Technology has brought a revolutionary change in every aspect of our lives, including shopping. With the introduction of big e-commerce platforms, consumers can buy almost anything online, from electronics to clothing, with just a few clicks. While online shopping has made our lives so much more comfortable, it has also given birth to new financial solutions like Bajaj Insta EMI card, which enables us to buy expensive products with an easy payment option.
For those who do not have enough money to pay for big purchases at once, the Bajaj Insta EMI card can be a lifesaver. With the help of this card, buyers can divide the payment of a purchased product into monthly installments. While it seems like a very good deal, there are some Bajaj Insta EMI card charges that must be kept in mind before applying for the card.
In this article, we are going to talk about what Bajaj Insta EMI Card Charges are and what you should keep in mind before getting one.
What is Bajaj Insta EMI Card?
Bajaj Insta EMI Card is a payment option offered by Bajaj Finserv. It works like a credit card but is available only to Bajaj Finserv customers. With this card, buyers can purchase anything, from a mobile phone to a TV, on EMI.
How to get Bajaj Insta EMI Card?
Getting a Bajaj Insta EMI card is easy. All you need to do is follow the steps below:
Step 1: Go to the Bajaj Finserv website and navigate to EMI card
Step 2: Fill out a simple form with your personal details
Step 3: Choose the amount and tenure of your preference
Step 4: That’s it. You will get your Bajaj Insta EMI card in your email within minutes.
Now, as you know how to get a Bajaj Insta EMI card, let’s discuss the Bajaj Insta EMI Card Charges that you should be aware of.
Bajaj Insta EMI Card Charges:
- Processing fee: The processing fee is a one-time charge that is levied when the card is issued. It is generally between 2% to 3% of the total loan amount.
- Prepayment charges: Prepayment is when you pay the outstanding loan amount before the tenure ends. Bajaj Finserv may charge a prepayment fee if you choose to close your loan account before the term ends.
- Interest rate: Bajaj Finserv charges an interest rate on the loan amount that is divided into monthly installments. Like any other loan, the interest rate for Bajaj Insta EMI card is determined by the credit score of the buyer.
- Late payment fees: If a buyer misses an installment payment, Bajaj Finserv may charge a late payment fee. It is important to pay your due installments on time to avoid late payment fees.
- Foreclosure charges: Like prepayment, foreclosure is when you pay the outstanding loan amount in one go. Bajaj Finserv may charge a foreclosure fee if you choose to close your loan account before the term ends.
- Bounced EMI charges: If you have insufficient funds in your account when the Bajaj Finserv EMI is due, your payment may bounce. Bajaj Finserv may charge a bounced EMI fee for the same.
- GST: Lastly, like all other financial products and services, Bajaj Finserv levies Goods and Service Tax (GST) on its EMI loan scheme. The rate of GST is generally 18%.
Now that we have discussed all the Bajaj Insta EMI Card Charges, below are some additional key takeaways you should remember.
What to Keep in Mind?
- Interest rate: Interest is one of the most important Bajaj Insta EMI card charges that you should keep in mind. It is always better to compare interest rates offered by different credit cards to get the best deal.
- Duration of loan tenure: The tenor is the period over which your EMI options will be calculated. In case of the Bajaj Insta EMI card, the tenure can go up to 24 months. It is wise to choose the period that suits your financial comfort.
- Processing fees: While processing fees are generally a one-time charge, they can make a considerable difference to your total loan amount. It is important to choose a provider with a low processing fee.
- Prepayment and foreclosure charges: Before opting for a Bajaj Insta EMI card, make sure to go through the prepayment and foreclosure terms and conditions. It is important to know if you will be charged extra in case of prepayment or foreclosure.
- Late payment charges: Always make sure to pay your due installments on time to avoid late payment fees. Late payment fees are usually a percentage of the outstanding payment.
- Bounced EMI charges: It is important to keep the required amount in your account while the Bajaj Finserv EMI is due. Bounced EMI fees are usually a percentage of the bounced payment.
- Terms and conditions: Make sure to read the terms and conditions of the Bajaj Insta EMI card agreement carefully before opting for it. It is important to understand the clauses stated in the agreement.
In conclusion, the Bajaj Insta EMI card is a financial solution in which buyers can pay their big purchases in EMI options. However, it is essential to consider all the Bajaj Insta EMI Card Charges before opting for it. Comparing the charges with other EMI card providers and choosing the right tenure and processing fee can make a considerable difference to your total loan amount.
While Bajaj Insta EMI card can make your life easier and more comfortable, it is important to choose the best deal for your financial comfort.