Amazon is not a new name when it comes to providing e-commerce services to users globally. There are uncountable items one can get on Amazon. It has now established its roots in India as well and it is equally popular here.
Amazon has gradually expanded its areas of operation and it has now created a community of buyers and sellers. Lots of local merchants or sellers have collaborated with the e-commerce platform and they are making good money through it.
Other than e-commerce retail, Amazon has started operations as Amazon Prime for quick deliveries, Amazon Prime Videos for streaming different movies or web series, and stuff like this. Not only this, authors can even publish their books on Amazon easily. Amazon is now providing loan services to its customers through the Amazon shopping app.
The brand logo of Amazon suggests an arrow of A to Z which means that everything from A to Z is available on the Amazon platform. It can be kitchen essentials or books or electronics, fashion, or furnishing, everything is available on Amazon.
Amazon has one more service namely Amazon Pay Later that helps users to avail loan facilities through the app. The process of loan happens in collaboration with a third-party lending partner of the app. This is an NBFC(non-banking financial company) namely CapFloat Financial Services Private Limited.
The process incited by the company is absolutely online and there is no need for you to go to a bank or fill out bulky forms to get loans. Now, anyone can live a smooth life by using this service. The process is convenient and swift. The credit is given instantly and for the purchase, a user makes on Amazon, they can get EMI. This EMI is basically for your purchases through the Amazon app or website.
When a user uses this service for the first time, they must go through some formalities. The process is easy and does not ask for the details of the credit card. The details generally include name, address, city, state, etc.
The services offered at Amazon Pay later are the best if you don’t have a credit card or do not wish to use it for your purchase. Also, for the buyers who find it difficult to pay for their purchases instantly, this service is a great option.
There are a couple of options with which you can complete the payment of your purchase. One can choose to pay for the commodity they buy the next month or they can pay for it in EMIs. however, if someone opts to pay in EMI, they must make a purchase above RS.3000. The range of EMI is 3 to 12 months. The whole process is flawless and any details like CVV or PIN or OTP are not asked.
Apply for Amazon Pay Later Now – Get Instant Loan within 5 Minutes
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What Are the Basic Requirements to Use Amazon Pay Later?
- Active account on the Amazon app or website.
- Credit history
- Registered mobile number
- Bank account in any of the partner banks
- Documents that present proof of permanent address like Aadhar card, driving license, voter ID card, passport, utility bills(must be the latest ones or the ones that are just 2 months or 60 days old)
- Your age must be above 23 years
The lending partner will decide if you are the right fit to use this service after checking all these points.
What is the Process To Register on Amazon Pay Later?
There are a number of ways with which you can register on Amazon Pay Later.
1. KYC
- Go to the Amazon app and click on Amazon Pay Later registration banner.
- Enter the missing digits. This will verify your identity on the app or website.
- The next screen will pop up a loan agreement. This will contain all the necessary information, terms and conditions, including Amazon Pay Later’s approved limit.
- Carefully read each point and if you are okay with it, agree to it.
- Once you are done with this. The approval will take some time.
2. eKYC
- On Amazon’s homepage, find out Amazon Pay Later registration banner and click on it.
- Enter your Aadhar number and PAN card number to verify your identity. After this, click on the continue button.
- An OTP will come on our registered mobile number. Enter this and tap on the continue button again.
- Carefully read the terms and conditions and accept it if you wish to register.
When this process is done, the executives or the partnered organization will scrutinize your application. Once this is done, the loan limit will be proposed and then you will be able to access the Amazon Pay Later services.
What is excluded from Amazon Pay Later’s Services?
There are some limitations to using this service. It is not applicable in some conditions.
- Goods that are in the exchange offer.
- Jewelry of any kind.
- Gold or silver bullion.
- Paying from a credit card
- A gift card.
- Products purchased from Amazon’s global store or that from outside the country store.
These were laid down so as to cut off any further complications between the seller and/or the borrower and/or the company Amazon.
What is the Interest in Amazon Pay Later Services?
There are no interest rates applicable to the user that pays the whole amount of the commodity the next month of its purchase. Also, when an offer of no-cost EMI is running, the user is not liable to pay any interest
However, if the user chooses to pay for it in the form of EMI, it will have to pay the interest. This interest depends on the EMI the user chooses in 3,6,9, or 12 months. The interest amount is calculated and displayed on the payment page after the user chooses its EMI plan.
Amazon is a great way to choose and live the lifestyle you need. Amazon Pay Later is a fantastic service offered to the users if utilized properly. s