Bajaj Finserv Limited is a well-known Non-Banking Finance Company in India. It offers eligible applicants quick lending options. Bajaj Finserv’s eligibility criteria for loans and credit cards are not stringent to ensure that the benefits of Bajaj Finserv’s products are available to the greatest number of applicants in order to meet their financial needs of any kind.
Where can I use the Insta EMI Card?
In more than 1900 cities nationwide, customers can use the Insta EMI Card as a digital payment method to make online or offline transactions. This card also includes a pre-approved loan limit of up to Rs. 2,00,000, which can be easily sanctioned to qualified applicants with little paperwork. The EMI Network Card allows you to purchase at more than 1.2 lakh Bajaj Finserv partner retailers in 2,900 Indian towns. You can use it to buy various items, including home appliances like air conditioners, refrigerators, washing machines, inverters, printers, and water purifiers, as well as electronics like televisions, computers, mobile phones, cameras, etc.
The applicant’s credit score is one of the primary requirements to be approved for an Insta EMI Card. For Insta EMI Card, the credit score provided by CIBILTM is considered. Insta EMI Card requires a minimum credit score of 700 from CIBILTM. You are not eligible for the Insta EMI Card if your credit score is less than 700.
The CIBILTM credit score is a three-digit figure that ranges from 300 to 900. For the EMI Card, a credit score of 300 is considered subpar. The applicants have good credit if their score is close to 900. As long as the application also satisfies the other eligibility requirements, this enhances the likelihood that the EMI Card will be approved for qualified applicants. The higher the number, the better the CIBIL scale ranges from 300 to 900.
Your credit card application will likely be approved if you have a credit score of 750 or higher, which is considered outstanding. Notably, card issuers also take into account additional information from your CIBIL credit record, including the number of credit cards you currently have, payment lapses, your debt-to-income ratio, etc. you should check the status of your Bajaj EMI Network Card at regular intervals.
Why is CIBIL Score important for a credit card?
The higher the number, the better the CIBIL scale ranges from 300 to 900. Your credit card application will likely be approved if you have a credit score of 750 or higher, which is considered outstanding. Card issuers also view additional information from your CIBIL credit record, including the number of credit cards you currently have, payment lapses, debt-to-income ratio, etc. Even if your credit score is below 750, you can still be approved for a credit card depending on these additional variables and your relationship with the card issuer. It is very challenging to obtain an unsecured credit card if your credit score is under 700.c
How your credit score impacts your credit card eligibility:
Your CIBIL score strongly influences the probability that your credit card application will be approved. Your chances of getting a credit card increase with your CIBIL score. You can look at the following table to get an understanding of how your CIBIL score directly affects whether or not your credit card application is approved:
| CIBIL Score | Likelihood of approval of credit card application |
| 750 or above | Very likely |
| 700 to 750 | It can be approved contingent upon other factors. |
| Less than 700 | Very unlikely |
How to improve your CIBIL Score?
Following sound financial practices will help you raise your CIBIL score quickly. Some of the most important financial practices you should follow in order to increase your CIBIL score are listed below:
Get your dues paid
For a strong CIBIL score, this is the single most crucial financial habit to develop. Regarding loan repayment and credit card payments, you must be on time.
Review your credit reports on a regular basis
It is a good idea to maintain track of your open and cancelled loan accounts and to be well-versed in your credit report. If you find one, you must report any error or discrepancy to CIBIL immediately.
Avoid making multiple Loan/Credit card applications
The bank/NBFC will always obtain your credit report and credit score from CIBIL when you apply for a credit card or loan. These inquiries, also referred to as hard questions, lower your CIBIL score. Therefore, it is advised not to simultaneously apply for numerous credit cards or loans.
Keep your credit utilisation low
Avoid using up your full credit limit on your card because it shows irresponsible spending. According to experts, you should ideally not use more than 30% of the available credit on your card.
Having a balanced mix of secured and unsecured loans
Your credit profile should have a healthy balance of secure and unsecured loans. This demonstrates that you have expertise managing both sorts of loans and are consequently more creditworthy. In contrast to home loans and auto loans, personal loans and credit cards are secured loans.
