In today's world, credit has become an essential part of our lives. Whether it is buying a house, a car, or even small household appliances, we often need to rely on credit to make purchases. One of the most popular credit options in India is the Bajaj Finserv EMI Network Card, which offers a host of benefits to customers looking to make big purchases.
However, not everyone is eligible for this card. One of the primary factors that determine eligibility of Bajaj EMI Card is the CIBIL score.
Bajaj Finserv EMI Network Card
Before we dive into the minimum CIBIL score needed for Bajaj Finance EMI Card in India, let us first understand what the card is and how it works. The Bajaj Finserv EMI Network Card is a payment instrument that allows customers to convert their purchases into easy monthly instalments.
The card comes with a pre-approved loan limit of up to Rs. 2 lakh, which can be used to make purchases at partner stores. The loan amount can be repaid in instalments ranging from 3 to 24 months, depending on the product's cost and the customer's preferences.
The Bajaj Finserv EMI Network Card comes with a host of benefits, including zero down payment, no-cost EMI, pre-approved loan amount, and easy repayment options. The card is accepted at over 1 lakh partner stores across India, making it one of the most popular payment instruments in the country.
What is a CIBIL score, and why is it important
A CIBIL score is a three-digit number that represents a person's creditworthiness. It is calculated based on the person's credit history and reflects their ability to repay loans and credit card bills on time. A higher CIBIL score indicates a lower credit risk, making it easier for customers to obtain credit at favorable terms.
The CIBIL score is calculated based on several factors, including payment history, credit utilization, length of credit history, types of credit, and recent credit inquiries. The score ranges from 300 to 900, with a score of 750 or above considered ideal for obtaining credit at favourable terms.
Minimum CIBIL score needed for Bajaj Finance EMI Card
Now that we understand what the Bajaj Finserv EMI Network Card is and why the CIBIL score is important, let us discuss the minimum CIBIL score needed for Bajaj Finance EMI Card in India. The minimum CIBIL score needed for Bajaj Finance EMI Card is 720.
Customers with a CIBIL score of 720 or above are considered low-risk borrowers and are more likely to be approved for the card. However, even if a customer's CIBIL score is below 720, they can still apply for the card, but their application may be subject to additional scrutiny.
In addition to the CIBIL score, Bajaj Finserv considers several other factors when evaluating an application for the EMI Network Card. These include the customer's income, employment status, age, and existing debt obligations. Customers who meet the eligibility criteria are issued the card, along with a pre-approved loan amount.