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EMI Shopping for Electronics: How to Shop Without a Credit Card

Purchasing electronics has never been so effortless since the concept of EMI (Equated Monthly Instalment) came into play. Gone are the days when people used to plan their budget accordingly to purchase a new LED television. To buy electronics on EMI is one of the wisest decisions one can make as not only it offers flexibility and helps you go for the best.

If you have heard about an EMI card in India, you might know that such cards offer interest-free EMIs, which means that despite breaking down the whole payment in parts, there is no need to pay extra interest. Notably, only a few financial institutions offer this EMI card. Personally, I have been using the one offered by Bajaj Finserv, from which I purchased my new smartphone.

Nowadays, these EMI cards are trending as they offer no-cost EMIs for a longer tenure, unlike certain credit cards that offer a max tenure of six months. So, shopping on EMI without credit card and instead with an EMI card is the best option.

What is an EMI card?

An EMI card is a card which works as a pre-approved loan helping you to purchase any durable and lifestyle product of your choice. Currently, it has become a popular and effortless way of making purchases as it makes the entire purchasing process seamless. When you buy an EMI card in India, remember that it comes with a pre-approved loan amount that can be used for both online and offline purchases.

It’s been around one month since I availed this card to purchase a new smartphone. The smartphone was priced at Rs 97,999. Is there any point in giving this hefty amount in one go when you can pay some part each month without any interest?

What is the difference between an EMI card and a Credit Card?

Purchasing products on EMI is accessible from both an EMI card and a Credit Card. But, there is a difference between both of them. An EMI card is a pre-approved loan in your wallet, and you can avail the loan facility to purchase any product of your choice. Whereas a credit card is an instrument which is issued by a financial institution that lets you purchase products on credit where the interest rate charges are usually very high.

While the credit card offers a maximum of six months of no-cost EMI, the EMI cards offer a lot more. Furthermore, for an EMI card, there are certain simple eligibility requirements, while for a Credit card, it is mandatory to have a good credit score. So, it is highly recommended to opt for without credit card EMI shopping and instead go for the EMI one.

As I have been using the Bajaj EMI card, I’ll only share some of its benefits here. Undoubtedly, longer tenure for EMI repayment without any interest is one of the best things this card offers.

Here are the top three benefits of this card –

1. Flexible Repayment Tenure

This card allows repayment within a flexible tenure varying from 3 to 24 months.

2. E-wallet

You can also use this card digitally on the Bajaj Finserv Wallet App, which will help you make in-store payments via the app only, and you’ll not have to carry your card everywhere.

3. Pre-approved loan

It comes with a pre-approved loan amount of Rs 2 lakh.

How to get an EMI card in India?

  1. Download the Bajaj Finserv application on your smartphone. It is available on the Play Store (Android) and App Store (iPhone).
  2. Once you log in, you’ll see the option for EMI Network Card under the ‘Products for you’ section on the homepage.
  3. Click on it and click on Get it now.
  4. Enter all the required details and proceed

Remember, there are certain checkpoints to avail this service, such as; firstly, your age should not be less than 21 years and not more than 60 years. Secondly, the most important one is that you should have a regular source of income.

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