In today’s fast-paced world, people are always looking to simplify their lives and make things easier. One way to do that is by using EMI cards. EMI cards, also known as Insta EMI Cards, have become increasingly popular over the years as they provide a convenient way for people to purchase products and services without having to pay the full price all at once. In this article, we’ll discuss how to use EMI cards to help you simplify your life, including how to get an EMI card online and the different benefits it provides.
What Is an EMI Card?
An EMI card is essentially a type of credit card that provides you with the flexibility to make purchases and repay the amount in instalments. The repayment amount is fixed by the lender and can be paid back over a certain period of time. Using an EMI card enables you to make larger purchases without having to pay the entire amount upfront, making it an attractive option for those who don’t want to deplete their savings all at once.
Types of EMI Cards
There are two types of EMI cards: physical and virtual. A physical EMI card is a plastic card that functions like a regular credit card. You can use it at any store that accepts credit cards. On the other hand, a virtual EMI card is one that is generated online. You do not need a physical card to make purchases with a virtual EMI card. Instead, you simply need to input the card details during the checkout process.
How to Get an EMI Card Online
Getting an EMI card is easy and can be done online. Many lenders offer online application processes, which means you can apply for an EMI card from the comfort of your home without having to visit a physical branch. Here are the steps to follow to apply for an EMI card online:
Step 1: Choose a Lender
The first step to getting an EMI card online is to choose a lender. There are many lenders in the market, so it is important to do your research and compare the different lenders’ offers. Look for a lender who provides competitive interest rates, flexible repayment terms and has a good reputation.
Step 2: Fill in the Application Form
Once you have chosen a lender, the next step is to fill in the application form. You will need to provide personal details, such as your name, date of birth, address, and income details. You will also need to provide proof of income, such as your salary or bank statement.
Step 3: Wait for Approval
After submitting your application, you will need to wait for approval. The lender will review your application and verify the details provided. If everything is in order, your application will be approved.
Step 4: Receive Your EMI Card Details
Once your application is approved, you will receive your EMI card details. If you have applied for a physical card, it will be delivered to your registered address. If you have applied for a virtual card, you will receive your card details via email or SMS.
Step 5: Use Your EMI Card
Once you have received your EMI card details, you can start using your card to make purchases. Remember to check the merchant’s EMI options before making a purchase.
Benefits of Using an EMI Card
Using an EMI card has many benefits. Here are some of them:
Flexible Repayment Options: One of the biggest advantages of using an EMI card is the flexibility it provides in terms of repayment. You can repay the amount in installments over a certain period of time, making it easier for you to manage your finances.
Less Interest: EMI cards usually come with lower interest rates compared to regular credit cards. This means that you can save money on interest charges when you use an EMI card.
Increase Your Purchasing Power: With an EMI card, you can make larger purchases without having to pay the full amount upfront, giving you more purchasing power.
No Down Payment Required: Unlike traditional loans, EMI cards do not require a down payment. This means you can make a purchase without having to save up for a down payment.
Things to Consider Before Using an EMI Card
While using an EMI card can be beneficial, there are some things you need to consider before using one. Here are some of them:
Repayment Schedule: Make sure you are aware of the repayment schedule. This will help you plan your finances better and ensure you do not miss any payments.
Interest Rate: Check the interest rate before using an EMI card. Some lenders may offer lower interest rates compared to others, so it is important to do your research.
Merchant Acceptance: Not all merchants accept EMI cards, so make sure to check beforehand. This will prevent any surprises at the checkout counter.
Other Options to Consider
While EMI cards can be a convenient way to make purchases, there are other options to consider. Here are some of them:
Personal Loans: If you need to make a larger purchase, a personal loan may be a better option. Personal loans usually have lower interest rates compared to credit cards and EMI cards, making them a more cost-effective option.
Credit Cards: Regular credit cards can also be a good option if you can pay back the full amount within the grace period. This will help you avoid interest charges.
In conclusion, using an EMI card can be a convenient way to simplify your life and make larger purchases without having to pay the full amount upfront. With flexible repayment options, lower interest rates, and increased purchasing power, EMI cards provide many benefits. However, it is important to consider the repayment schedule, interest rates, and merchant acceptance before using an EMI card. Personal loans and credit cards are also good options to consider. Downloading the Bajaj Finserv app can be an excellent option to manage your finances and get an EMI card.