Bajaj Fin Serv vs Credit Card for buying electronic items on EMI


hotshot05

Well-Known Member
Veteran
Huge number of brick and mortar stores have tied up with Bajaj to offer EMI on purchases. But can anyone tell me what are the processing charges and rate of interest for Bajaj Fin Serv?
Does Bajaj offer this as a personal loan or is it under some other category?

I think this is the product - http://www.bajajfinserv.in/finance/salaried-emi-cards.aspx

For HDFC credit cards, the rate of interest is 13.2% p.a for 6 months loan and 11.88% p.a for loan period higher than 6 months (12 months/18 months/24 months etc)

Which one would be better?

P.S - I would be buying a laptop soon.

EDIT: added link for the Bajaj product
 
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toxicdrift

Well-Known Member
Adept
no its just emi that gets deducted from your savings account,, most products are on 0% emi .. its way better then using ur credit card.. as your credit card limit is fully blocked while emi's are being payed.. i prefer using my bajaj card for electronic purchases where i dont want to spend in one go... bajaj card is not a credit card.. its just proof that u are a bajaj finserv member and to check how much balance u have left (they will set a amount limit according to your credit card) and yes u will need a cc first to apply for a bajaj card.
 

hotshot05

Well-Known Member
Veteran
no its just emi that gets deducted from your savings account,, most products are on 0% emi .. its way better then using ur credit card.. as your credit card limit is fully blocked while emi's are being payed.. i prefer using my bajaj card for electronic purchases where i dont want to spend in one go... bajaj card is not a credit card.. its just proof that u are a bajaj finserv member and to check how much balance u have left (they will set a amount limit according to your credit card) and yes u will need a cc first to apply for a bajaj card.
Is there any catch for the Bajaj card?
Why would anyone buy electronic items using Credit card if Bajaj is offering EMI at 0% interest?

Is the credit limit for Bajaj card set much lesser than that of the Credit Card used for verification?
 

toxicdrift

Well-Known Member
Adept
no catch that i know off. ... they earn from the brands they r tied up with.. and charge them a one time fee for the transaction (i think)
not all items are 0% emi... but yes even with some interest its still cheaper then using ur cc ... and
your limit will be based on the credit card limit / your credit score history and what item ur buying... .. its a good card to have..
dont forget u will need ur bank cheque book/ id proof and a cc to apply.. application process is very simple and u can take home the product once u do the initial payment

for a laptop they might charge u 10/15k depending upon model .. swipe that on ur card/or pay by cash .. once ur application is done..take it home..
emi start from 1 and a half months .. so if u buy now .. ur emi will start from jan ..
 

sharktale1212

Well-Known Member
Adept
I bought my TV last year using Bajaj finance. 0% interest and no processing fees. Now with the newer RBI guidelines in place, they can't offer those. Transactions with 0% interest have a flat processing fees. And the ones with interest they are processing fees free.
As for why would they do something like that? Well stores need to sell of goods (even if it is on credit) and Bajaj offers a way for them to offload the risk (of you not paying up later). And Bajaj needs the business, their strategy seems to sell accompanied products like EMI card once you have a good experience with them.
 

puns

Well-Known Member
Staff member
^ This. Earlier with 0% interest and no processing fees, this was great. now they take a processing fee which can kill a good deal.
Their online platform is excellent with all history of purchases and emi details.
 

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