Easily Purchase a New Phone on EMI with Bajaj Finserv: A Step-by-Step Guide

Buying a new phone can be an exciting experience, but it can also be a financial challenge. EMI (Equated Monthly Installments) is a convenient way to finance your purchase. If you're new to this process, fear not! This guide will walk you through the steps and details of getting a new phone on EMI through Bank Finserv.

Step 1: Eligibility Check

Before you can apply for an EMI, you need to ensure that you meet the basic eligibility requirements. This typically includes:

Age: You must be aged 21 or older. Stable Income Source: Consistent and steady income is necessary. Good Credit History: A positive credit score is essential for approval.

Once you have met these requirements, you will need to provide the following documents:

Identity Proof: Aadhaar, PAN Card, etc. Address Proof Income Proof: Salary slips, bank statements, etc. Panoramic Photos (passport-size photographs)

Step 2: Apply for a Bajaj Finserv EMI Network Card

The next step is to apply for the EMI Network Card. Here’s how to do it:

Online Application: You can apply online through the Bajaj Finserv website or app. Simply navigate to the EMI Network Card section and fill out the application form with the required documents. Branch Application: Alternatively, you can visit a Bajaj Finserv branch to apply in person. Follow the same process and ensure your documents are ready.

After submitting your application, the approval process typically takes a few minutes to a few hours, depending on the verification of your documents.

Step 3: Shopping for Your Phone

Now that you have your EMI Network Card, it's time to choose and purchase your new phone:

Select a retailer: Look for stores or online platforms that accept Bajaj Finserv EMI Network Cards for your purchase. Choose your phone: Select the model you prefer, and make sure to check its price. Compare prices to ensure you get the best deal.

Step 4: Purchase on EMI

When it's time to make your purchase, follow these steps:

EMI Options: When you check out, select the EMI option. You can choose a tenure of 3, 6, 9, or 12 months, depending on your preference and budget. Down Payment: Depending on the phone's price and your eligibility, you may need to make a down payment. Complete the transaction: Provide your EMI Network Card details and complete the purchase.

Step 5: Start Repayment

With your new phone on the way, here’s what you need to know about your repayment plan:

EMI Deduction: The EMI amount will be automatically deducted from your bank account every month on the due date. Statement: You will receive a monthly statement detailing the amount due.

Timeline and Additional Tips

Here's a rough timeline and some additional tips to help you through the process:

Timeline

Application and Approval: This typically takes a few minutes to a few hours. Shopping and Purchase: The time depends on your choice and finalization of the phone. Total Time: With all the required documents ready, you could potentially complete the entire process on the same day.

Additional Tips

Interest Rates: Always check the interest rates and any additional fees associated with the EMI option. Credit Limit: Ensure your credit limit on the EMI Network Card is sufficient for the phone you wish to buy. Prepayment Option: Inquire if there is a prepayment option if you wish to pay off your EMI early.

By following these steps, you should be able to purchase your new phone on EMI smoothly. If you have any specific questions or need further assistance, feel free to reach out!

Conclusion

Getting a new phone on EMI through Bajaj Finserv is a simple and straightforward process. With the right preparation and information, you can easily finance your phone purchase and enjoy your new device without straining your finances.