How to make Bajaj Finance Card | Bajaj Finserv EMI Card #Finance

Friends in this CashNews.co, Bajaj Finserv EMI Card, which is also very famous as Zero cost EMI, in this CashNews.co, we’ll see the full process, and how to apply for the same at home online. Let me show you on the screen as well, I’ll tell you the whole process & explain

every step, what is the process, mean I’ll explain everything in detail, but we’ll discuss this at the end of the CashNews.co, before that, we should know the features of the card that we are gonna own, because many people think, see it’s divided actually, many people think that

it’s useless and the charges are also very high, means you’ll be charged 1.5 times more, and some people think it’s a Zero cost EMI card and it’s great. So in this CashNews.co, I’ll tell you everything one by one, I’ve taken a proper screenshot, means someone

bought a mobile worth of ₹21k, And also he has Zero Cost EMI Card from Bajaj Finserv for the last 1 year, so I’ve taken a proper screenshot from his phone, I took out his SOA i.e. Statement Of Account to see how much is getting deducted, how much EMI Bajaj claimed and how much is getting

deducted, I’ve done a full analysis to check whether any extra amount is getting deducted or not. We won’t beat around the bush, I’ll show you the proper statements and screenshots, then you decide what it is? Whether it’s good or not! If you think it’s good then

we’ll go through the online process to apply from home at the end of the CashNews.co. So first let’s understand what is this Bajaj Finserv EMI card! Keep Bajaj aside and suppose I have a Credit card of any bank, ok? and I wanna buy a mobile worth of ₹10k, ok! So wanna

buy a mobile worth ₹10k, and I want to do EMI for the mobile worth ₹10k, so if I pay through my bank’s Credit card, though I’ll get the EMI but the bank will impose charges on me, means some charges will be applicable to do EMI, ok! but the card of Bajaj Finserv

says- suppose I wanna buy a mobile for ₹10k then they say- ‘No issues, go for an EMI, and we won’t charge you anything for this,’ for example, suppose the cost of the mobile is ₹10k, then they will ask for 4 installments as a down payment, means suppose the EMI is ₹1000/-,

so they’ll ask ₹4000/- as a down payment, at once and the rest of the amount will be divided into 6 EMIs of ₹1k each. 6 EMIs of ₹1k each mean I’ve to pay ₹6k here, means I only have to pay the real cost of the mobile to Bajaj, so see, I did an EMI, paid in installments, and that

too without any interest, but many people probs that – ‘tell me one thing, Bajaj is accepting installments, means whatever the amount is, they are accepting EMIs without any charges, so from where they are earning? they have an office with AC, they have employees at Bajaj Finserv,

running water is also available and 100 other expenses, they even use A4 size papers, printers, computers, so many expenses, so where they are earning from, if they doing so much charity? So let me tell you in this story that, when the person went to buy the mobile, I’ll tell you the whole

story that what happened there and later will show you the statement as well ok! when he… this is the practical view, as when he went to the shop, his interactions with the Bajaj employee and EMI cost and all, ok? he bought a mobile worth of ₹20999/-, Ok? It cost him ₹20999/-, When he

went to purchase the mobile, the shopkeeper called out the employee of Bajaj Finserv, and the employee said that the ₹20999 is the market value, if you don’t have this card, then, you have to pay ₹20999 in cash, if you wanna buy that mobile, then the employee of Bajaj Finserv said that

the EMI would be ₹1750/-, and you have to pay 4 installments as a down payment. means ₹1750 * 4 = ₹7000/- and you have to make the down payment right now, ok! then the Employee said that then later you have to pay 8 installments of ₹1750/- per month, so your total is ₹14k, so the cost of

the mobile is ₹20999/- which is almost ₹21k, and you have to pay ₹21k only, Sorry… you have to pay ₹21k only and the customer is super thrilled, that have to pay in 8 installments without any interest, That’s right. But now please understand very carefully, what actually

happened When the shopkeeper called the employee of Bajaj Finserv, the shopkeeper even opened the mobile, well he doesn’t have any role here, when a Bajaj Finserv employee is standing next to you, and applying the whole process, and asking for your details like your PAN card, your name, etc.

ok! while he was applying all these, customers tend to feel – I have bought the mobile, so now the whole process is done, at that point, the Bajaj’s employee says- "you have to take Life Insurance from Bajaj," "otherwise I won’t be able to sanction

the Loan", "means you wouldn’t be able to buy the mobile as Bajaj won’t sanction the Loan". Now the interesting this is, the customer says, "I already have a Life Insurance of ₹25 lakhs" which means he already

had a Life Insurance of ₹25 lakhs from ICICI Bank, so he says- "Ok, no issues", "I’ll give you the details of the Life Insurance which I already have," "if anything happens to me", so he told the Bajaj employee, that "if

anything happens to me, as your company is afraid that, whether my family would be able to pay or not, hence you are asking for Life Insurance!" So he further said, "No issues", "I already have ₹25 lakhs Insurance, you take a photo of

it," Then Bajaj’s employee retracted, and says that ‘No issue but a product Insurance has to be bought,’ means you have to get Insurance for the mobile which costs ₹21k and the Insurance will cost you ₹4k, the employee

further adds that this ₹4k will be adjusted with your EMIs, and your monthly EMI would be ₹1900/- and something instead of ₹1750/-. but the customer said "I don’t want Insurance for the mobile that I’m buying", and the employee is like – "you

have to buy at least something, otherwise, we won’t be able to sanction you the Loan that we are providing on the card," so this is the cross-selling, are you getting it? This is cross-selling Bajaj does and they will do it when, the shopkeeper is also ready with a blade

to open the seal and you already did a happy dance in your mind, and 99% of people are like- "Ok! Do it, only ₹200/- to ₹300/- will be added in monthly EMIs, Bro, that’s ₹300/- per month, and in 8 months it becomes ₹2400/- so this is how they play the games. Second thing, see the

employee of Bajaj has pressure on him, of what? Cross-sell, so he would sell at least something to you. Now what happens to the customer is, the shopkeeper was well-known to him, and he was known to the employee also, so with great difficulty the shopkeeper convinced him not to cross-sell,

otherwise, the employee would have canceled the Loan but would definitely have sold something to you. so it’s quite difficult, ok! So apart from this, where does Bajaj Finserv earn? See when you have the EMI card and you opt for a Loan! and purchasing a

Loan and repaying it, all these happen in the Bajaj Finserv App, you have to download the app and then only you will come to know that, after purchasing the Loan how much I have paid and how much is pending, and there are many third-party products in the Bajaj

Finserv app, like Life Insurance, SIP, and many other products, and what happens is people take to buy some products from the app while using it, so this is also a way of Income and this is how Bajaj Finserv earns. Now the Bajaj card fee is ₹530/-, ₹530/-, as

in the actual charge of the card is ₹449/- plus 18% GST, and you have to pay this ₹530/- fee only once when you apply for it. Then it’ll charge you an annualized fee every year, suppose today I got the card after paying ₹530, now after one year, the annualized fees would be ₹117, ok!

Now the people who say ‘Don’t take it from Bajaj, the charges are very high’ they say it because see… suppose I bought a mobile on 1st January, ok! let’s take their examples, so the EMI amount was ₹1750, ok so suppose the first EMI was supposed to be paid on 1st

February, now if the customer keeps ₹1750 in his account on 1st February, and it automatically deducts and paid to Bajaj, then there would be no penalty, but suppose his balance is ₹1500 in his account on 1st February, and Bajaj deducted ₹1750/- but the balance of ₹1750 wasn’t

available, so the EMI bounced, then Bajaj Finserv will impose such a heavy penalty, which you can’t even think of, any other Credit cards also don’t charge you this much, bank Credit cards also don’t charge you such heavy penalties as much as

Bajaj does, but see everything, suppose there’s the Bajaj, first of all, you are getting an EMI option, ok! you are paying in installments without any interest, so you can understand that it’s a fantastic feature, there are so many benefits You think for yourself, Products worth

₹20,000-₹50,000 or if you want to buy an AC for the house, or if you want to buy a refrigerator, you can buy easily and pay for it through EMI, you won’t even feel it. Now, there’s a guy whose salary is ₹50,000 he wants a fridge worth ₹50,000, all right? He gets it on an EMI of

₹3000-₹4000. And he doesn’t have to pay interest on the EMI, so it becomes so easy for him. It becomes so easy that, even if he pays 2000-3000 every month from his salary it won’t strain him. But if by mistake for any month, you cannot pay the EMI on time. It’s fixed that they

will impose a ₹500 penalty on you. Plus, imagine your EMI was worth ₹5000. So 3.5% of ₹5000 will be charged. Meaning every month this will be added. This 3.5% is a monthly interest, you think for yourself, it’s a lot. 3.5% is monthly, so for the year multiply it by 3.5%. Meaning 42%

yearly interest. Meaning 500 rupees get added every month, plus 42% yearly interest will be added. So if you are purchasing the Bajaj Finserv card, then keep in mind, whatever is the EMI make sure to deposit it on time. Besides, what happens when you apply for the Bajaj Finserv card, it asks for an

e-mandate, E-mandate means that it is a Bajaj card, alright imagine if you buy a refrigerator using this, the value of the fridge was ₹50,000 and assume that you made some down payments of 10,000 rupees and you saved 40,000 rupees. If you pay ten EMI’s of 4,000 rupees each. Alright, 10 EMI

installments. It’s not like you’ll deposit cash in the Bajaj office. The Bajaj people will tell you to visit your bank which houses a Savings account. Suppose, you have a Savings account in ICICI bank so they will ask you to link your ICICI bank with

their account. and that 4000 rupees will be automatically withdrawn from your bank monthly. This is an e-mandate, alright. Next, I’ll show you a screenshot. This is a screenshot of a person who purchased a mobile phone recently, alright? I just told you 20,999 rupees was the price of the

mobile phone. The person paid the amount of 4 installments as a down payment 4 installments of 1750 rupees were made down payment. Meaning on the day the person was buying the phone, he paid for 4 installments through the app, alright? So a down payment of 7000 rupees was made. After that, the

person had 8 installments due, He had to pay ₹1750 per month. Now, in this statement, let’s check whether ₹1750 is being deducted monthly or more than ₹1750 is being deducted, alright? Now, see here you can see this 7000 rupees? This was the down payment, it is clearly written here,

alright. I am showing you the complete proof so that you don’t have any problem. And nobody will explain all this in so much detail. If for these efforts, if you feel you are truly receiving information, please like this CashNews.co, and subscribe to this channel. So that I get the motivation

to do deep analysis and make more such CashNews.cos. All right? Now, look at this statement 7000 rupees was the down payment, alright? Now see this is the first installment, this is the first installment worth 1750 rupees. Sorry, the first installment of 117 rupees. It’s written in fine print

so it’s a little difficult for me to read. So first of all, ₹1750 was deducted, plus ₹117 was deducted, plus the first time around another ₹46 was deducted. But see here what happened in the first month what should have been deducted? 1750 rupees But ₹117 and an additional ₹46 have

been deducted. This extra was deducted, and we didn’t even know about it, All right? Then in the next month, this month 1750 rupees was deducted and nothing else, Then in the third month, 1750 rupees was deducted, and nothing else, All right? Now understand, why the extra money was deducted

in the first month. See here, if you visit their official website it is written very clearly, I will… Sorry, I’ve not been well. See it is clearly written here, that ₹117 will only be deducted in the first installment. Not that it will be deducted every time, but ₹117 only in the

first month… Meaning in the first installment, Whatever would be your installment amount, in this case, it is ₹1750. So in 1750 rupees, 117 rupees extra will be deducted. The 117 rupees is the convenience fee, Ok? This will be deducted only during the first installment and not after that.

And in the first installment, they’ve deducted 46 rupees as the CIBIL TransUnion fees. So keep in mind that during your first installment, 117 and an extra 46 rupees will be deducted. After that, if you are paying your installments on time. Then only your EMI installment amount will be

deducted. Ignore this, see 7000 rupees was deducted, then forget about the extra money that was deducted. See ₹1750 was deducted here, and here also 1750 rupees was deducted. Meaning after this only your instalment amount will be deducted. And I have already told you, if you don’t pay your

EMI on time, then forget about it, the story gets worse, as in you will be forced to pay the penalty. But if you are paying your EMI on time, then there is no card like this. Other than this, let me tell you another thing. Many people make bank Credit cards, Whose CIBIL score is

somewhat bad. So, in that case, this Bajaj Finserv card this has a high probability of getting made, as in you will get some limit. Like this man here, his CIBIL score was kind of bad, there was some problem with the CIBIL score. He also got a limit of 75,000 rupees, given by Bajaj Finserv. He

randomly buys products and uses this for shopping, pay the installments on time. So his civil score also started improving. So it’s good, you can also take it. But remember one more thing, the minimum age is 21 years for applying for this Bajaj Finserv card, Ok? So these were all the things.

Let me show it once, how from the comfort of your home you can apply for the Bajaj Finserv EMI card. Now, the link for applying for the Bajaj Finserv EMI card I’ve given that in the description box below. When you click on that link, you will be redirected to the Bajaj Finserv official

website, and you will see an interface like this. Here, first and foremost you have to enter your mobile number, whichever mobile number you want to register with Bajaj Finserv. After entering the mobile number, down below you will have to click the ‘Get it Now’ option. Then on the next

page, whatever mobile number you had entered earlier, you’ll receive an OTP on that number for verification. You have to enter that OTP here, and then click the ‘Submit OTP’ option. Then on the next page, you have to enter some basic details. Firstly, you have to enter your full

name, then your PAN card number, then your date of birth, then you have to enter your residential pin code, then you have to select your employment type. Like whether you are salaried or self-employed. Then you have to select your gender. After selecting your gender, down below a disclaimer

appears. And then below you have to click on the ‘Proceed’ option. After clicking on the ‘Proceed’ option, it will fetch from your PAN card the limit that Bajaj Finserv can give you. So as soon as it completes fetching information, so you will see on your page, what is the

maximum limit you have received So here, whatever limit you see on the screen, You simply have to click on the ‘Proceed’ option down below. Then on the next page, it asks you about your KYC details. And your address will be automatically updated here. So you simply have to click on the

‘Confirm’ option down below. After that, it will show, the limit that you have been sanctioned. So, whatever the maximum limit you have received it will be visible on your screen, Then below, it also shows that ₹530 is the fee for making the Bajaj Finserv 0 Cost EMI card. So this is a

one-time fee, then after one year the annual fee required is ₹117. You simply have to click on the ‘Pay Now’ option down below. Then on the next page, it is showing different payment options. So you can pay 530 rupees using any payment mode. Then you simply have to click on the

‘Pay Now’ option down below. Then it will take you to the next page, then after your payment, it will show you a message saying your payment was completed successfully. Now, after completing your payment successfully it is showing here to activate your e-mandate. So you simply have to

click on the ‘Activate Now’ option down below. After clicking on the ‘Activate Now’ option, I had already explained what an e-mandate was. So if you buy anything from Bajaj, the installments that will be made will be automatically deducted from your Savings

account, alright. So here on the next page, you have to input your saving account number and IFSC code. For security reasons, I’ve blurred out everything here, but you have to enter your account details here After entering all these details, your e-mandate will be added successfully. And then

on the next page, you’ll see an interface like this. Down below, you just have to tick all the checkboxes, After ticking all the checkboxes, you have to click on the ‘Confirm’ option. Then all the steps end here, and you have successfully applied for your card, and your e-mandate

has also been activated. After this, you have to download the Bajaj Finserv app from the PlayStore. Using the same mobile number you have to log in to the app and set an MPIN. Inside the app, your Bajaj EMI card will be visible. That will have the card number and all the other information,

including the Credit limit. So after this, if you purchase any product using the Bajaj EMI card, so you only have to show this card to the Bajaj employee if you are buying offline from the store. If you want to use this Baja card online on Amazon and others, keep one thing in mind.

Sorry… This Bajaj card has no CVV number. So if you ever buy products from Amazon, so in that case, don’t be afraid that the CVV number isn’t written there. So if you ever use this Bajaj card to buy products from Amazon, the moment you put down your card number, it will not ask

for your CVV number, alright? So don’t get confused about this. So this was a short analysis of the Bajaj EMI card. If you found this CashNews.co informative, please like this CashNews.co and subscribe to the channel. I’ve added the link for applying for this Bajaj EMI card in the

description box below. Using your own judgment, if you think it is good for you surely apply for it. Otherwise, you can ignore it too. So for now this is the end of the CashNews.co.