When you apply for the Bajaj Finserv Insta EMI Card, you should be a bit prepared with certain prerequisites. These will prove helpful when you log into the website to start the process. Two things that need to be understood are, firstly, for you to realise that the financial institution would want you to have a regular income. Secondly, you should first take a tour of the website and gain as much information as possible about the product before making a decision.
You may also go through the ‘General Terms and Conditions’ you will be required to agree to. These are standard terms and conditions that you need to familiarise yourself with.
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Regular income
Your regular income can come from your salary if you hold a job or your income from your business or as a professional. For a salaried person proving this is easy, while for a businessperson or a professional, you will have to refer back to your detailed ITR.
Also, the level of your regular income will not be important. An average income will be okay if your creditworthiness is not low.
The reason why you want this card
Next, you should be clear about why you need this card. For example, if you have lost your smartphone, the Bajaj Finserv Insta EMI Card is for phones. Such items are in the essential category today, as are regular kitchen utensils. You can also choose to buy a large television set. Your purpose of buying this card is essential to leverage your fixed income so that you can avail of more expensive things within your budget while paying back in instalments.
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The documents
The basic documents required to apply for this card are your Aadhaar card, your permanent account number (PAN), and your bank account details.
Aadhaar: Aadhaar is considered the best ID in this country because it incorporates your biometric details. It will also prove your date of birth and address.
PAN: The government of India and the RBI have stipulated that the PAN accompany all formal financial transactions. It is required to establish a digital footprint of your expenses.
Bank account: It is crucial that you provide the account number and IFS Code of that bank you wish to conduct transactions with. Therefore, this account should also be through which most of your income is routed.
It is important to note that while you apply for the Bajaj Finserv Insta EMI Card, the phone number you provide must be linked to all the above. Without that, you may not be able to access the card.
Other requirements
While there are no physical documents required to be submitted, there are some other basic criteria to fulfil. You must prove that you are between 23 and 65 years of age, and you have to pay a nominal joining fee of Rs 530.
Logging in
When you are ready with the above documentation, go to the website and enter your mobile number and date of birth on the landing page form. Remember to provide the date of birth that shows on your PAN.
Within half a minute of entering the above data, the site will give you the green signal. After this, you enter further details as required by the website.
The e-mandate
As you enter all requisite particulars of your bank, you will be asked to register an e-mandate. This is a necessary prerequisite. This will initiate an auto-debit feature with your account, which, in turn, will relieve you of the worries of remembering payment dates and physically going through the process each time. This feature also allows you to manage your loans efficiently, and you will not be required to submit documents at the time of purchase.
The procedure for this is also simple:
– First, you have to share your bank account and IFS Code
– Then, you verify all the details entered
– Finally, you submit the OTP you receive on your registered phone number for validation purposes.
How to buy the new phone?
Having gone through the basic procedures, you are ready to make your purchase. You can do this sitting at home, or you can make a visit to your favourite phone store.
When you enter the store (online or offline), you will notice that almost all the phones on sale are within your budget. If the phone of your choice is priced at, say, Rs. 60,000, you will realise that you can actually break this amount up into a maximum of 24 equal instalments. That is Rs. 2,500 per month. That would be an amount that you can manage within your budget.
Zero-interest
This is a big advantage of using the Bajaj Finserv Insta EMI Card for phones or other products. You do not have to pay anything extra. The interest charged is 0%. That level of leverage is rarely available, if at all, in any other card.
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