FAQ'S ON EMI FINANCING
What is the eligibility criteria to avail financing on furniture?
Order value should be equal to or greater than INR 10,000.
You should meet at least one of the following criteria:
- Have a credit card.
- You should be an existing Bajaj Finance Limited customer.
- You should be a salaried professional.
- You should have taken a loan in the past.
- You should have a property on your name.
How do I avail financing on furniture?
When you proceed to the check-out page, all you need to do is, select the “Pay in EMI” option and you are done. Yes, it is that easy. Our customer service team will then get in touch with you to collect additional details, will apply for financing on your behalf, and help you with the next course of action.
What would be my additional charges to avail Bajaj Financing?
You would have to pay a nominal processing charge of Rs749
What documents will I have to submit?
Our team will collect the following documents from you: Photo ID Proof (Pan Card, Aadhar Card, Voter ID card, Driving License, Passport etc.) Address Proof (Passport, Telephone Bill, Gas bill, Electricity bill, Bank account statement with name and address etc.) Cancelled cheque (Only from a nationalized bank) – EMIs will be deducted from this bank account. Duly filled and signed ECS Mandate form and loan application form (will be provided by our team) Our customer service team will inform you whether any other documents would be required based on applicable eligibility criterion.
How do I submit the documents?
Our team will get in touch with you to decide upon a convenient time slot to collect the documents and down-payment. They will carry the ECS mandate form and loan application form which requires to be duly filled and signed. Please note that the applicant will have to be personally present to sign the form.
What if my application gets rejected? What do I do in that case?
Approval/rejection of your application solely lies at the discretion of the Finance company. In such an event, you would need to place a fresh order with a different payment type – Cash pay or Prepaid. We will go ahead and cancel the existing order for which the loan request has been placed.
How would my EMI schedule look like?
Your application will be processed in any of the following EMI schemes 12/4, 10/2, 10/0, 18/1, 24/1 where a 10 by 2 scheme require you to make a down- payment for 2 instalments and the remaining amount will be deducted in 8 EMIs.
For example, if you make a purchase of INR 20,000 using Finance, you are required to make minimum down-payment of INR 4,000 + 749 (processing fee) i.e Rs.4749 while submitting the documents. Remaining amount will be deducted from your account in 8 EMIs of INR 2,000 each.
On what date would the EMI be deducted from my account? Can I check the schedule?
EMI will be deducted on 5th of every month. Once your loan is processed, Finance company will provide you with the login credentials. With these credentials, you will be able to login and check the EMI schedule.
How do I track the status of my application?
Once the application is processed, we will keep you informed about the status of your application. In case of approval, you will also receive an SMS from Finance company.
Is there any upper limit on the loan amount?
You can avail a gross loan up to INR 2,50,000. Loan up to INR 1,25,000 will be instantly approved based on details provided. For higher amounts, loan will be approved after a verification call by the Finance company.
Can I prepay the loan? Is there any prepayment penalty?
You can either do a part-prepayment or prepay your entire loan amount with a nominal pre-closing charge being levied.
What if I have to cancel the loan against product return?
In case of a cancellation against product return, Bantia will repay the down-payment amount to the customer deducting the processing fees and cancellation charges as applicable. Finance Company will repay back the EMIs you have deposited so far.
Is there anything else I need to keep in mind?
Please make sure that the order is being placed in name of the same person who will avail financing. The name in the invoice should match your name on the PAN card.
In case you are using your credit card to apply for the loan, please ensure that you use the same credit card to make the down-payment as well.
Will I be asked to share the credit card information, account information or passwords over phone or email?
The Bantia team will never request you to share any of your payment details over email or over phone. The only time when you will be asked for your 16 digit card number is when you apply for a loan with a Finance Company.
For more questions please contact us on 040-27841562 / 3/ 5 or E-mail: [email protected]
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