E-commerce giant Amazon has announced the launch of its credit service called Amazon Pay Later in India. Under this, customers can avail instant credit that they can use to buy daily essentials, electronics and clothing items among others.
The credit facility can also be to used to complete bill payments on Amazon.in. Amazon Pay Later service offers the option to repay in the subsequent month at no additional fees, or in easy EMIs up to 12 months at nominal interest rates.
Amazon Pay Later comes with in-built security features and gives customers the option to setup auto-repayment to settle monthly bill or EMIs through the bank of their choice. Users also have an option to repay all outstanding amount in one go at no additional fees. Based on usage and repayment behaviour they will also be able to extend their credit limit further.
Key highlights of Amazon Pay Later are:
- Easy registration process.
- Pay next month at zero per cent interest or pay in three to 12-month EMIs with no hidden charges.
- No need for a credit card.
- You can avail of credit up to ₹20,000.
Currently, the service is available to a limited set of eligible customers.
Commenting on this new initiative, Mahendra Nerurkar, CEO, Amazon Pay(an online payments processing service that is owned by Amazon) India said, “Amazon Pay Later is a unique service that will help customers expand their access to credit and experience most convenient option of making payments.”
Know more about how to register and key benefits by clicking here.
Note: At the moment, it is a mobile-only experience