What is Amazon Pay EMI ?
What is Amazon Pay EMI ?
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Here I am back as promised with the blog on Amazon Pay Emi.
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Let's quickly come to the topic on What is Amazon Pay EMI?
Today we are going to talk about what is Amazon Pay EMI and how you can use it.
So Amazon Pay Emi is one of the online means from where you can get a product from amazon.com on Easy Monthly Installments, without having a credit card or submitting tons of documents. You will have your pre-approved limit of your online Amazon Pay EMI balance which you can simply use.
Soon after the debit card EMI was introduced, Amazon launched its own card-less EMIs for the customers. This facility called "Amazon Pay EMI', provides instant financing options and comes with low interest options.
The move has been made to attract more customers, especially ahead of the festive season when the traffic at e-commerce website is usually high.
The company has partnered with digital lending startup Capital Float to design and enable Amazon Pay EMI.
“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," said Vikas Bansal, Director, Emerging Payments."This product has been developed leveraging India Stack to make the process completely digital. After recent expansion of EMI on Debit cards, we are very excited to bring this facility ahead of festive season and being the most affordable destination for our customers,” he added.
Requirements for Amazon Pay EMI:-
So here is how you can avail it.
To avail the offer, the person must be of the age of 18 years or above. Also, customer needs an Amazon ID, Aadhaar card or PAN card and an account in any of the banks including HDFC Bank ICICI Bank, Kotak Bank, Citi Bank and Canara Bank.
How to Apply for Amazon Pay EMI:-
Following are the steps to register for Amazon Pay EMI:
Step 1: Verify Identity: Open the app, go to Pay option and check availability, click register and fill in identity details (PAN or Aadhaar details). Verify the OTP sent on the registered mobile number
Step 2: Accept Terms: Now, you can see the approved limit with the loan agreement.
Step 3: Setup Auto Repayment: Choose the auto-repayment option by selecting the debit card.
You will be charged for an amount of up to Rs 5 to verify your details. This amount will be refunded to you in 3-5 business days. If the EMI option for a product doesn’t exist, then you will not be able to buy the product on EMI.
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