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To know about Freecharge Pay later: How to activate, eligibility, charges, benefits, dis-advantages and how to close freecharge account?, read the complete article.
What is Freecharge Pay Later?
Freecharge Pay Later is a monthly credit facility of up to Rs 10,000 that allows you to make purchases on Freecharge or its merchant partners with a 30-day repayment period. It is powered by Axis Bank and is available to select registered users of Freecharge.
Freecharge Pay Later is a convenient way to meet your immediate requirements without having to worry about funds. It can be used to buy goods or services, or to pay for utilities and other bills.
To use Freecharge Pay Later, you simply need to select the option at checkout and then repay the dues within 30 days. There are no processing fees and you can avail of interest-free credit for up to 30 days.
Free-charge Pay Later is a safe and secure payment option that is protected by the latest security features. It is a good option to consider if you are looking for a short-term credit facility.
Freecharge Pay Later benefits
- Convenient one-click payment: This is one of the most appealing benefits of Free-charge Pay Later. It is very easy to use, and you can make purchases without having to worry about entering your credit card details. This is especially convenient if you are making a quick purchase online or on your mobile phone.
- Flexible repayment: This is another great benefit of Free-charge Pay Later. You have up to 30 days to repay your dues, which gives you some breathing room if you are short on cash. However, it is important to note that if you do not repay your dues on time, you may be charged a late fee.
- Simple bill payments: This is a great benefit if you have a lot of bills to pay each month. You can use Free-charge Pay Later to pay all of your bills in one place, which can save you time and effort.
- Discounts and offers: Free-charge Pay Later often offers discounts and offers on select products and services. This is a great way to save money on your purchases.
Overall, Free-charge Pay Later is a convenient and flexible payment option that offers a variety of benefits. If you are looking for a way to make purchases without having to worry about funds, Free-charge Pay Later is a good option to consider.
Freecharge Pay Later Eligibility
- You must be a registered user of Free-charge.
- You must have a valid PAN card.
- You must have a minimum monthly income of Rs. 15,000.
- You must have a good credit score.
Freecharge Pay Later is a credit-based product, so your eligibility will also depend on your credit history. If you have a poor credit history, you may not be eligible for Free-charge Pay Later.
How to activate Freecharge Pay Later?
- Open the Freecharge app.
- Tap on the “Pay Later” tab.
- Click on “Activate Pay Later”.
- Enter your PAN card number and date of birth.
- Enter your personal and professional details.
- Complete your OTP based Aadhaar eKYC.
- Agree to the Terms and Conditions and activate Free-charge Pay Later.
If you are eligible for Free-charge Pay Later, you will be able to use it to make purchases on Free-charge or its merchant partners. You will have a credit limit of up to Rs. 10,000, and you will need to repay your dues within 30 days.
Freecharge Pay Later charges
- Interest: Freecharge Pay Later charges an interest rate of 9% per annum. This means that if you borrow Rs. 10,000, you will pay an interest of Rs. 900 over the course of a year.
- Preclosure charges: There are no preclosure charges for Freecharge Pay Later. This means that you can repay your dues early without having to pay any penalty.
- Late payment charges: If you do not repay your dues on time, you will be charged a late payment fee. The late payment fee is Rs. 10 per day, and the maximum capped charge is Rs. 75, Rs. 325, and Rs. 475 for due amounts of Rs. 0 – 1,000, Rs. 1,000 – 3,500, and Rs. 3,500 – 10,000, respectively.
- GST: GST is applicable on the interest charged by Free-charge Pay Later. The GST rate is 18%.
- Processing fees: There are no processing fees for Freecharge Pay Later.
It is important to note that these are just the fees and charges associated with Free-charge Pay Later. There may be other charges that apply, such as GST or processing fees. You should read the terms and conditions carefully before using Free-charge Pay Later.
freecharge pay later disadvantages
- Interest charges: Free-charge Pay Later charges an interest rate of 9% per annum. This means that if you borrow Rs. 10,000, you will pay an interest of Rs. 900 over the course of a year.
- Late payment charges: If you do not repay your dues on time, you will be charged a late payment fee. The late payment fee is Rs. 10 per day, and the maximum capped charge is Rs. 75, Rs. 325, and Rs. 475 for due amounts of Rs. 0 – 1,000, Rs. 1,000 – 3,500, and Rs. 3,500 – 10,000, respectively.
- Overspending: If you are not careful, you may overspend using Free-charge Pay Later. This can lead to financial problems if you are not able to repay your dues on time.
- Impact on credit score: If you do not repay your dues on time, it can damage your credit score. This can make it more difficult to get loans or credit cards in the future.
- Limited availability: Freecharge Pay Later is not available to everyone. You must be a registered user of Freecharge and meet certain eligibility criteria, such as having a good credit score.
- Hidden costs: There may be other charges associated with Free-charge Pay Later, such as processing fees or GST. It is important to read the terms and conditions carefully before using Free-charge Pay Later.
It is important to weigh the pros and cons of Free-Charge Pay Later before deciding whether or not to use it. If you are confident that you can repay your dues on time and you are comfortable with the interest charges, then Free-Charge Pay Later may be a good option for you.
However, if you are not sure if you can repay your dues on time or if you are worried about the interest charges, then you may want to consider other payment options.
Freecharge Pay Later customer care
For Freecharge Pay Later inquiries, please refer to the Help & Support section on the Freecharge platform or email us at [email protected].
For loan account queries, ROI details, and Statement of Account, kindly get in touch with Axis Bank at 1860 419 5555.
how to close freecharge pay later
If you no longer want to use Freecharge Pay Later, you can close your account by following these steps:
- Log in to your Freecharge account.
- Click on the “Pay Later” tab.
- Click on “Cancel Account”.
- Enter your password and submit your request.
Your Freecharge Pay Later account will be cancelled within 7 days of your request.
FAQs
What is Freecharge Pay Later?
Freecharge Pay Later is a credit facility offered by Freecharge in partnership with Axis Bank. It allows you to make purchases on Freecharge or its merchant partners with a 30-day repayment period.
How do I apply for Freecharge Pay Later?
You can apply for Freecharge Pay Later by following these steps:
– Open the Freecharge app.
– Tap on the “Pay Later” tab.
– Click on “Apply Now”.
– Enter your details and submit your application.
What are the eligibility criteria for Freecharge Pay Later?
To be eligible for Freecharge Pay Later, you must:
* Be a registered user of Freecharge.
* Have a valid PAN card.
* Have a minimum monthly income of Rs. 15,000.
* Have a good credit score.
How much credit can I avail with Freecharge Pay Later?
The amount of credit you can avail with Freecharge Pay Later will depend on your eligibility and your credit score. The maximum credit limit is Rs. 10,000.
What are the charges associated with Freecharge Pay Later?
Freecharge Pay Later charges an interest rate of 9% per annum. There are also late payment charges of Rs. 10 per day, with a maximum capped charge of Rs. 75, Rs. 325, and Rs. 475 for due amounts of Rs. 0 – 1,000, Rs. 1,000 – 3,500, and Rs. 3,500 – 10,000, respectively.
How do I repay my Freecharge Pay Later dues?
You can repay your Freecharge Pay Later dues by following these steps:
– Log in to your Freecharge account.
– Click on the “Pay Later” tab.
– Click on “View Dues”.
– Click on “Pay Now”.
– Enter your payment details and submit your payment.
What are the benefits of using Freecharge Pay Later?
1. You can make purchases without having to worry about funds.
2. You can avail of interest-free credit for up to 30 days.
3. The application process is quick and easy.
4. There are no processing fees.
What are the risks of using Freecharge Pay Later?
If you do not repay your Freecharge Pay Later dues on time, you may be charged a late payment fee. You may also damage your credit score, which can make it more difficult to get loans or credit cards in the future.
How do I Close my Freecharge Pay Later account?
To close your freecharge pay later account, you need to contact customer support.
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