When setting up financial accounts or applying for credit-based services like the Bajaj Finserv Insta EMI Card, one document you’re often asked to provide is a cancelled cheque leaf. Though it may appear insignificant, this simple paper plays a critical role in ensuring account verification, fraud prevention, and seamless transaction processing.
This article breaks down why a cancelled cheque leaf is required, how to submit one properly, and how tools like the Insta EMI Card and the EMI calculator simplify your financial planning—especially when it comes to understanding how to calculate No Cost EMI.
What Is a Cancelled Cheque Leaf?
A cancelled cheque leaf is a regular bank cheque with the word “CANCELLED” written across it, usually diagonally. This prevents it from being used for transactions but retains key information like:
- Account holder’s name
- Bank account number
- IFSC and MICR codes
- Bank branch name
To ensure you do it correctly, follow this official guide:
How to write a cancelled cheque
Why Is a Cancelled Cheque Leaf Required?
1. Bank Account Verification
Lenders and fintech firms use the cheque leaf to confirm that the account you’re linking is valid and belongs to you. The pre-printed details reduce errors when setting up auto-debits or loan disbursals.
2. Mandate Setup for Payments
A cancelled cheque enables secure configuration of ECS mandates and auto-debit instructions for EMI payments or recurring charges—especially useful when activating financial tools like the Insta EMI Card.
3. Regulatory Compliance
Banks and NBFCs are required to follow strict KYC norms. Submitting a cancelled cheque helps meet those standards by verifying real-time account ownership, thereby protecting both the lender and the customer.
Benefits of Using the Bajaj Finserv Insta EMI Card
The Insta EMI Card from Bajaj Finserv isn’t just a credit facility—it’s a smarter way to shop, borrow, and manage expenses. Here’s why it’s a must-have financial tool:
- 1. Pre-Approved Credit Limit up to ₹2 Lakh
No waiting. Get instant access to funds and make high-ticket purchases on the spot.
- 2. No Cost EMI on Purchases
Break down your payments without paying interest. Learn how to calculate No Cost EMI using their EMI calculator to know exactly what you’ll pay.
Example:
Buying a ₹30,000 product over 6 months = ₹5,000/month with zero interest.
- 3. Pan-India Acceptance
Use your card at over 1.5 lakh partner stores and e-commerce platforms across India—be it electronics, healthcare, or lifestyle.
- 4. Flexible Tenures
Choose repayment terms that fit your budget—tenures range from 3 to 24 months.
- 5. Quick Online Application
Apply completely online. Just upload your documents, including a cancelled cheque leaf, and get approved instantly.
How to Calculate No Cost EMI
If you’re new to the concept of No Cost EMI, here’s a quick breakdown:
- No Cost EMI means the EMI amount = Purchase Amount ÷ Number of Months
- No extra charges, no hidden interest
Use Bajaj Finserv’s official EMI Network Calculator to:
- Calculate EMI for various tenures
- Compare interest-free and regular EMI plans
- Make informed purchase decisions
This is especially helpful when using the Insta EMI Card for budget planning.
How to Apply for Bajaj Finserv Insta EMI Card
Getting your Insta EMI Card is fast and paperless. Here’s how:
- Check Eligibility
Basic requirements include age, income, and location. - Apply Online
Go to the official application page and enter your mobile number and OTP. - Upload Required Documents
Submit your PAN card, address proof, and a cancelled cheque leaf for bank account verification. - Pay Nominal Joining Fee
The one-time fee gives you lifetime access to Insta EMI Card benefits. - Activate and Start Shopping
Get instant activation and use the card at thousands of retail partners.
Additional Features of the Insta EMI Card
- Zero foreclosure charges – Repay early without penalties
- Access to exclusive deals and discounts
- 24/7 digital account management via the Bajaj Finserv app or portal
Conclusion
A cancelled cheque leaf is more than just a formality—it plays a foundational role in verifying bank details, setting up mandates, and ensuring regulatory compliance during account setup. When applying for products like the Bajaj Finserv Insta EMI Card, it’s a critical document that supports a smooth onboarding process.
With benefits like No Cost EMI, pre-approved credit, and access to a wide shopping network, the Insta EMI Card simplifies both everyday and big-ticket purchases. Use tools like the EMI savings calculator to plan better and shop smarter.
