Bajaj Finserv Consumer Durable Loan Interest Rate
In case of subvented products, it is the dealer/manufacturer/OEMs that bear the interest cost of the Bajaj Finserv consumer durable loan and not the borrower. However, borrowers bear the GST incurred on the interest component. The applicants may also have to make down payment or pay processing fees depending on the product or loan tenure.
In case of non-subvented products, the borrower would have to bear the interest cost, just as in the case of a personal loan, home loan, gold loan, etc. Therefore, borrowers opting for non-subvented products should compare the Bajaj Finserv Personal Loan interest rates or personal loans offered by other lenders.
Types of Bajaj Finserv Consumer Durable Loan
Individuals can avail Bajaj Finserv consumer durable loans through its EMI Cards – EMI Network Card and Insta EMI Card. Using the EMI Cards, customers can shop for their favourite products at Bajaj Finserv’s offline partner stores such as Vijay Sales, Croma, Reliance Digital, Big Bazaar, etc. as well as online e-commerce platforms such as Amazon, Flipkart, Samsung, Pepperfry, etc. Individuals can also shop at the Bajaj Mall and enjoy additional benefits like home delivery, zero down payment, doorstep demo, etc.
Buyers without an EMI Network Card can use Bajaj Finserv’s in-store financing facility. All they have to do is visit to any of the Bajaj Finserv’s partner store, select the product to be purchased, select the repayment tenure, opt for in-store financing by submitting some basic documents — a Proof of Address, a Signed ECS Mandate and a Cancelled Cheque.
Bajaj Finserv EMI Network Card
- Pre-approved Limit of up to Rs 2 Lakh: Cardholders get a pre-approved limit of up to Rs 2 lakh, which they can use at more than 1 lakh partner stores spread across the country.
- No Cost EMI: Convert purchases from any of the Bajaj Finserv’s partner stores into easy and no cost EMIs.
- Zero Foreclosure Charges: No charges will be levied if the cardholder forecloses their loan account any time after paying the first EMI.
- Flexible Use: Use the card to shop online at various e-commerce platforms as well as at partner physical stores.
- Flexible Repayment Tenure: The card comes with a flexible repayment tenure ranging from 3 months to 2 years.
- Minimal Documentation: Basic documents required only on your first purchase at any of the partner stores.
- Easy Access: Access the card by visiting any of the partner stores nearby or from the Bajaj Finserv Wallet app.
- Additional Benefits: Shop online using EMI Network Card on the Bajaj Mall and enjoy additional benefits like home delivery, zero down payment, doorstep demo, etc.
Bajaj Finserv Insta EMI Card
Bajaj Finserv Insta EMI Card is almost like the Bajaj Finserv EMI Network Card. The only difference between them is that the Bajaj Finserv Insta EMI Card involves an easy and instantaneous 3-step end-to-end digital process (from card application till activation). Additionally, the Insta EMI Card comes with a pre-approved loan of up to Rs. 2 lakh. Bajaj Finserv Insta EMI Card allocates a customer identification number through which cardholders can fulfil the need for various goods and services by availing of a loan from Bajaj Finserv.
Eligibility Criteria for Bajaj Finserv Consumer Durable Loans
- For EMI Network Card – the age should be between 21 and 60 years
- For Insta EMI Card – the age should be between 23 and 65 years
- Should have a regular and defined source of income
Documents Required for Loan Application
- To avail Bajaj Finserv Insta EMI Card, applicants are not required to submit any documents. However, they need to keep the following details ready:
- PAN Card
- Aadhaar Number for KYC confirmation
- Bank a/c number and IFS Code for e-mandate registration
- To avail Bajaj Finserv EMI Network Card, applicants are required to provide the following documents:
- KYC documents (PAN Card and Aadhaar Card)
- A signed ECS mandate
- Cancelled Cheque
Bajaj Finserv Consumer Durable Loan Fees and Charges
|EMI Network Card Fee||Rs. 530 (Inclusive of applicable taxes)|
|Add-on Card Fee||Rs. 199 (Inclusive of applicable taxes)|
|Convenience Fee||Rs. 99 + (Applicable taxes) will be added in the 01st EMI|
|Loan Enhancement Fees||Rs. 99 + (Applicable taxes) will be added in the 01st EMI|
|Mandate Registration Charges||Rs. 118 (Inclusive of applicable of taxes) will be applicable for the below banks:
|Bounce charges||Rs. 450 (Inclusive of applicable taxes)|
|Mandate Rejection Charges||Rs. 450 (inclusive of applicable taxes). Will be applicable if new mandate form is not registered within 30 days from the date of rejection of previous mandate form by Customer’s Bank for any reasons whatsoever.|
|Penal interest||Any delay in payment of Monthly Instalment/ EMI shall attract penal interest at the rate of 4% per month on the Monthly Instalment/ EMI outstanding, from the date of default until the receipt of Monthly Instalment/ EMI.|
|Annual Fee||Rs. 117 (Inclusive of applicable taxes). Annual fee will only be charged to the EMI Network Card holders who have not availed any loan using the EMI Network Card in the preceding year. The duration of the preceding year is calculated 12 months from last year’s validity month, which is printed on the face of your EMI Network Card. For example, If the EMI Network Card is issued in the month of February 2019 (referred to as ‘Member Since’, on the EMI Network Card) the date for payment of the annual fee will be March 2020.|