Are you planning to make a big purchase but don’t have the funds to pay for it upfront? An EMI (Equated Monthly Installment) card might be the solution for you. With an EMI card, you can convert your purchase into affordable monthly payments.
In this article, we’ll guide you through the step-by-step process of getting an EMI card and how you can use it to enjoy no-cost EMI options. We will also take a look at how you can purchase a piano on no-cost EMI using your EMI card.
Step 1: Choose a Bank/Financial Institution That Offers EMI Cards
To get an EMI card, you need to choose a bank or a financial institution that offers this service. Most banks and non-banking financial institutions (NBFCs) offer EMI cards that can be used to make purchases at partner stores.
One of the most popular EMI card providers is Bajaj Finserv. Each provider has different terms and conditions, so make sure to compare them and choose the one that suits you best.
Step 2: Check the Eligibility Criteria
Once you’ve chosen a bank or NBFC, you need to check the eligibility criteria to apply for an EMI card. Most providers require you to be at least 21 years old and have a stable income source, such as a salaried job or a business.
You may also need to submit documents such as your PAN card, address proof, and income proof to apply for an EMI card. Check with your chosen provider for their specific requirements.
Step 3: Apply for the EMI Card
If you meet the eligibility criteria, you can apply for the EMI card either online or at a branch of the provider. The application process typically involves filling out a form and submitting the required documents.
Once your application is approved, your EMI card will be sent to you via mail or courier. Some providers also offer the option to download your card digitally.
Step 4: Activate Your EMI Card
After receiving your EMI card, you need to activate it before you can start using it. The activation process usually involves calling the provider’s customer care number or visiting their website to activate the card.
Step 5: Make a Purchase on No-Cost EMI
Using your EMI card, you can make purchases at partner stores and convert them into affordable monthly payments. Many stores offer no-cost EMI options, which means you won’t have to pay any interest or processing fee on your purchase. For example, if you’re planning to buy a piano, you can check if the store offers a no-cost EMI option. If they do, you can use your EMI card to purchase the piano and pay for it in monthly installments without any additional charges. This makes buying big-ticket items like pianos much more manageable for your budget.
Step 6: Repay Your Monthly Installments on Time
To avoid any late payment charges or penalties, make sure to repay your monthly EMI installments on time. Your EMI card provider will send you a statement every month detailing the amount due and the due date.
If you’re having trouble making the payments, you can contact your provider to discuss options such as restructuring your payment plan or extending the repayment period.
Getting an EMI card is a simple process that can provide you with financial flexibility and peace of mind. By converting your purchases into affordable monthly payments, you can enjoy the things you want without the burden of paying for them upfront.
If you’re planning to purchase a piano on no-cost EMI, make sure to choose a reliable store and check their terms and conditions. With the added convenience of EMI, you can convert your high-ticket purchases into small, manageable payments. One such instrument that helps you convert your high-ticket purchases into No Cost EMIs effortlessly is the Bajaj Finserv Insta EMI Card. The Insta EMI Card comes with a pre-approved limit of Rs. 3 Lakh and offers you the flexibility to choose a repayment tenure of your convenience, ranging from 1 month to 60 months.