India has long been a market for products from any country. Owing to the diversity and the sheer size of the population, manufacturers from across the world usually launch their products in India for commercial viability.
As more and more products continue to reach the Indian market, the local economy is also growing. With consumers seeing increased choice in terms of products, their options in terms of modes of payment have also risen. The last decade saw an exponential rise in usage of debit cards as well as credit cards, but in recent times, virtual payment cards have begun to make an appearance.
Financing companies have begun to offer EMI Cards, which enable users to buy premium products online as well as offline and repay it over a flexible duration of time. The Bajaj EMI Card, offered by Finserv MARKETS, enables you to buy premium products at no cost EMIs and with zero downpayment. Additionally, you can access information pertaining to your Bajaj EMI Card through your Bajaj Finserv Customer Portal, and repay your EMIs comfortably over a period of time ranging from 3 to 24 months. This significantly enhances the convenience for users and enables them to make purchases straight from the comfort of their own homes while also staying updated on your credit status.
There are several ways in which the virtual payment card is proving to be superior to plastic money in the form of debit and credit cards. Read on to learn more:
- Increased Accessibility:
The virtual payment card is stupendous in its ability to streamline payments. Whether it is online or offline, you can now buy premium products with the utmost of ease. The Bajaj EMI Card for instance enables you to purchase a wide array of smartphones, home appliances and other electronic goods at online marketplaces and across more than 84,200 network partners at more than 1,300 offline stores as well. Shopping with the Bajaj EMI Card enables you to convert all your purchases into EMIs, wherein you can repay the cost over a period of time, through smaller installments. The Bajaj Finserv Customer Portal allows you to track your different expenses, whether online or offline, and keep a consolidated account of your expenses, your outstanding payments and how soon you are expected to repay them.
- Faster Documentation:
Everyone knows the horrors of paperwork, and for availing plastic cards, it always seems like there’s no end to it. With an EMI Card that facilitates virtual payments, it is possible for you to complete all your documentation online and ensure that all the processes you need to complete can be done from the comfort of your own home. There is also no need for you to carry any documentation in order to authenticate your purchase either online or offline.
- Higher Pre-Approved Limit:
Every virtual payment card comes loaded with a pre-approved loan limit that lets you begin spending and making purchases as soon as the card is yours. With a Bajaj EMI Card, available on Finserv MARKETS, you get access to up to Rs 4 lakh as a pre-approved loan limit, which you can use to buy a range of premium products.
- Flexible Repayment Tenures:
With any kind of virtual payment, the most pressing matter of concern is the payment tenure. This relates to the amount of time you have for repaying the expense you have incurred in purchasing the product. However, most virtual payment cards offer a flexible tenure that you can opt for in order to ensure you can comfortably repay the expense incurred. You can decide how long your repayment period is going to be for.
- Affordable Shopping:
The most significant benefit of a virtual payment card is how affordable everything becomes once you start shopping with it. The price of literally any product can be reduced by converting it into easily payable EMIs. With the Bajaj EMI Card, you can even foreclose your loan post payment of the first EMI, without any additional charges.
Now that you understand the various benefits that a virtual payment card offers over plastic cards, it would be useful to learn where you can get the best virtual payment card for your needs.
The Bajaj EMI Card, available on Finserv MARKETS, can be availed by any Indian citizen residing in India with a regular source of income and aged between 25 to 60 years. The application can be processed online by submitting a few documents. These include your PAN Card, Aadhar Card, a signed ECS mandate, a cancelled cheque and your passport size photos.
Read on to learn more about the process of availing the card.
- You can either visit the Finserv MARKETS website or avail the app
- Head to ‘Payments’, click on ‘EMI Card’ and then click on ‘Apply Now’
- Fill in a form with details required to validate your eligibility
- Finish the rest of the application, and pay Rs. 530
- You will receive an SMS containing a link to your new EMI Card that you can now use to shop across online and offline platforms.
Once you begin using the card, you can easily access the Bajaj Finserv Login Portal to access your payments, outstanding balances and payment due dates.