What is a Virtual EMI card?

Are you curious about virtual EMI cards? Dive into the future of convenient,low-interest purchases with this innovative payment solution.
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What is a Virtual EMI card?
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4 mins
25th July 2023

Financial services have evolved to cater to the needs of modern consumers in today’s digital age. One such innovation is the digital or virtual EMI card, a seamless and convenient payment solution for online shopping. The Bajaj Finserv Insta EMI Card, in particular, has emerged as a leading player in this space, providing customers with a host of benefits and features that simplify their online purchasing experience. Explore the key features and advantages of virtual EMI cards, understand the differences between physical and virtual/digital cards, and learn how to apply for them.

What is a Virtual card?

A virtual card, also known as a temporary card number or anonymous card number, is a credit or debit card number that can be generated via a website or mobile application, and it does not have a physical card associated with it. Virtual cards are suitable for most online transactions as they serve to conceal your personal and financial details. Frequently, you have the option to establish a maximum spending limit on the virtual card to safeguard against excessive charges. Additionally, some virtual cards may be tied to a specific merchant to prevent unauthorized use in case the merchant's security is compromised.

Benefits of Virtual EMI cards

Virtual EMI cards offer a range of features designed to enhance the ease and security of online transactions. Here are some of the key benefits of using a virtual EMI card like the one offered by Bajaj Finserv:

  • Instant activation: Virtual EMI cards are instantly generated upon approval, allowing you to start shopping online immediately. Unlike physical cards that may take days to be delivered, virtual cards are accessible right after the application process.
  • Flexible loan amount: Our digital card, the Bajaj Finserv Insta EMI Card offers a pre-qualified card loan amount of up to 3 lakh, giving you the freedom to shop within your credit limit. This amount can be used to make purchases across various partner stores and e-commerce platforms.
  • Secure transactions: Virtual EMI cards come with secure authentication features, including One-Time Passwords (OTP), making online transactions safe and protected from potential fraud.
  • Wide acceptance: One of the best digital cards is the Bajaj Finserv Insta EMI Card, which is widely accepted across a vast network of partner merchants, giving you access to a diverse range of products and services.
  • Track transactions online: Virtual EMI cardholders can easily track their transactions and monitor their spending through a user-friendly online portal.
  • Easy EMI: Virtual EMI cards provide the convenience of Easy EMI options, enabling you to convert your purchases into easy monthly instalments without incurring heavy interest or processing fees.

Difference between physical EMI cards and virtual EMI cards

The primary difference between physical EMI cards and digital or virtual EMI cards lies in their form factor and usage:

Features Physical EMI cards Digital/Virtual EMI cards
Format Traditional card format, like debit/credit cards Digital, existing in electronic format
Portability Physically carried, can be inconvenient No physical handling needed, instant creation
Usage In-store and online transactions Primarily designed for online, can be used in-store
Delivery time Delivered to address after approval (few days) Instant creation upon approval
Suitable for Both in-store and online purchases Primarily for online shopping, adaptable for in-store
Security and convenience May require physical presence, less secure Highly secure and convenient for online shopping


Physical EMI cards:

  • Physical EMI cards come in a traditional card format, similar to debit or credit cards
  • They are tangible and need to be carried with you physically, which may sometimes be inconvenient
  • Physical cards are suitable for in-store purchases and can also be used for online transactions
  • They are delivered to the cardholder's address after the application is approved, which can take a few days

Digital/Virtual EMI cards:

  • Virtual EMI cards are digital cards that exist in electronic format only
  • They are created instantly upon approval and do not require any physical handling
  • Virtual cards are specifically designed for online transactions but can also be used for in-store purchases after providing the details
  • They offer greater security and convenience, especially for those who prefer to shop online frequently

How to use a virtual card?

  • Log on to the partner e-commerce website.
  • Browse through the categories and select the product you desire.
  • Choose your payment method as Bajaj Finserv Insta EMI Card
  • Use your card details and select a suitable tenure between 1-60 months, based on your needs.
  • Authorise your purchase with an OTP sent to your registered mobile number.

The Bajaj Finserv Insta EMI Card is primarily offered in the virtual format, catering to the growing trend of online shopping and to ensure a hassle-free experience for users.

Eligibility criteria for Insta EMI Card

The Insta EMI Card from Bajaj Finserv is available to both salaried and self-employed individuals. To be eligible, you must be between 21 years and 65 years of age and possess a stable source of income. Additionally, having a good credit history is essential. Existing Bajaj Finserv customers with a good repayment record can easily apply. For those new to Bajaj Finserv, a minimal documentation process is required to verify eligibility. Once approved, the card allows you to convert purchases into easy EMIs, making it simpler to buy big-ticket products.

How to apply for the Bajaj Finserv Insta EMI Card online

Applying for a digital card like the Insta EMI Card is straightforward and seamless. Here is how you can apply for one:

  1. Visit the Bajaj Finserv website and check if you meet the eligibility criteria for the Insta EMI Card
  2. Enter your 10-digit mobile number and verify the OTP sent to your phone
  3. Fill in the application form with your basic details, such as your full name, PAN, date of birth, and PIN code
  4. Select your employment type and gender
  5. Click on submit to know your card limit
  6. Verify your KYC using your Aadhaar card or DigiLocker
  7. Post successful KYC, pay a one-time joining fee of Rs. 530/-
  8. Click on ‘Activate Now’ and enter your bank account number and IFSC code to complete the e-mandate process
  9. After successful e-mandate registration, your card is ready to use

Note: The online process may differ depending on whether you are a new customer or have an existing relationship with us.

The virtual EMI card, such as the one offered by Bajaj Finserv, has revolutionised the way we shop online. Its instant activation, secure transactions, and Easy EMI options make it an ideal choice for tech-savvy consumers. With its wide acceptance at partner stores and exclusive offers, the virtual EMI card opens up a world of possibilities for convenient and budget-friendly online shopping. So why wait? Apply for a virtual EMI card today and elevate your online shopping experience to new heights.

Bajaj Finserv app for all your financial needs and goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

  • Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
  • Invest in fixed deposits and mutual funds on the app.
  • Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
  • Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
  • Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators
  • Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

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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

What is a virtual card?

A virtual card is a digital version of a payment card, such as a credit or debit card. It doesn't have a physical presence but contains all the essential card details for online transactions, providing a secure and convenient way to make purchases.

How do I get a virtual EMI card?

To get a virtual EMI card, apply through eligible financial institutions like Bajaj Finserv. Upon approval, the digital card is instantly generated, and its details can be accessed through the issuer's app or website.

Are virtual EMI cards free?

Virtual EMI cards may involve nominal processing or application fees, depending on the issuer. However, these fees are generally lower than those associated with physical cards, making virtual EMI cards a cost-effective option for convenient online shopping.

What are the eligibility criteria for a Bajaj Finserv virtual EMI card?

To be eligible for a Bajaj Finserv virtual EMI card, which is the Insta EMI Card, you must be a resident of India and aged between 21 years and 65 years. They should have a regular source of income and a valid bank account. Additionally, Bajaj Finserv may assess the applicant's creditworthiness before approving the virtual EMI card.

How is a virtual EMI card different from a credit card?

A virtual EMI card is different from a credit card in various ways. Virtual EMI cards are specifically designed for online transactions and do not exist in physical form. They offer pre-approved loan amounts for Easy EMI options. In contrast, credit cards provide a revolving line of credit with interest charges if the outstanding balance is not paid in full each month.

Can virtual EMI cards be used for online shopping only?

Yes, virtual EMI cards are primarily intended for online shopping, since they exist in electronic form only. They offer a convenient and secure way to make purchases on various e-commerce platforms and partner websites.

How to repay EMI amounts on virtual EMI cards?

Repaying EMI amounts on a virtual EMI card is straightforward. Once a purchase is converted into an EMI, the monthly instalment is automatically deducted from the cardholder's linked bank account on the scheduled due date. This ensures a hassle-free and seamless repayment process, allowing users to manage their finances efficiently.

Is a virtual EMI card safe to use?

Yes, a virtual EMI card is safe to use. It comes with robust security features, including One-Time Passwords (OTP) for transaction authentication, reducing the risk of fraudulent activities. Additionally, virtual EMI cards have limited usability since they are designed specifically for online transactions. As long as the user practices basic online security measures and keeps their login credentials secure, a virtual EMI card provides a safe and convenient way to shop online with peace of mind.

What are the limitations of a virtual EMI card?

The limitations of a virtual EMI card primarily revolve around its usability. These cards are typically tied to specific vendors or retailers, so they may not offer the same level of flexibility as physical EMI cards. Additionally, virtual EMI cards might not be accepted by all merchants, limiting your purchasing options. They are also generally designed for online transactions and may not work for in-store purchases. Another limitation can be the need for a stable internet connection and a compatible device to access and use the virtual EMI card.

What is the future of virtual EMI cards?

The future of virtual EMI cards appears promising. As digital technology and online transactions continue to evolve, virtual EMI cards are likely to become even more convenient and widely accepted. They may incorporate advanced security features, offer broader acceptance across merchants, and provide enhanced customisation options for users. With the ongoing shift towards a cashless and digital economy, virtual EMI cards are expected to play a significant role in shaping the way people finance their purchases.

Is a virtual card different from a digital wallet?

Yes, a virtual card is different from a digital wallet. A virtual card is essentially a temporary credit or debit card number that can be used for online transactions, often issued by a financial institution. It is linked to your existing bank account or credit card. In contrast, a digital wallet is a software-based application or platform that stores your payment information and allows you to make digital transactions. While virtual cards are a subset of digital wallets, digital wallets can also store other payment methods, loyalty cards, and more, making them more versatile for various financial interactions.

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