Thanks to the emergence of fintech companies consumer loans are becoming mainstream. In today’s day and age, you can buy products on EMI even if you don’t have a credit card. Flipkart has already launched a service wherein you can purchase products on EMI using a debit card. Now, Amazon Pay launched a similar service that will let consumers convert purchases into card-less EMIs. The program is currently in an invite-only stage and customers are subjected to a two-step registration process in order to become eligible.
Eligible customers will be able to see an option for the credit facility on the Amazon Pay homepage. The registration is completed once the customers provide their PAN and KYC details. Needless to say, Amazon will check a customer’s credit worthiness and will offer a credit limit of up to Rs 60,000. Amazon assures users that it will only charge interest and will not levy any hidden charges. Moreover, customers will also be given an option to setup auto repayments for a seamless monthly payment of their EMIs.
“Amazon has always been focused on making shopping truly affordable for masses online. We are on a mission to enable credit access for every Amazon customer. Amazon Pay EMI is a hassle free way of availing instant credit for customers that currently don’t have access to credit. This product has been developed leveraging India Stack to make the process completely digital. After the recent expansion of EMI on Debit cards, we are very excited to bring this facility ahead of the festive season and being the most affordable destination for our customers,” said Vikas Bansal, Director, Emerging Payments.
Amazon Pay’s EMI dashboard will help you track EMI order history, repayment history, and pending dues as well. With the shopping season around the corner, customers will be able to afford purchases by breaking down the price into smaller EMIs.