In today’s age of digitization, online transactions have become a way of life. Whether it is shopping, booking tickets, or paying bills, we all rely on digital modes of payment. One of the latest additions to the online payment world is the virtual EMI card. Designed to provide convenience and flexibility to customers, the virtual EMI card has become increasingly popular in recent years. Let us take a closer look at what a virtual EMI card is, and how to apply for one.
What is a Virtual EMI Card?
A virtual EMI card is a digital version of an EMI card, which stands for Equated Monthly Installments. An EMI card is a payment solution that allows customers to buy products and services on credit and pay the amount in installments, rather than upfront. This facility is particularly useful for customers who wish to buy expensive products or avail of high-value services but cannot afford to pay the entire amount at once. With an EMI card, customers can opt to pay for their purchases in installments over a period of time, which makes it easier for them to manage their finances.
A virtual EMI card works in the same way as a physical EMI card, except that it is not a physical card. Rather, it is a digital card that is linked to the customer’s bank account. The customer can use the virtual EMI card to make purchases online, just as they would use a physical card. However, the virtual card has the added advantage of being accessible from anywhere, anytime. Customers can apply for a virtual EMI card online, and once approved, can start using it immediately. This makes it an extremely convenient payment solution for customers who prefer to shop online.
How to Apply for a Virtual EMI Card?
The process of applying for a virtual EMI card is relatively simple and can be done online from the comfort of your home. Here are the steps to follow:
Step 1: Choose a Bank or Financial Institution
The first step is to choose a bank or financial institution that offers virtual EMI cards. Several banks and financial institutions in India offer this facility, including HDFC Bank, ICICI Bank, SBI, Axis Bank, and Bajaj Finserv. Choose a bank that offers the best interest rates and repayment terms as per your needs.
Step 2: Check Eligibility
Once you have chosen a bank or financial institution, check the eligibility criteria. Typically, banks require customers to be at least 18 years of age, have a good credit score, and a steady source of income. Some banks also require customers to have an existing relationship with them, such as a savings account or a credit card.
Step 3: Apply Online
To apply for a virtual EMI card, go to the bank or financial institution’s website and fill in the online application form. Provide your personal and financial details, and submit the form. You will also need to upload supporting documents such as identity proof, address proof, and income proof. Once your application is submitted, the bank will review it and inform you of the status.
Step 4: Approval and Activation
If your application is approved, the bank will send you an email or SMS with the virtual EMI card details, including the card number, expiry date, and CVV. You can now use the virtual EMI card to make online purchases or book services that offer EMI payment options.
Benefits of a Virtual EMI Card
1. Convenience and Flexibility: A virtual EMI card offers convenience and flexibility to customers, as it can be used from anywhere, anytime. This means that customers can make purchases online or pay for services without having to worry about carrying a physical card or going to a bank.
2. No Additional Charges: Unlike physical EMI cards, virtual EMI cards do not incur any additional charges such as annual fees, processing fees, or renewal fees. This makes it a cost-effective payment solution for customers.
3. EMI Payment Options: With a virtual EMI card, customers can avail of EMI payment options on a range of products and services, such as electronics, appliances, airfares, hotel bookings, and more. This means that customers can buy high-value products or services without having to pay for them upfront.
4. Make My Trip Pay Later: Make My Trip is one of the many services that offer EMI payment options to customers. With a virtual EMI card, customers can book flights, hotels, or holiday packages and pay for them in installments. This facility is particularly useful for customers who wish to travel but cannot afford to pay for the entire trip upfront.
In conclusion, a virtual EMI card is a convenient and flexible payment solution that offers a range of benefits to customers. It allows customers to avail EMI payment options on a range of products and services without having to pay for them upfront. With more and more services offering EMI payment options, a virtual EMI card has become a must-have for today’s online shoppers. So, if you’re looking for a convenient and cost-effective payment solution, consider applying for a virtual EMI card today.
Also Read: Exploring the Features of the Bajaj Insta EMI Card
