If you have decided to avail of an EMI facility to make purchases, you can apply online for the Bajaj Finserv Insta EMI Card. This card has many unique features that will allow you to keep a balanced budget while incorporating large value items in your monthly purchases.
There are certain steps to be followed to get this card, and you need to be prepared with a few documents. The entire process is online, so no physical depositing of documents is necessary. The following are the documents necessary:
∙ You Aadhaar card
∙ Your PAN
∙ Your bank account details
The Aadhaar card is now a generally accepted identity proof with this country. Since the card’s data bank incorporates your biometric details, it is considered the most authentic proof in the country so far, specifically regarding date of birth and address.
You Permanent Account number, or PAN, is required for all formal financial transactions. This is as per government of India regulations. That makes it imperative for all financial institutions to ask for your PAN. This will be essential during your Bajaj Finserv Insta EMI Card payment procedures.
You will have to provide all bank account details. This will have to be the account with which your mobile number (the one you provide) is linked. Make sure that your PAN is also linked with this bank account. This is also a legal prerequisite.
The bank account is required principally for two reasons:
a) For the IFS Code, which is an important indicator of the bank branch, your account status (example, whether savings or current) etc.
b) To enable you to register your e-mandate with the bank.
During application, you will have to register an e-mandate. The mandate is you giving standing instruction to your bank, so the finance company can have its dues auto-debited from your account without you having to worry about it.
This facility is used by almost all finance companies. While it gives the company some assurance about payment, it relieves the client of the worries of having to go through payment protocols every time.
The process to register your e-mandate is clear. First, you will 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.
Talking about assurance of payment, the other critical prerequisite for the card is that you have to have a regular source of income.
Regular source of income
A regular source of income can be established in many ways. This is easy if you are salaried and your company gives you a salary slip or advisory every month. If you are in business, then this can be established through other means, including ITR submissions. You can even be a registered professional. Proof, some similar to a business owner, apply here.
Basically the finance company would want to know if you are solvent.
You must also show that you are between 23 and 65 years of age. Your Aadhaar card will prove this. You will be asked to pay a joining fee of Rs 530.
Getting the card
When you have all the documents at hand, go to the website to start the process.
For instant approval and activation, you will be asked to enter your mobile number and date of birth. Use the same phone number that is linked to the several official facilities as said before. Also, the date of birth should be what you have on your PAN card.
Having received the initial clearance (in 30 seconds), you will be asked to fill up all requisite details. This will also include you registering your e-mandate. Having done that, you are ready to download your card directly onto your phone.
A secure card
The fact that the card exists only in your phone is a security issue well dealt with. There is no chance of theft or of your losing the card. And since you will be the only one who knows how to use the card, including passwords etc., scamming is a distant possibility with this card.
You can start using the card as soon as it is downloaded. There is no waiting period, like other cards. You can immediately start visiting online or offline stores which partner Bajaj Finserv in this venture.
What you can buy
Tie-ups with over a lakh partner stores – online and offline – means that you will have a rather large spread of good to buy. There are over a million products to choose from. Even if you want to buy offline, you will have a very large number of stores spread across the country’s many cities. The goods range from utility products to luxury items.