Mon, Dec 5, 2016 | updated 06:05 PM IST

Go cashless with the Bajaj Finserv EMI card

Updated: Nov 11, 2016 12:45 IST

New Delhi [India], Nov 11 (ANI-BusinessWireIndia): Prime Minister Narendra Modi's announcement on Tuesday about the withdrawal of Rs.500 and Rs. 1,000 currency notes from the market took everyone by surprise.

The move was directed at cracking down on India's long-standing problem of 'black' money and corruption. PM Modi's announcement is being looked upon as a bold move that will help accelerate the adoption of a cashless economy.

However, the change - effective immediately - was bound to have a big impact on the common man. While banks are dealing with the implications of the new order and the subsequent restrictions on transactions, the market is currently facing a cash crunch.

Why let this cash crunch affect you? And how can you find a way to beat the hindrances caused by the current market scenario?

With your EMI (Existing Member Identification) Card, you can shop for consumer durables, furniture or apparel, footwear, eyewear or even groceries at retailers such as Reliance, Croma, Vijay Sales, Viveks, Girias as well as brand stores such as Apple, Samsung, Sony, Arrow, UCB, and more. The EMI Card network exists at more than 30,000 retailers across 817 towns and cities.

Bajaj Finserv EMI card provides a smart, hassle-free way to shop and go cashless. It gives you access to a pre-approved loan, which you can use to make your daily purchases. Approval happens instantly, all you have to do is swipe the card to get approval. Unlike other EMI plans, you need not wait a couple of days for approval. You may even find no-cost EMI deals from time to time.

Here is a closer look at its benefits:

An affordable way to shop: The EMI card entails a joining fee of Rs. 399 and a renewal fee of Rs. 99. However, the renewal fee applies only if the cardholder does not avail any loans in the past 12 months. If you do avail a loan during the period, no renewal fee becomes due. Unlike other loans, EMI card transactions are free of interest.

Easy application process: Interested customers may apply for the card in two ways that includes through the customer portal (only for existing customers) and at Bajaj Finserv's partner stores.

Minimal documents required: The documentation required is minimal. It includes an address proof, a photo ID, a photo, and a cancelled cheque. You may need a credit-related document such as your salary slip.

Super-quick loan approvals: If you are a card-holder you can get instant approval for loans as soon as you swipe or submit your card details.

EMI payments are cheaper and easier: Each transaction functions like an interest-free loan. This helps you save on EMI payments, especially compared to paying big credit card debts.

Shopping becomes more convenient: When you use the EMI card, online shopping is as easy as A, B, C. Although it is not a credit card, it offers the same convenience. You simply enter the card details and submit the one-time password for verification.

Zero foreclosure charges: Most loans have penalties on early payment. But that is not the case for the EMI card. The card encourages pre-payments.

There is no limit on the prepayment amount and customers can make up to six prepayments free of charge in a year.

Flexible tenure options: Any transaction with the Bajaj Finserv EMI card gives you options for the tenure. Common tenures are three, six, nine, and 12 months. You are free to choose whichever works for you.

Thus, it is no surprise that the EMI Card is the preferred mode of payment of more than 7 million customers who avail cashless transactions and take advantage of various unique propositions including offers, discounts and more. (ANI-BusinessWireIndia)