Amazon Pay Later is a payment option that allows you to buy goods from Amazon on installments (EMIs) without a credit card. You can choose the installment period from 1 to 12 months and pay through debit card or internet banking.
Amazon Pay Later is a convenient way to buy goods that you may not be able to afford upfront. It can also help you build your credit history. However, there are some risks associated with using Amazon Pay Later, such as the possibility of late payment fees.
In this article, We will talk about Amazon Pay Later in details that what is Amazon Pay Later, how to register, benefits, disadvantages, charges.
What is Amazon Pay Later?
Amazon Pay Later is a digital credit service that allows you to buy now and pay later. You can get instant credit approval and pay for your purchases in full next month or over 3 to 12 months through EMIs. The setup process is quick and easy, and you don’t need to provide any credit card details.
Once you’re set up, you can use Pay Later at checkout on Amazon.in. Your purchases will be reflected in your Amazon Pay Later dashboard, where you can track your repayments and limits. Amazon Pay Later is offered by Amazon Finance India Private Limited in partnership with axio or IDFC FIRST Bank.
Key Features:
- Instant credit approval
- No credit card details required
- No processing or cancellation fees
- No pre-closure charges
- Seamless checkout on Amazon.in
- Simplified tracking of expenses and repayments
If you’re looking for a hassle-free way to get instant credit for purchases on Amazon.in, Amazon Pay Later is a great option.
Amazon Pay Later Benefits
- Instant credit decision: You’ll know right away if you’re approved for a credit limit.
- No credit card details required: You can use Amazon Pay Later without having to share your credit card information.
- No processing or cancellation fees: There are no fees for setting up or cancelling your Amazon Pay Later account.
- No pre-closure charges: You can pay off your balance early without having to pay any fees.
- Seamless checkout: You can use Amazon Pay Later at checkout on Amazon.in just like any other payment method.
- Simplified tracking: You can track your expenses and repayments on the EMI-specific dashboard.
Amazon Pay Later Eligibility
To be eligible for Pay Later, you must:
- Be at least 23 years old.
- Have an Amazon.in account with a verified mobile number.
- Have a valid PAN card.
- Have a bank account with one of the selected banks.
- Have one of the officially valid documents as address proof.
- Here are the documents that you can use as address proof:
- Driving license
- Voter ID card
- Aadhaar card
- Utility bills (not older than 60 days)
- Passport
- Here are the documents that you can use as address proof:
Your eligibility will also be based on information already available with Amazon and your credit bureau history. Based on these and a host of other factors, the lending partner will decide your Pay Later limit.
Amazon Pay Later Registration | How to register for Amazon Pay Later
- Download the Amazon India app on your mobile device.
- Open the Amazon India app and go to your account.
- Click on the “Amazon Pay Later Registration” page.
- Complete the KYC process. You can choose from one of the following options:
- Already completed KYC: If you have already completed KYC for Amazon Pay Balance, you can simply enter the last 4 digits of your PAN card that was used for completing the KYC process for Amazon Pay Balance.
- eKYC via OTP: Enter your PAN card number and Aadhaar number. An OTP will be sent to your registered mobile number. Enter the OTP to complete the KYC process.
- KYC for existing customers with lending partners: If you have already completed KYC with a lending partner, you will receive an OTP on the mobile number registered with the lending partner. Enter the OTP to complete the KYC process.
- KYC as received from CKYCR under CERSAI: Answer a few questions based on the KYC information. You will also be asked to give consent to the details displayed to you from CKYCR.
- Accept the terms and conditions. Your Amazon Pay Later limit will be displayed on the screen.
- Click on “Accept” to complete the registration process. Your available limit will be active within a few minutes of completing the registration process.
Amazon Pay Later Charges
- No processing or cancellation fees: There are no fees for setting up or cancelling your Amazon Pay Later account.
- No late payment fees: If you make your repayments on time, you will not be charged any late payment fees.
- Interest charges: If you choose to pay for your purchases over 3 to 12 months through EMIs, you will be charged interest. The interest rate will depend on your credit score and the tenure you choose.
Interest rates for Amazon Pay Later:
| Tenure | Interest Rate |
|---|---|
| 3 months | 18% p.a. |
| 6 months | 18% p.a. |
| 9 months | 18% p.a. |
| 12 months | 18% p.a. |
Please note that these are the standard interest rates for Amazon Pay Later. The actual interest rate you are charged may be higher or lower, depending on your credit score and the tenure you choose.
Amazon Pay Later Disadvantages
- Amazon Pay Later is not available for everyone.
- You must have sufficient limit to purchase goods.
- You cannot purchase jewelry, gift cards, gold, and silver through this service.
- You cannot purchase products from out of the country using Pay Later.
- You cannot pay your EMIs with a credit card or Amazon Pay balance.
Amazon Pay Later Availability
Pay Later is a payment option that allows you to buy now and pay later. It is available on both mobile phones and desktops, but registration can only be done through mobile.
To use Amazon Pay Later, your account must be active and you must have sufficient balance to cover the purchase. You cannot use Amazon Pay Later for purchases with an exchange offer, or for jewelry, products from out of country, bullion, or bill payments for credit cards.
In the case of multiple cart items, no-cost EMI will only be applicable if all the items in the cart are eligible for no-cost EMI. The table below shows the available tenure options along with the minimum and maximum purchase values:
| Tenure | Minimum Amount | Maximum Amount | Option |
|---|---|---|---|
| 1 month | 0 | 10,000 | Buy now and pay next month |
| 3 months | 3,000 | 30,000 | Buy now and pay in EMIs |
| 6 months | 6,000 | 60,000 | Buy now and pay in EMIs |
| 9 months | 9,000 | – | Buy now and pay in EMIs |
| 12 months | 9,000 | – | Buy now and pay in EMIs |
Electricity bill payments can be made with Pay Later if:
- The number of transactions is more than 5 per month.
- The transaction value is Rs. 10,000 and above.
For more information on Pay Later, please visit the Amazon Pay website.
Also Check: Paytm Postpaid review 2024: how to activate, benefits, charges
FAQs
Q. What is Amazon Pay Later?
Ans. Pay Later is a payment option that allows you to buy goods from Amazon on installments (EMIs) without a credit card.
Q. What are the charges associated with Amazon Pay Later?
There are no processing or cancellation fees associated with Pay Later. However, you may be charged late payment fees if you do not make your payments on time. You may also be charged interest on your balance if you do not pay it off in full within the installment period.
How do I make payments for Amazon Pay Later?
Ans. You can make payments for Pay Later through debit card or internet banking. You can also set up auto repayment so that your payments are made automatically on the due date.
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