Flipkart Pay Later 2024: Is flipkart pay later safe?

what-is-flipkart-pay-later
what-is-flipkart-pay-later

Flipkart Pay Later service started by Flipkart just like Amazon Pay Later. It is a buy now, pay later (BNPL) service that allows you to shop on Flipkart and Myntra without having to pay upfront. You can choose to pay the full amount by the 10th of the following month, or you can opt for interest-free EMIs.

In this article we will give information about Flipkart Pay Later: how to activate?, benefits, charges, eligibility, dis-advantages, how to increase credit limit and customer care number.

What is Flipkart Pay Later?

Flipkart Pay Later is a new payment option that allows you to shop on Flipkart without having to pay upfront. You can choose to pay the full amount by the 10th of the following month, or you can opt for interest-free EMIs.

To use Flipkart Pay Later, you need to be a registered user of Flipkart and have a valid PAN and Aadhaar card. You will also need to verify your Aadhaar with OTP and authenticate your bank account details.

Once you are approved for Pay Later, you will be able to see a “Pay Later” option at checkout. When you select this option, you will be able to choose whether to pay the full amount by the 10th of the following month, or to opt for interest-free EMIs.

If you choose to pay the full amount, you will not be charged any interest. If you choose to opt for EMIs, you will be charged a nominal processing fee. The interest rate on EMIs will vary depending on the tenure of the loan.

Pay Later is a convenient and easy-to-use payment method that can help you spread out the cost of your purchases. However, it is important to use this service responsibly and to make sure that you can afford the payments.

Flipkart Pay Later benefits

  • Convenience: You can shop now and pay later, which can be helpful if you need to make a purchase but don’t have the cash on hand.
  • Flexibility: You can choose to pay the full amount by the 10th of the following month, or you can opt for interest-free EMIs.
  • No hidden charges: There are no hidden charges or fees associated with using Flipkart Pay Later.
  • Rewards: You can earn rewards, such as gift cards, for using Flipkart Pay Later.
  • Security: Your information is protected by Flipkart’s security measures.

Flipkart Pay Later Eligibility

  • You must be a resident of India.
  • You must be at least 18 years old.
  • You must have a valid PAN and Aadhaar card.
  • You must have a bank account in your name.
  • You must have a good credit history (Means not having any other active loan or If have then pay it’s EMIs on time).

If you meet all of these criteria, you can apply for Pay Later. You can apply online through the Flipkart website or app.

Once you have applied, your application will be reviewed by Flipkart’s lending partner. If you are approved, you will be able to use Pay Later to make purchases on Flipkart.

How to activate Flipkart Pay Later?

Here are the steps on how to activate Flipkart Pay Later:

  1. Go to the Flipkart website or app.
  2. Click on the “My Account” icon in the top right corner.
  3. Click on the “Flipkart Pay Later” tab.
  4. Click on the “Activate” button.
  5. Enter your PAN and Aadhaar card details.
  6. Verify your Aadhaar with OTP.
  7. Authenticate your bank account details.
  8. Your Flipkart Pay Later will be activated, Once It’s lending Partner will be approved your application (Your Credit Limit will also be decided by it’s lending Partners).

Once your Flipkart Pay Later is activated, you will be able to see a “Pay Later” option at checkout. When you select this option, you will be able to choose whether to pay the full amount by the 10th of the following month, or to opt for interest-free EMIs.

Flipkart Pay Later Charges

There are two types of charges associated with Flipkart Pay Later:

  • Processing fee: A one-time processing fee of 1% of the transaction amount or Rs. 199, whichever is lower, is charged when you use Flipkart Pay Later.
  • Late payment fee: If you miss a payment, you will be charged a late payment fee of Rs. 100.

Summarizes the charges associated with Flipkart Pay Later:

ChargeAmount
Processing fee1% of the transaction amount or Rs. 199, whichever is lower
Late payment feeRs. 100

It is important to note that these charges are subject to change. You can check the latest charges on the Flipkart Pay Later website or app.

Other Charges: Monthly Usage Fees

Flipkart Pay Later users will now be charged a monthly usage fee based on their Pay Later limit and usage for the month. The fee will be charged in the following bands:

  • ₹101 to ₹1,000: ₹5 per month
  • ₹1,001 to ₹3,000: ₹10 per month
  • Any amount greater than ₹3,000: ₹15 per month

The fee will be charged on a monthly basis, not per transaction. It will only be charged on the usage of your Pay Later limit, and EMI and Flipkart Smart Upgrade will not be included. If you do not utilize your limit in any given month, you will not be charged a usage fee.

Please note that the fee is exclusive of GST, which means that you will also be charged GST on the usage fee. The GST rate will vary depending on your location.

For example, if you have a Pay Later limit of ₹5,000 and you use ₹2,000 of your limit in a month, you will be charged a usage fee of ₹10. The GST on the usage fee will be ₹3.20, so your total usage fee will be ₹13.20.

The usage fee will be applied to your next month’s bill. For example, if you use your Pay Later limit in April 2023, the usage fee will be applied to your bill generated on May 1, 2023.

Here are some tips to avoid Pay Later charges:

  • Make sure that you can afford the payments before you use Flipkart Pay Later.
  • Set up a reminder to pay your bill on time.
  • If you know that you will be unable to make a payment, contact Pay Later as soon as possible to discuss your options.

How to increase flipkart pay later limit?

There is no surefire way to increase your Pay Later limit. However, there are some things you can do to improve your chances of getting a higher limit.

  • Make your payments on time. This is the most important thing you can do to increase your credit score and improve your chances of getting a higher limit.
  • Use Flipkart Pay Later regularly. The more you use Pay Later, the more Flipkart will be able to assess your creditworthiness and determine how much credit you can handle.
  • Pay off your balance in full each month. This will show Flipkart that you are responsible with your finances and that you are able to manage your debt.
  • Have a good credit score. A good credit score will show Flipkart that you are a reliable borrower and that you are less likely to default on your payments.

If you do all of these things, you will improve your chances of getting a higher Flipkart Pay Later limit. However, it is important to remember that Flipkart ultimately decides your limit based on their own criteria.

How to close flipkart pay later account?

If you don’t want to use Pay Later anymore or dis-satisfied with his services, you have rights to block your pay later account. To block your pay later account, you need to talk his customer care service or visit help center. Ask them to our reason to block my pay later account to the customer support serviceman.

Your Pay Later will only be closed if:

  • Don’t have any active EMIs or Pending Dues. (If have then first you need to clear all dues to close your Pay Later Account).

Tip: (In Future, your mind will be changed and you want to use your Pay Later again then you need to only use to purchase something by your pay later account. After Purchase your account ill be active again.)

Flipkart Pay Later Block/Close

Here are some of the reasons why your Pay Later account might be blocked:

  • You have missed a payment. If you have missed a payment on your Flipkart Pay Later account, your account will be closed. You can usually unblock your account by making the missed payment and any applicable late fees.
  • You have exceeded your credit limit. If you have exceeded your credit limit on your Flipkart Pay Later account, your account will be closed. You can usually unblock your account by making a payment to bring your balance below your credit limit.
  • Your account has been flagged for fraud. If your account has been flagged for fraud, your account will be closed. You will need to contact Flipkart to resolve the issue before your account can be unblocked.
  • Your account has been inactive for a long period of time. If your Flipkart Pay Later account has been inactive for a long period of time, your account may be closed. You can usually unblock your account by making a purchase using your Pay Later account.

Is flipkart pay later safe?

Flipkart Pay Later is safe if used responsibly. It offers security features like OTPs and stores data securely. You can track spending and avoid interest fees with on-time payments.

However, be cautious of overspending as it can lead to late fees and hurt your credit score. There have also been reports of account blocking and refund delays, making timely payments tricky.

Use Flipkart Pay Later within your budget and pay on time for a safe and convenient shopping experience.

FAQs

Q. What is Flipkart Pay Later?

Flipkart Pay Later is a buy now, pay later (BNPL) service that allows you to shop on Flipkart without having to pay upfront. You can choose to pay the full amount by the 10th of the following month, or you can opt for interest-free EMIs.

Q. How do I apply for Flipkart Pay Later?

You can apply for Flipkart Pay Later online through the Flipkart website or app. You will need to provide your PAN and Aadhaar card details, and you will also need to verify your bank account details.

Q. What are the eligibility criteria for Flipkart Pay Later?

To be eligible for Flipkart Pay Later, you must:
* Be a resident of India.
* Be at least 18 years old.
* Have a valid PAN and Aadhaar card.
* Have a bank account in your name.
* Have a good credit history.

Q. What is the credit limit for Flipkart Pay Later?

Your credit limit for Flipkart Pay Later will depend on your eligibility and repayment history. You can check your credit limit on the Flipkart Pay Later website or app.

Q. How do I use Flipkart Pay Later?

To use Flipkart Pay Later, you simply need to select the “Pay Later” option at checkout. You will then be able to choose whether to pay the full amount by the 10th of the following month, or you can opt for interest-free EMIs.

Q. What are the fees associated with Flipkart Pay Later?

There are two types of fees associated with Flipkart Pay Later:
Processing fee: A one-time processing fee of 1% of the transaction amount or Rs. 199, whichever is lower, is charged when you use Flipkart Pay Later.
Late payment fee: If you miss a payment, you will be charged a late payment fee of Rs. 100.

Q. How do I make a payment on Flipkart Pay Later?

You can make a payment on Flipkart Pay Later through the Flipkart website or app. You can also make a payment by bank transfer or through a UPI payment.

Q. How do I close my Flipkart Pay Later account?

You can close your Flipkart Pay Later account by contacting Flipkart customer service. You will need to clear all dues before your account can be closed.

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