As we all know that Amazon is a trillion-dollar multi-National company established in the United States of America. Most users know Amazon as an e-commerce platform from where we can purchase anything from electronics to clothes.
But only a few know that along with this Amazon also runs multiple businesses. But today in this article I’m going to share one of the best features of amazon through which you can take or avail a loan for your shopping purpose from the Amazon application, with the help of Amazon Pay Later.
With the help of the Amazon Pay Later service, you can avail a loan of up to INR 20,000 for your shopping or another expense purpose. So, in this article, I’m going to share detailed information regarding Amazon Pay Later like What is Amazon Pay Later, its Eligibility criteria, features, interest rates, etc. Now, let’s move to our article.
What is Amazon Pay Later?
Amazon Pay Later is a kind of loan service offered by Amazon. to its customers to buy products from its shopping application and along with buying stuff, you can also pay your electricity bills, water bills, etc. with the help of Amazon Pay Later.
The best part of the Amazon Pay Later service is you can avail the loan of up to INR 20,000 without any credit card and you can easily pay tour loans in easy EMI in 12 months. You can take a loan five minutes after submitting the required information and documents.
With the help of this Amazon Pay Later service, you can even trace your credit history, payments, online shopping details, etc., because of amazon’s goodwill, you can trust this beast service Amazon. and Amazon Pay Later is registered with NBFC and RBI.
How to apply for Amazon Pay Later Loan?
It is a very easy process to apply for an Amazon Pay Later loan and you can even pay your EMI loan amount easily with the help of an Amazon application. To apply for Amazon Pay Later Loan follow below easy points.
- Download and install the Amazon application on your Android or IOS device.
- Fill in details along with your phone number and complete registration.
- Now complete your KYC for Amazon pay with the help of your Pan Card.
- Now open the Application, click on three lines present on the right-bottom corner of your phone screen, and then click on the Amazon Pay option.
- Then scroll a little bit and look for Manage and click on the Account option under the Manage heading.
- Then click on the Amazon Pay Later option under Payment Settings. After that, click on the Sign in option.
- Now complete your e-KYC with the help of a one-time password sent to your registered mobile number along with your Aadhar card.
- Then fill out bank details. Then simply click on Place Order and Pay option. Now, the loan amount has been credited to your account.
Documents required for Amazon Pay Later
Like other loan-giving applications amazon doesn’t request several documents, Amazon only asks for only a few documents that are required to complete KYC. To get the loan on Amazon Pay Later you just need the following documents.
- Aadhar Card (as identity proof).
- Pan Card
- Bank details (as account statement).
- Debit Card details
- Net Banking details
Amazon Pay Later Eligibility Criteria
Before taking a loan on Amazon Pay Later you need to pass some eligibility criteria of Amazon.. see below the eligibility criteria of Amazon Pay Later to avail of the loan.
- You must have Indian citizenship.
- You must have a minimum age of 23 or more.
- Self-employed or salaried.
- A credit score needs to be 600 or more than 600.
- Active bank account along with Debit Card and Net banking.
- Up-to-date Pan Card and Aadhar Card linked with active phone number.
Features
- You can pay your loan amount in easy EMI for up to 12 months.
- You can avail minimum loan amount of INR 3,000 to INR 60,000 depending on your credit score.
- Amazon Pay Later charges a minimum of 14% to a maximum of 24% interest rates per month.
Note: in case of late repayment of loan amazon can charge up to INR 500. So, I will highly recommend you to pay your loan amount on time, and this will also help you to increase your credit score.
Uses of Amazon Pay Later Loan Amount
You can use the Amazon Pay Loan amount in several places like shopping from the amazon application. And along with this, you can also use the loan amount to pay your expenses like:
- Mobile Recharge
- Electricity and telephone bill
- Shopping from the amazon app
- Movie tickets
- Traveling
- Rent payment, etc
Quick Recap Table
| Interest Rates | Minimum 14% and maximum 24% per month |
| Loan amount | Minimum INR 3,000 and Maximum INR 60,000 |
| Loan Tenure | 3 Months to 12 Months |
| Processing Fee | No |
| Late payment charges | Up to INR 500 |
| Minimum age | 23 years old |
| CIBIL Score required | Yes, minimum 650 |
| Documents required | Bank Account, Pan Card, Aadhar Card |
Frequently Asked Question about Amazon Pay
Can I apply for an Amazon Pay Later loan without any income proof?
Yes, you can apply for an Amazon Pay Later loan without having any income proof. But you must have a bank account to avail the loan and other documents like Pan Card and Aadhar Card.
Can I withdraw the Amazon Pay Later loan amount?
No, you cannot withdraw your amazon pay later loan amount, you can only use it for your shopping purpose on the amazon application and to pay expenses.
How can I check my Pay Later loan balance?
You can check your Pay Later loan amount by opening an amazon application. You just simply have to go to the Amazon Pay option and check the details of your transactions.
Note: if you have not taken any loan before or your credit score is not good enough to take a loan then you must first take an offline loan by financing or taking anything on finance.
And after repayment on time, you can increase your credit score through which you can increase your loan amount. Making loan payments overdue can make your credit score worst.
