Buy Now Pay Later (BNPL) Versus EMI – A Battle of Payments

Buy Now Pay Later (BNPL) Versus EMI

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With the rise in prices and the constant struggle to keep up with lifestyle changes, purchasing power becomes an increasingly coveted factor. Financial corporations are relentlessly competing to introduce better modes of payment so that consumers can enjoy a higher purchasing power and improve their standard of living.

Buy Now Pay Later (BNPL) Versus EMI
Buy Now Pay Later (BNPL) Versus EMI

One of the most recent modes of instant convenient payments is the Buy Now Pay Later (BNPL). This is a short-term microcredit feature that lets you buy a product right away by paying a small amount as a down payment and paying the rest of the amount at a later date. The repayment tenure in such a case is generally a few weeks.

Although the BNPL mode of payment is quite the rage among younger consumers, it involves a considerable risk that might drag you down into debt if not managed effectively. Buy Now Pay Later has a preset amount that needs to be paid every month, the failure of which can lead to penalties. Despite no interest charged on the amount payable, if you do not pay it on time, the lender can charge interest on the amount you borrowed. Additionally, BNPL does not offer benefits such as offers or cashback on the purchases you make.

A much more efficient mode of payment than BNPL is EMIs. An EMI acts partially as a BNPL. This implies that even if you do not have the required funds at the moment to purchase the product you desire, you can buy it now and pay for it over a course of time. Through EMI you can avoid paying a large sum of money in one go and pay for your purchases in smaller installments. Moreover, with EMIs, you will neither be liable to pay any down payment while making your purchase nor will you be charged any fee on foreclosure.

If you’re looking for a consumer-oriented mode of payment, the Bajaj Finserv EMI Network card is where your search shall come to a halt. This card allows you to buy your favorite products on the spot and pay for them later over a repayment period convenient to you. The repayment tenure can range anywhere from 3 to 24 months. You can also get a pre-authorized loan of up to ₹2 Lakhs. Furthermore, you can benefit from offers at partner stores that have been pre-approved.

Feeling the urge to get the Bajaj Finserv EMI Network card yet? Well, the process to apply for the EMI card by Bajaj Finserv is quite simple.

Firstly, you would be required to qualify under the following criteria:

  • You should be an Indian citizen.
  • You should belong between the age of 21 to 65.
  • You should have a steady source of income.
  • You should either possess a current or a savings account in any Indian bank.

    Secondly, you would need to know what documents to submit. If you opt for an online application you need not submit any documents. However, if you opt for an offline application, you might be required to submit the essential KYC documents. Nonetheless, the EMI card by Bajaj Finserv will need little to no documentation.

    Lastly, the process of the application itself. Here’s how you can apply for the Bajaj EMI card:

    For those who love the comfort of their homes:

    • Visit the official website of Bajaj Markets.
    • Go to the Bajaj Finserv EMI Network Card page.
    • Click on the button that reads “Apply Now”.
    • Select the profession you’re in, type your mobile number, your date of birth in the format DD/MM/YYYY, and your name as provided on the PAN card.
    • Select “Check Your Offer” to see if you’ve received any pre-authorized offer.
    • Provide the OTP received on your contact number.
    • Once the OTP has been verified, fill out details such as your full name, gender, email address, PAN details, and the PIN code of the area you live in.
    • Tap on “Proceed” and head to check the credit limit.
    • Click on the “Proceed” button a second time to go to the KYC screen.
    • Verify the details of your KYC either through Central KYC (CKYC) or Offline KYC (OKYC).
    • To activate your EMI card, pay ₹530.
    • Provide the details of your bank and the respective OTP to complete the procedure of e-mandate.
    • On clicking “Submit” you will be able to use your Bajaj Finserv EMI Network card and make use of all its exclusive benefits and offers.

    For those who love the traditional in-person experience:

    • Visit a merchant store partnered with Bajaj Finserv closest to you.
    • Opt for the product that you intend to purchase.
    • While billing, notify a representative that you wish to opt for in-store financing.
    • Provide the necessary documents and your EMI card by Bajaj Finserv will be activated.

    Once your EMI card is activated you can use it to make all your purchases and enjoy added perks as well. If you wish to boost your pre-authorized ₹2 Lakhs credit limit, you will have to maintain higher creditworthiness. Your creditworthiness is affected by factors such as your CIBIL score, income, and repayment history. Hence, it is imperative that you pay close attention to these factors and always maintain them within the advised margin to make the most of your Bajaj Finserv EMI Network card.

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