What is Amazon Pay Later?
Amazon Pay Later is the hassle-free way to get instant credit facility, via a completely digital process, for purchases using EMI on Amazon.in. The user has to complete the one-time registration process and then can avail the Amazon Pay Later payment option during checkout on Amazon.in as instant loans, and pay later next month or over EMIs ranging from 3 to 12 months. The user can easily track the purchases, repayments, and history from a simplified dashboard for this payment mode within the Amazon app
For the user to be eligible they need to have an Amazon.in account with a verified mobile number, a valid permanent account number (PAN) card (used to fetch credit bureau records from relevant entities) and do the KYC process (which is done either through user’s details available on CERSAI portal or through OTP based Aadhaar e-KYC via UIDAI). The user must be 18 years of age or above and a resident of India. Further eligibility is decided based on information already available with Amazon, credit bureau history, income estimation model and KYC details. Based on these and a host of other factors, axio, the lending partner will decide the approved Amazon Pay Later credit facility for the user.
For all transactions done in a month using Amazon Pay Later, the bill is generated at the month end and is due on 5th of the next month. E.g. for all purchases done between 1-30 June, the bill will be due on 5th July. Users can set up auto repayment using e-mandate by validating through Netbanking or Debit card or via UPI autopay for certain eligible users. This can be used for auto pay on the due date for a hassle free repayment experience. The users can additionally go to the Amazon Pay Later dashboard from within the Amazon app and manually pre-pay the dues or foreclose the loan via Debit Card, Netbanking or UPI payment option.
In case of missed on time repayments, late fee (details present in KFS and sanction letter) is levied by axio and the credit facility may be permanently blocked.