Is it possible to withdraw cash using the Insta EMI Card?

Can I use the Insta EMI Card to withdraw cash? – Answered!
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Is it possible to withdraw cash using the Insta EMI Card?
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3 mins
28 July 2023

The Insta EMI Card is a digital EMI card, which has gained considerable attention for its convenience and flexibility in making purchases. But, can you withdraw cash using this card? While the Insta EMI Card offers a pre-qualified card loan limit of up to 3 lakh, you cannot withdraw any cash using the card. You can, however, use your pre-qualified card loan limit to shop on Easy EMIs at our 1.5 lakh online and offline partner stores. Know more about our Insta EMI Card and its numerous benefits, along with the eligibility criteria to apply for one.

What is the Insta EMI Card?

The Insta EMI Card is a specialised payment instrument designed to make high-value purchases more manageable through Equated Monthly Instalments (EMIs). It utilises the pre-qualified card loan limit to shop on e-commerce platforms and electronic stores, pays for your online education courses, and helps you book flights, hotels, or trips on EMI via our travel partners. Unlike conventional credit cards, the Insta EMI Card allows users to convert their transactions into interest-free EMIs, enabling them to repay the borrowed amount over a period.

Features of the Insta EMI Card

  • Pre-qualified card loan limit: Upon successful application and verification, you are offered a predetermined credit limit. This empowers you to shop or transact within the approved credit range without any further approvals, streamlining the purchase process.
  • Flexible tenure options: The Insta EMI Card offers the convenience of choosing the repayment tenure, allowing you to opt for EMIs that align with your financial capabilities and preferences.
  • Easy EMIs: One of the key attractions of the Insta EMI Card is the availability of low-cost, Easy EMI options. This means you can convert your purchases into EMIs without incurring any additional interest or charges.
  • Quick and easy application: The application process for the Insta EMI Card is hassle-free, with minimal documentation requirements. Many financial institutions provide instant approvals, granting access to the card's benefits almost immediately.
  • Wide acceptance: The Insta EMI Card is accepted at numerous partner outlets and online stores, giving you ample choices to make your purchases.

Check Insta EMI Card benefits

Who can apply for the Insta EMI Card?

Eligibility criteria for the Insta EMI Card vary depending on your age, nationality, income, and credit score. The following factors are key to be eligible to apply for the Insta EMI Card:

  • You must be an Indian citizen, residing in India
  • You must be between the age of 21 years to 65 years
  • You must have a regular source of income
  • Lastly, your credit score should be per Bajaj Finserv risk policies

Check Insta EMI Card document requirement

While the Insta EMI Card proves to be a highly advantageous financial instrument for managing purchases through EMIs, it is not designed for cash withdrawals. The card's primary function revolves around facilitating seamless transactions and converting purchases into affordable EMIs. It is essential to recognise this limitation and use the card wisely, making the most of its features to get desired products or services without straining your finances.

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Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.

Frequently asked questions

Can we withdraw money from Insta EMI Card?

The Insta EMI Card is typically designed for making purchases on equated monthly instalments. Withdrawing cash directly from the Insta EMI Card is not a standard feature.

Can I transfer money from Bajaj Finserv Insta EMI Card to wallet?

Transferring money from a Bajaj Finserv Insta EMI Card to a wallet is generally not a supported feature. EMI cards are mainly intended for making purchases at partner stores on EMI schemes. To add funds to your wallet, you would usually need to use other payment methods like debit cards, credit cards, or bank transfers.

How can I convert my EMI card to cash?

Converting your EMI card to cash is not a typical option. EMI cards are meant for facilitating purchases with structured instalment payments. If you need cash, consider alternatives like personal loans or credit card cash advances, keeping in mind associated interest rates and fees.

Can I transfer money from my EMI Network Card to my Paytm account?

Directly transferring money from an EMI Network Card to a Paytm account might not be a standard provision. These cards are designed for purchasing goods and services on EMI plans. For adding funds to your Paytm account, you would typically use methods like bank transfers, debit/credit cards, or other digital payment options.

Is there any extra processing fee charged for cash withdrawals?

Depending on the terms of your EMI card provider, there might be an extra processing fee associated with cash withdrawals. It is essential to review the terms and conditions of your specific EMI card to understand any potential fees related to cash advances or withdrawals.

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