI Card eligibility criteria
Indian national
Between 21-65 years of age
Having a regular source of income
With a credit score of 720 or higher
Possessing valid documentation, including PAN and Aadhaar Card, address proof, bank account information and IFSC code
Using your Insta EMI Card
Offline
Visit a Bajaj Finserv partner store
Browse and pick your desired product
At the billing counter, inform the store representative you're interested in in-store financing
Share your Insta EMI Card details
Choose a repayment tenure of up 60 months, per your financial situation
Make the upfront payment, unless you’re availing a zero down payment offer
The cost of your purchase, without additional changes, will be split into manageable monthly instalments across your chosen term
Online
On e-commerce websites like Amazon or Flipkart, browse and select your desired product
At checkout, opt for Insta EMI Card as payment
Share your card details and select a tenure that works for you
Get an OTP to authenticate the transaction
That’s it! The price of the product will be divided across your chosen term
Applying for the Bajaj Finserv Insta EMI Card
The process to apply for the Insta EMI Card is simple and can be completed either offline or online.
Offline: The store representative at the checkout counter will assist you with your application and verify your documents. So, ensure you carry your documentation along. Once you’re approved, pay the one-time fee of Rs. 599 to have your card issued.
Online: You can apply for the Insta EMI Card on the official Bajaj Finserv website. Simply share your mobile number and verify it with an OTP. Then, fill in the application form with your personal, employment, and bank account details. Complete the KYC verification thereafter and pay the one-time fee to have your card activated, ready-for-use. Alternatively, you can apply for the Insta EMI Card on the Bajaj Finserv App.
Remember, the Bajaj Finserv Insta EMI Card is more than just a payment too. It’s the perfect shopping companion, enhancing your experience. With the lifting of the RBI restrictions, the card is set to revolutionise digital payments in India. So, why wait? Visit the Bajaj Finserv website today or download the Bajaj Finserv App and step into the future of shopping.
