Amazon Pay Later’s major advantages
- The lender will make an immediate judgment on your credit cap.
- No credit card information is required.
- There are no cancellation or processing fees.
- There are no pre-closure fees.
- On Amazon, it’s a breeze to check out.
- When you use Amazon’s Pay Later option, you’ll be able to pay later.
- On the EMI-specific dashboard, you can keep track of your expenditures and repayments more conveniently.
Things to know
Limit: According to RBI regulations, any entity can only lend up to Rs. 60,000 per year to anyone who has completed the Aadhaar-OTP based KYC procedure.
EMI: Amazon Pay Later already provides EMI plans for 3, 6, 9, and 12 months. Furthermore, the consumer has the option of paying at a later date the next month.
Interest: There are no interest charges if you buy now and pay next month. For others, when you choose an EMI plan, the information about the interest rate will be conveyed to you on the payment tab.
Requirements to opt for Amazon Pay Later
You’ll need an Amazon.in account with a checked mobile number, a valid permanent account number (PAN) card, a bank account with one of the participating banks, and one of the following officially valid documents as proof of address: driving license, voter ID card, Aadhaar, utility bills (not older than 60 days), passport. You must be at least 23 years old. Your credit bureau history and details already available with Amazon are used to determine your eligibility. The lending partner will set the Amazon Pay Later cap for you based on these and a variety of other factors. PAN numbers are needed for Know Your Customer (KYC) checks. You won’t be able to complete the registration if you don’t have a PAN, and you won’t be able to use Amazon Pay Later.
How to Register for Amazon Pay Later?
When you are registering you will have to choose from the below options. You will be shown one of the below four modes of KYC completion:
- Existing KYC
- OTP Based eKYC
- Existing customer with a lending partner
- KYC as received from CKYCR under CERSAI
- Based on the selection of the option, your registration will vary.
Option 1: Existing KYC
Step 1: Amazon.in mobile App
Step 2: Go to Amazon Pay Later registration
Step 3: Verify Identity – Enter the 4 digits Missing PAN Number
Along with the loan agreement, our approved Amazon Pay Later limit will be shown on this screen. To complete Amazon Pay Later registration, please read and approve the agreement. Within minutes of completing the registration, this sanctioned cap will become operational.
Option 2: OTP based eKYC
Step 1: Amazon.in mobile App
Step 2: Go to Amazon Pay Later registration
Step 3: Verify Identity –
Enter your complete PAN card number and click Continue.
Enter your complete Aadhaar number and click Continue.
Step 4: Enter the OTP and click continue.
Step 5: Accept Terms and Conditions
Your profile will be evaluated after you submit your information, and an Amazon Pay Later limit will be calculated, which will be shown to you on the next screen.
Option 3: Existing KYC with a lending partner
Step 1: Amazon.in mobile App
Step 2: Go to Amazon Pay Later registration
Step 3: Verify Identity –
OTP will be sent on the registered mobile number with the Lending Partner
Fill in the missing 4 digits of the PAN Card you used to complete the lender’s KYC.
Step 4: Enter the OTP and click continue.
Your profile will be reviewed by the lender after you send your OTP, and an Amazon Pay Later cap will be calculated, which will be shown to you on the next screen.
Step 5: Accept Terms and Conditions
Your approved Amazon Pay Later cap, as well as the loan agreement, will be shown on this screen. To complete Amazon Pay Later registration, please read and approve the agreement. Within minutes of completing the registration, this sanctioned cap will become operational.
Option 4: CKYC
Step 1: Amazon.in mobile App
Step 2: Go to Amazon Pay Later registration
Step 3: Verify Identity –
Answer a few questions about your specific KYC knowledge and agree to the KYC data fetched from CKYCR being shown to you.
Step 4: Enter the OTP and click continue.
Your profile will be reviewed by the lender after you send your OTP, and an Amazon Pay Later cap will be calculated, which will be shown to you on the next screen.
Following the submission of your information, the lender will assess your profile and decide your Amazon Pay Later cap, which will be shown to you on the next screen.
Step 5: Accept Terms and Conditions
Your approved Amazon Pay Later cap, as well as the loan agreement, will be shown on this screen. To complete Amazon Pay Later registration, please read and approve the agreement. Within minutes of completing the registration, this sanctioned cap will become operational.
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