Amazon has launched a new credit service in India called Amazon Pay Later. It offers instant zero interest credit for the customers to purchase products from Amazon. Also, this service allows users to repay in monthly installments up to 12 months.With Amazon Pay Later option, users can purchase any product on Amazon, also allows to pay monthly bills.
Amazon competitor Flipkart already has Pay Later option but the maximum limit is Rs 5,000. On the other side, Amazon is offering credit limit up to Rs 60,000. This is great option for the Amazon customers. The rate of interest goes down to zero if the product supports no cost EMI option. But there will be a nominal charge for for EMI payment. Users can convert the bill into an EMI up to 12 months at a monthly interest rate between 1.5 to 2 percent.
To avail this feature, users first need to register for Amazon Pay Later option by following the steps given below.
Steps to register for Amazon Pay Later
- Open Amazon Pay Later page in the Amazon application
- Choose your preferred KYC mode
- You will see 2 ways for KYC completion: 1. Existing KYC (KYC already completed on Amazon) 2. OTP based eKYC
For existing KYC users:
- Verify PAN card information
- Submit the details and
- Amazon will evaluate your account and will give you credit limit
- Accept the terms and loan agreement
- Few moments later, Pay Later will enable on your account
Each and every account will not get credit limit of Rs 60,000 . Amazon evaluates your account and provide you credit limit. Credit limit vary account to account. This restriction is applied to both existing KYC users as well as for OTP based KYC users.
For OTP based eKYC users:
- Enter PAN card details
- Enter Aadhaar card details
- Fill the OTP received on registered mobile number and click continue
- Amazon will evaluate your profile and will show credit limit for your account
- Accept the loan agreement and terms
- Your account will ready to use Pay Later option in few moments