Amazon Pay today launched card-less EMIs for selected Amazon customers. Using this facility, customers can buy their favorite products on Amazon.in in EMI without using any Credit or Debit cards. Amazon Pay EMI provides instant financing options to customers up to ₹60,000 by splitting their purchases into installments at low-interest rates. Currently, this is an invite-only program and only selected customers to have access to this. To activate this facility eligible customers should complete eKYC, a simple two-step registration process.
Eligible customers will see an option to register for the credit facility on the Amazon Pay homepage, and upon providing their PAN and KYC details customers will be instantly provided credit limit up to ₹60,000. There is no need to uploads any documents to avail the facility. Interest will be charged only when customers make a purchase using this assigned credit limit and there are no processing fees or hidden charges. Furthermore, Customers will also get an option to setup auto repayments for hassle-free repayment of their monthly installments. Customers can track their Order history, Repayment history, and Pending dues through Amazon Pay homepage.
Also Read: Now Avail Debit Card EMI on Amazon.in: Everything You Need to Know
Amazon has partnered with Capital Float as its lending partner to design and enable Amazon Pay EMI facility for select customers. Amazon Pay EMI invite will roll out to select users over the next few days and that also includes a launch offer to avail No Cost EMIs on 3-month and 6-month tenures. Visit this link to know more about Amazon Pay EMI service.
Things to remember
- You must be 18 years of age or above to avail this facility
- Amazon Pay EMI available only on mobile platforms
- This facility applicable only for single item purchases
- Minimum purchase value to avail Amazon Pay EMI is ₹8,000
- You cannot use this facility to buy jewelry, Gift Cards, Kindle eBooks, Amazon Pay balance top-up
- No Cost EMI is available only on selected products
- Products from Amazon Global Store or Out of Country Merchants are not applicable
- EMI Plans are limited to 3, 6, 9 and 12-month
- No transaction fee is charged on use of Amazon Pay EMI
- No. Down-payments are not required for purchase using Amazon Pay EMI
- You cannot change the EMI plan once the order is placed
- You cannot change your repayment date
- PAN and Aadhaar Number are mandatory complete the eKYC
- Rupay cards are not supported for auto repayment setup
Commenting on the launch Vikas Bansal, Director, Emerging Payments said, “Amazon has always been focused on making shopping truly affordable for masses online. We are on a mission to enable credit access for every Amazon customer. Amazon Pay EMI is a hassle-free way of availing instant credit for customers that currently don’t have access to credit. This product has been developed leveraging India Stack to make the process completely digital. After a recent expansion of EMI on Debit cards, we are very excited to bring this facility ahead of the festive season and being the most affordable destination for our customers”.