Credit cards and other financing options have become more popular and accessible today. Financial institutions have started offering value-added benefits, such as No Cost EMIs, to enhance the benefits of these cards.
In this case, No Cost EMIs allow you to pay for your purchases in instalments without interest charges. This means the provision enables you to buy your desired product without burdening your finances and helping you save money.
Among the many cards offering this feature is the Bajaj Finserv EMI Network Card. Accepted across the country, you can purchase products or avail services affordably with this card. In addition, the eligibility parameters of this card are easy, making it easily accessible.
How Does The No Cost EMI Option Work?
No Cost EMIs are a financing option wherein you are not charged interest costs for your product. This means you have to repay only the actual product price in instalments.
Also, note that while the card issuer does not levy any interest fees, processing fees may apply. For example, buying a product worth ₹20,000 on regular EMIs attracts an interest charge, which can amount to ₹4,000 or higher, depending on the rate.
This raises the total cost to ₹24,000, albeit in manageable instalments for a tenure of your choice. However, if you choose the No Cost EMI option, you have to only pay the total cost, i.e., ₹20,000 in equal instalments for a tenure of your choice.
Bajaj Finserv offers a discount on this option by adjusting the interest amount. Subsequently, the interest waiver on No Cost EMI is one of the top benefits you can enjoy and a critical feature that makes it different from the regular EMI option.
Additionally, you can purchase a high-end product with zero down payment. This means that you do not have to pay anything upfront; simply pay the total cost of the product purchased in equal instalments.
However, the zero-down payment feature may be applicable only on select products. You can check it out when purchasing the product online or offline. Hence, availing this option with the No Cost EMI makes your purchase even more affordable.
When to Choose No Cost EMIs
While choosing a No Cost EMI comes with numerous benefits, relying on it, even for the purchases you do not need this option, can put you in a cycle of a debt trap. A debt trap is when you accumulate large amounts of debt, making monthly payments hard to keep up with.
This can be harmful not just to your creditworthiness but also to your current and future finances. As such, it is crucial to know when to choose the No Cost EMI option and keep your financial profile intact.
As a general rule, select the No Cost EMI option when you cannot pay for the purchase in one go. This way, you avoid the burden of a large one-time payment and you can get what you want. It also helps save on the interest you would otherwise pay through the regular EMI option.
Another opportune time to choose the No Cost EMI option is when making big-ticket purchases, even if you have the budget. This is because paying a considerable amount in a single go can cause financial strain, which you can easily avoid with this option.
Lastly, choosing No Cost EMI is a good option when there is an additional discount on it. Many merchant stores or retailers offer an additional discount when you buy through this financing option.
Things to Keep in Mind When Choosing the Best No Cost EMI Option
The best way to choose the best No Cost EMI is by making an informed decision. While knowing when to choose this option is one part of the process, knowing what points to factor in while choosing No Cost EMI is the other.
Here’s what you should keep in mind when choosing this option:
Although most issuers have no additional costs associated with the No Cost EMIoption, some may levy a processing fee. Make sure you consider this to ensure the No Cost EMI is beneficial. Overlooking the additional cost may result in you paying more than intended.
Before confirming your purchase with the No Cost EMI option, check if the EMI amount fits your budget. Doing this is crucial as not paying your instalment on time can affect your credit score, resulting in losing the card’s benefits.
Generally, the benefits and access to the EMI card are revoked if your credit score dip below the acceptable score. So, if the EMI amount is higher, choose a longer tenure to reduce the amount.
As mentioned above, many merchants may offer discounts when you pay through No Cost EMIs. So, check different merchant sites to see and avail a better deal.
Lastly, if you have multiple cards with No Cost EMIs, check the EMI amount and other benefits for all cards. This is because every card issuer may offer different options for the same product. A quick comparison ensures that you get the most benefit.
Eligibility for Bajaj Finserv EMI Network Card
As mentioned, the Bajaj Finserv EMI Network Card is one of the most popular cards offering the No Cost EMI option. With a limit of up to ₹2 Lakhs, you can complete almost any purchase with it.
Once you meet the criteria of eligibility for the Bajaj Finserv EMI Card, all you need to do is complete the simple application process to get the card in just a few clicks.
Here are the eligibility criteria for the Bajaj Finserv EMI Card:
With the simple criteria of eligibility for the Bajaj Finserv EMI Card, you can apply for your card right away and enjoy the host of features and benefits that come with it. All you have to do is visit the website to complete the application process.
However, use the card wisely and opt for the No Cost EMI option when needed. This helps you make the most of your card and aids in keeping your finances and creditworthiness secure.