US-based e-retailer Amazon has now rolled out its credit line called Amazon Pay Later in India. Through the facility customers are given zero- interest credit offer on any of the listed products.
This credit offer can be cleared by the customer in monthly installments up to 12 months.
On the facility customers will have the option to make the payment for the product purchase on Amazon in the subsequent month or can convert the amount in equated monthly installments at a monthly interest rate in the range of 1.5-2%.
The company also offers no-cost EMI option to its customers which effectively bring down interest rate to zero.
Also, through the Pay Later option customers can even get credit line for buying essentials or making utility bill payment.
The credit limit as part of the offer can be for as high as Rs. 60000 and the upper limit is decided based on the RBI regulations.
How to avail the Amazon Pay Later option?
As of now the facility is not available on the web and users need to register for the offer on Amazon Pay Later option on the Amazon India mobile app. Further KYC or know your customer guidelines have to be followed by the customer. And thereafter, the status can be checked on the Amazon Pay dashboard.