What is an EMI Card: Features and Benefits

In today’s fast-paced world, managing finances wisely is essential. Whether you are planning to buy a new smartphone, home appliance or just looking for some extra funds for medical emergencies, having access to easy and affordable financing options can be a game changer. This is where an EMI card comes in handy. But what exactly is an EMI card? How does it work, and what are its features and benefits? In this blog, we will take a closer look at EMI cards and help you understand why they are a smart choice for you. Let’s get started!

What is an EMI Card?

An EMI (Equated Monthly Installment) card is a financial tool offered by various non-banking financial companies (NBFCs) and banks that allows you to convert your purchases into easy monthly installments. It is a pre-approved loan in the form of a card, which you can use to make purchases without paying the full amount at once. And you make payment for your purchases in the form of monthly installments, which makes it easier on your budget.

How Does an EMI Card Work

An EMI card works just like a credit card, but it specifically focuses on converting purchases into EMIs. Once you have an EMI card, you can use it at lender-approved partner merchants, both online and offline (may vary from lender to lender). At the time of your purchase, you can choose the EMI tenure of your choice over which you will repay the amount. The cost of the purchase of the product is then divided into equal monthly payments, which you pay over the tenure chosen by you.

Features of an EMI Card

Now that you have understood what an EMI card is and how it works, let’s take a look at the features of EMI Card: 
•    Pre-paid Loan Amount
EMI cards usually come with a pre-approved credit limit, which makes it easy for you to make purchases without applying for a loan.

•    Flexible Repayment Tenure
You can choose the repayment period based on your financial capacity, ranging from a few months to a few years.

•    Wide Network of Partners Merchants
EMI cards allow you to use the card at dedicated partner stores, for a wide range of products and services.

•    Minimal Documentation
Getting an EMI card usually requires minimal documentation such as PAN card and Adhaar card, making the process quick and hassle-free.

•    Simple Application Process
Most banks and NBFCs such as Poonawalla Fincorp, allows you to apply for an EMI card online by visiting the official websites.

Benefits of Getting an EMI Card

Here are some key benefits of EMI card that you must know about:

1. Affordability: EMI cards make it easier to afford high-value purchases by breaking them down into smaller and manageable repayments.
2. Convenience: An EMI card lets you purchase the product of your choice without worrying about arranging funds upfront for your purchases. The amount is simply converted into EMIs after your purchase, which you repay over the tenure you have chosen.
3. Enhanced Purchasing Power: With a pre-approved credit limit, you can make purchases without straining your finances. 
4. Easy Management: Most banks and NBFCs provide online portals or mobile apps where you can easily track your EMI payments and outstanding balance.
5. No Collateral Required: EMI cards are typically unsecured, which means you do not need to provide any security or collateral to obtain one.

How to Apply for an EMI Card

Applying for an EMI card is simple, but the application process may vary from lender to lender. If you are looking for a lender with quick application process, check out Poonawalla Fincorp’s Application form below: 
Step 1: Visit Poonawalla Fincorp’s website and click on Consumer Durable Loan. 
Step 2: Navigate to EMI Card Overview page and click on “Apply Now” button. 
Step 3: Fill out the quick application form, complete the KYC verification and mandate registration and submit the form.
Once verified, the amount will be offered to you instantly.   

Things to Keep in Mind While Getting an EMI Card

Before you avail of an EMI card here are a few things you must be aware of:

1. Terms and Conditions: Read the T&C completely and make sure you understand the terms of your EMI card, including any fees, charges, and interest rates.
2. Check the Credit Limit: Be aware of the maximum amount you can spend using your EMI card.
3. Make Timely Payments: Ensure that you make your EMI payments on time to avoid late fees and negative impact on your credit score.

To Conclude

EMI cards offer a convenient and flexible way to manage purchases without straining your finances. With features like pre-approved loan amounts, minimal documentation, and a wide network of partner merchants, they provide you a seamless shopping experience. The affordability and convenience of converting payments into EMIs make them an attractive financial tool. However, it's important to be aware of terms and conditions, credit limits, and payment timelines to ensure responsible use. 
Empower you purchase with Poonawalla Fincorp’s PFIN EMI Card and enjoy the financial flexibility you deserve. 

Frequently Asked Questions

1.    Can I use PFIN EMI Card in an offline store?
Yes, you can use  PFIN EMI card at offline dealership stores associated with Poonawalla Fincorp. 

2.    What is the highest loan amount offered by Poonawalla Fincorp for an EMI card?
Poonawalla Fincorp offers up to ₹5 Lakhs for your EMI card. 

3.    What are the different uses of an EMI card?
You can use an EMI card for purchasing smartphones, digital products, consumer durables, consumer electronics, etc.