In today’s world of rapid advancements in technology, buying things that we desire has become simpler and easily accessible, thanks to the convenience and affordability offered by EMI cards. Among the various EMI cards available in the market today, Bajaj EMI card is one such facility that has emerged as a preferred choice for buyers owing to its flexible repayment options and higher affordability. However, one of the biggest constraints encountered while using EMI cards is the credit limit assigned to the card.
A low credit limit often restricts our ability to purchase costlier items, leaving us with limited choices. But fret not, because there are ways to increase your Bajaj EMI card limit and unlock more value. In this article, we will discuss in detail how to increase your Bajaj EMI card limit.
Before delving into the nuances of increasing your Bajaj EMI card limit, let us first understand what a Bajaj EMI card is and its features.
The Bajaj EMI card is a pre-approved loan that enables customers to make purchases and repay the amount in easy EMIs using their card. The card comes with a pre-approved loan limit that can be used to purchase consumer durables, electronic gadgets, kitchen appliances, furniture, clothes, and more. The card offers numerous benefits such as no cost EMI options, zero foreclosure charges, and easy documentation. Moreover, the card can be used across multiple retail and online stores, making it highly convenient for customers.
Now that we have a brief understanding of the card, let’s move on to the main topic, i.e., how to increase your Bajaj EMI card limit.
Stability of Income
One of the most important factors that lenders take into account while evaluating loan applications is the stability of income. If you are a salaried individual, having a stable job and regular income can improve your chances of getting a higher credit limit. If you are a self-employed individual, having a steady flow of income is equally essential. Lenders will assess your ability to repay the loan in easy installments before approving an increase in your credit limit.
Maintain a Good Credit Score
Having a good credit score is crucial when it comes to applying for any loan facility. The same applies to increasing your Bajaj EMI card limit. The higher your credit score, the better your chances of getting a higher credit limit. The Bajaj Finserv EMI card eligibility criteria require a minimum credit score of 750 out of 900 to be eligible for a card. Hence, maintaining a good credit score by paying utility bills and credit card bills on time, and keeping your credit card utilization low, can increase your chances of receiving an increased credit limit.
Timely Repayment of EMIs
The key to maintaining a good credit score is timely repayment of EMIs. Making your EMI payments on time can boost your credit score and create a positive impression in the lender’s mind. Delaying or defaulting on your payments can hurt your credit score and make it difficult for you to get a higher credit limit.
Update Personal Information
Updating your personal information like your phone number, email ID or address can be a small step that can have a significant impact on your credit limit. Accurate personal information ensures that you receive timely communication from the lender, including any offers or promotions related to the card that can help you increase your credit limit. In case of a change in your personal information, update it promptly with the lender, so that they have the correct information to make informed decisions.
Usage of the Card
Regular usage of the Bajaj EMI card can work in your favor while seeking an increased credit limit. Responsible usage of the card by timely repayment of EMIs, maintaining a low credit card utilization ratio, and staying within the credit limit can create a positive record of your repayment history. Your repayment history plays a significant role in the lender’s decision to grant you an increased credit limit or not.
Ask for a Credit Limit Increase
If you have been regularly using your Bajaj EMI card, maintaining a good credit score, and timely repayment of EMIs, but still haven’t received a credit limit increase, you can always ask for an increase. You can contact Bajaj Finserv’s customer care or visit their nearest branch to inquire about increasing your credit limit. The customer care representatives will guide you on the next steps to be taken, which may include submitting additional documentation or fulfilling other eligibility criteria.
In conclusion, Bajaj EMI Card is an excellent facility that enables you to purchase desired items in a convenient and affordable manner. Increasing your credit limit can give you more financial flexibility and unlock more value. By following the above-listed steps and fulfilling the eligibility criteria, you can increase your Bajaj EMI card limit. So, go ahead and make your purchases with confidence while leveraging the benefits of the Bajaj EMI card.
