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Amazon Pay later service launched in India | Can you avail this Service in 2020
Amazon.in has launched a new service called “Amazon pay later” that aims to offer instant credit to eligible customers shopping on Amazon. the service lets people sign-up digitally and allows customers to get instant credit that can be used to purchase any products, the instant credit can then repay the amount in the subsequent month at no additional cost or in EMIs for up 1 year with added interest.
Some customers can use the pay later credit to make a payment from Rs.1 to 60,000. this will now help users without credit cards to stretch their budget on home appliances, Electronic, Groceries and more. The amazon India pay later service also allows users to pay their monthly bills including Mobile DTH Recharge, E-bill, Postpaid bill Etc.
Now Users need to register for the amazon pay later service, which can be done via the amazon India mobile app, currently the service does not offer desktop support, customers needed to fill in the know your KYC Details to enable Amazon pay. Some Customers can check their amazon pay later registration status from the Amazon pay dashboard.
Amazon Pay has partner with capital float to design and enable “Amazon Pay Later” service for its eligible customers and capital float has brought in “karur Vysya bank” as co-lending partner to scale up the service.
Benefits of “Amazon Pay Later”
- Credit card details not fill Required
- No pre – closure charges.
- Get Instantly decision on your credit limit by the lender.
- No processing or cancellation fee.
- Replacement on the EMIs specific dashboard.
- Seamless checkout on Amazon site using amazon pay later payment option.
Amazon Pay Later Availability
- Available tenure options as per the purchase values
- For buy-ing with Amazon pay later, the account should be “Active”
- Available for mobile and desktop platform.
| Tenure | Minimum Amount | Maximum Amount |
|---|---|---|
| 1 Month | 0 | 10,000 Buy Now, Pay next month |
| 3 Month | 3,000 | 30,000 Buy Now, Pay in EMIs |
| 6 Month | 6,000 | 60,000 Buy Now, Pay in EMIs |
| 9 Month | 9,000 | Buy Now, Pay in EMIs |
| 12 Month | 9,000 | Buy Now, Pay in EMIs |
Will you have to pay interest?
A mazon pay later users will have the option of paying off the entire due amount next month, if you do this, there will be no interest charged at all and you will simply be paying back what you spent, however if you have spent more than Rs.3000 or more, you will automatically become eligible to pay it back in 3 Months. In case, an amount of interest will be charged. users who spend over Rs.6000 on Amazon pay later can avail u to 6 month EMI, while hose who spend over Rs.9000 and above can avail EMIs of either 9 of 12 Months. Both of these will be charge a monthly interest on the lien amount.
What is eligible criteria to use Amazon pay later?
You need to have an amazon. in account with a verified mobile number, a valid Pan card, Your bank account with one of the selected banks and one of the officially valid denouement as address proof Like- Driving license, UID Card, Voter card, Passport. you must be 23 year of age or above further eligibility is decided basis information already available with amazon and your credit bureau history.
How to register for Amazon pay later?
Now Go to amazon pay later registration page on your Amazon.in app and follow the simple screen instructions.
Choose your preferred KYC Mode? You will be 2 modes of Kyc completion like- Existing KYC and One Time Password Based eKYC.
If you otp for option 1, you will need to follow the below steps.
-Verify your identify
Enter missing 4 digital of the pan card you used for completing the kyc for amazon pay balance
-Accept terms
Your approve amazon pay later limit will be displayed on this screen along with the loan agreement. Please read the accept the agreement to complete amazon pay later registration. In this sanctioned limit will become active within few minutes of completing the registration.
If you opt for option 2, OTP based, you’ll need to follow the below steps
-Verify identify
- Enter your complete pan card number and click continue.
- Enter your complete Aadhar card number and click continue.
- You will receive an OTP on your Mobile number registered to your Aadhar number. Now enter the OTP and click continue,
- post submission of details, your profile will be evaluated and amazon pay later limit will be determined which will be displayed to you on the next screen.
-Accept Terms
Your approve amazon pay later limit will be displayed on this screen along with the loan agreement. Please read the accept the agreement to complete amazon pay later registration. In this sanctioned limit will become active within few minutes of completing the registration.
Amazon Pay Later Terms and Conditions:
These terms are applicable between you and Amazon pay India for the transactions select online medium, platforms or marketplaces (Digital property) using the Amazon pay later payment method, it is clarified that these are applicable only if amazon pay later is available for payment on the digital property.
The following terms and conditions apply to any and all transactions made on Digital property using the amazon pay later payment option:
- Amazon pay later can only be used for purchase on the digital property if the customer has sufficient balance and limit available under the facility granted by lending partner.
- Repayment of the facility is governed by the terms notified by the lending partner from time to time.
- Amazon pay later is a payment option available to certain select customer to make payment on the digital property.
- Amazon will not be held liable for any dispute arising out of or in connection with use of the amazon pay later payment option of the facility.
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