About India's First EMI-Based Credit Card
- Launch: Unity Small Finance Bank (Unity Bank) and BharatPe have jointly launched a credit card that allows customers to either pay in full or convert their spends into equated monthly instalments (EMIs). This is being introduced as India’s first EMI-driven credit card on the RuPay network.
- Partnership: The Unity Bank BharatPe Credit Card has been developed in association with the National Payments Corporation of India (NPCI).
- UPI Linkages: The card can be linked to Unified Payments Interface (UPI), enabling payments at a wide range of merchants nationwide.
- Eligibility: The card will be available to both salaried and self-employed individuals. Applications can be made through the BharatPe app, where users can complete onboarding, KYC, and credit eligibility checks digitally before card activation.
Key features of First EMI-Based Credit Card
- Auto-EMI Conversion: Purchases can be instantly split into EMIs up to 12 months, with flexible repayment options.
- Zero Fees: No joining, annual, or foreclosure charges—lifetime free card.
- UPI Integration: Linked to UPI for widespread merchant acceptance and instant payments.
- Reward Program: Earn flat 2% rewards on EMI transactions, redeemable through the BharatPe app.
- Premium Benefits: Complimentary domestic and international lounge access, and preventive health checkups.
- Digital Onboarding: Seamless application, KYC, and activation via the BharatPe app.
