Tata Neu App has recently introduced the Qik EMI Card, a shopping credit card designed for individuals who frequently engage in online shopping and digital payments. Through the Tata Neu App, users can apply for the Qik EMI Card, offering a credit limit ranging from ₹10,000 to ₹2 lakhs. This card allows users to make monthly installment payments for various electronic items purchased online.
However, it's essential to note that the terms might vary based on the product, and the introductory offer may not apply to all loans. Also, even if a product is listed as eligible for Qik EMI, it may not appear as a payment option unless both the product and your account meet specific criteria. Repayment is solely through the NACH mandate which can be a negative for some people, and manual repayment is only possible if your account is overdue. Keep these details in mind when considering the Qik EMI Card.
So, What is Qik EMI Card?
The Qik EMI Card is a shopping credit card launched by Tata Neu App, which comes with no joining fee, annual fee, advance fee, or hidden charges. With this card, you can buy items like refrigerators, air conditioners, washing machines, LED TVs, smartphones, etc., on monthly installments, especially on the Croma e-commerce website with Zero Cost EMI.How to Apply for Qik EMI Card:
- Download and install the Tata Neu App from the Google Play Store.
- Sign up with your mobile number.
- Select the Finance option and then Loans.
- Click on Qik EMI Loan and then Apply Now.
- Fill in your details and click on Know Your Offer.
- After filling in your PAN card number, date of birth, pin code, email id, employment status, company name, etc., click on Know Your Offer.
- Receive your credit limit based on your credit score.
- Complete Instant Online Aadhar Verification by entering the OTP sent to your registered mobile number.
- Fill in the details of your preferred bank account.
- Submit the application form.
Eligibility Criteria
To avail the Qik EMI Card, you should be an Indian citizen, aged 21 or above, and complete digital KYC with a mobile number linked to your Aadhar card. Additionally, you need government-approved documents for income, address, and identity proof.Credit Limit
The Qik EMI Card offers an introductory credit limit between ₹10,000 to ₹1.50 lakhs, depending on the applicant's credit history and CIBIL score. It is important to note that there will be a strong enquiry from TCFSL (Tata Capital Financial Services Limited).Fees & Charges
- Joining Fee: NIL
- Annual Fee: NIL
- Advance Fee: NIL
- Hidden Fee: NIL
- Annual Interest: 11.25% to 19%
- Processing Fees: Depends on the loan amount
- GST Fee: 18%
- Late Fee: Depends on the loan amount
- Loan Amount: ₹10,000 to ₹1.50 lakhs
- Loan Service Fee: Depends on the loan amount
Benefits of Qik EMI Card
- No joining fee, annual fee, or hidden charges
- Credit limit of ₹10,000 to ₹1.50 lakhs
- Zero Cost EMI on Croma for various products
- 100% digital application process
- Instant approval and insurance
- Shop online and in local markets
- Facility of insurance along with EMI credit
Conclusion
TATA Capital's Qik EMI Card is a great and affordable choice for loans, whether you're employed or self-employed. It's handy for getting loans for items like electronics, furniture, and travel, with the flexibility to customize your loan amount and repayment period. Perfect for online shopping on sites like Bigbasket and Croma, it doesn't come with any extra fees, keeping it simple and user-friendly for hassle-free financing.However, it's essential to note that the terms might vary based on the product, and the introductory offer may not apply to all loans. Also, even if a product is listed as eligible for Qik EMI, it may not appear as a payment option unless both the product and your account meet specific criteria. Repayment is solely through the NACH mandate which can be a negative for some people, and manual repayment is only possible if your account is overdue. Keep these details in mind when considering the Qik EMI Card.
