If you are planning to purchase electronics, furniture, or any big-ticket item on easy EMI, then the Bajaj Finserv Insta EMI Card can make your shopping easier and lighter on pocket!
But before applying, you might be curious- “How can I check my Bajaj EMI eligibility?” or “What is the minimum CIBIL score for the Bajaj Finserv EMI Card?”
What is the Bajaj Finserv Insta EMI Card?
What's inside?
Bajaj Finserv Insta EMI Card is a pre-approved credit instrument that lets you convert your purchases into no-cost EMIs. This card is accepted at 1.2 million-plus partner stores across India, online and offline, for everything from shopping electronics to home appliances, travel, and much more.
How to Check Bajaj EMI Card Eligibility Online?
You may check your Bajaj EMI eligibility through the official site or app with great ease. Here’s how:
Online Process:
- Visit the Bajaj Finserv website or open the Bajaj Finserv app.
- Go to the Insta EMI Card or Check Eligibility section.
- Enter Your Details- Name, Date of Birth, Mobile Number, and PAN.
- Check Pre-approved Offers- If you’re an existing Bajaj Finserv customer, you might already have a pre-approved EMI card offer.
- Use the Eligibility Calculator- The online Bajaj EMI Eligibility Calculator helps you estimate eligibility based on your income and credit score.
Offline Process: If you prefer to apply offline:
- Visit a Bajaj Finserv branch or partner retail store.
- Fill out the application form and submit your documents.
- After verification and approval, you’ll receive your digital or physical EMI card.
- Approval is usually instantaneous if your document verification and credit profile checks out.
Eligibility Criteria for Bajaj Finserv Insta EMI Card
Criteria Requirement:
- Age: 21 to 60 years
- Income: Regular income from job or business
- Credit Score: Minimum CIBIL score of 700
- Residence: Must be from a city where Bajaj Finserv operates
- Repayment History: Positive track record of EMIs and bills
A good repayment history and definitely good credit utilization, which should be less than 30%, will definitely add to more chances of approval.
Factors affecting Your Bajaj EMI Eligibility
- Credit Score- Above 700 denotes good financial behavior.
- Existing EMIs- Having too many running loans would be detrimental for you.
- Income-to-Debt Ratio- A preferred scenario is when EMIs are not above 40% to 50% of income.
- Repayment Record- A good reputation is stemmed from timely repayment.
- Credit Utilization- Keep it low, as high credit utilization only indicates that you are too dependent on credit.
How to Improve Your Bajaj EMI Eligibility?
In case your application got rejected or you just want to increase your chances of approval, follow these tricks:
- Have a great credit score by making your EMIs and bill payments on time.
- Have a low credit utilization ratio (preferably below 30%).
- Avoid applying for more than one loan in a short period.
- Clear your existing debts before applying for a new EMI card.
- Keep all your income proofs updated, especially if you are self-employed.
Documents Required for Bajaj Finserv EMI Card
- Identity Proof- Aadhaar Card, PAN Card, Passport, Voter ID
- Address Proof- Aadhaar Card, Utility Bill, Passport
- Income Proof- Salary slips, Bank Statements, ITR (for self-employed)
- Photograph- Passport-size photo
Features and Benefits of Bajaj Finserv EMI Card
- Pre-approved loan limit to facilitate instant purchases
- No-cost EMI schemes applicable on 1.2M plus partner products and brands
- Free choice of repayment tenure from 3 months to 24 months
- Instant approval and digital card issuance
- Transparent charges-no hidden costs
- Highly versatile-from electronics to furniture, even travel or insurance
Minimum CIBIL Score Required
CIBIL score of 700 and above is basically essential to get the Bajaj Finserv EMI Card. And that score reflects your credit handling capacity. Higher the score, higher will be the credit limit afforded to you, perhaps even allowing for instant approval without income proof.
Frequently Asked Questions (FAQ)
1. Can I get Bajaj EMI Card without income proof?
On occasions, some pre-approved for the card existing Bajaj Finserv customers can have it even without any fresh proof of income in case of strong ancestors.
2. What if my CIBIL score is below 700?
You may still apply, but chances of getting approval will be less. You will improve your score and apply once again after a period of 2-3 months.
3. How long does it take for Bajaj EMI Card approval?
Online verification for approval is mostly instant, while offline procedure takes around 24-48 hrs.
4. Are students or homemakers eligible for application?
Only applicants with a regular income source or family-based credit link can apply.
5. What happens if I fail in checking for my eligibility?
You can check the prospects of improving your credit score, clear out all the dues standing upon you, and try applying again.
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